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| Image: ARIAN |
The slow uptake of insurance policies among Nigerians remains a significant obstacle to the anticipated growth of the sector and the overall economy, according to industry stakeholders.
Kazeem Olakunle Odewunmi, the National President of the Association of Registered Insurance Agents of Nigeria (ARIAN), highlighted the current challenge, noting that there are fewer than two million policyholders in a country with a population exceeding 200 million. He emphasized that Nigeria ranks 64th globally in terms of insurance policy adoption, lagging behind countries such as South Africa and Egypt. Odewunmi urged industry members to embrace personalized services as a strategy to boost policy sales and attract more prospects.
Chuks Udo Okonta, the President of IPEN, underscored the need for collective efforts to achieve service excellence in the sector. He acknowledged various reasons for low insurance penetration, including the peculiar market environment, limited public awareness, and negative perceptions. Okonta argued that inadequate service delivery is a major contributor to the low acceptance of insurance and urged stakeholders to focus on improving service quality.
Despite the industry's projection to reach a N1 trillion premium income target in the 2023 financial year, Okonta emphasized that the achievements are long overdue. He also pointed out the need for quality service delivery in the pension sector for the success and sustainability of the Contributory Pension Scheme (CPS).
Mrs. Susie Onwuka, Head of the Lagos Office at the Federal Competition & Consumer Protection Commission (FCCPC), identified customer satisfaction and enlightenment as crucial aspects that need improvement. She called for transparency in policy clauses and highlighted challenges, including bureaucracy in accessing claims and a poor understanding of policy terms.
The keynote speaker, Takor Ivor, Director of the Centre for Pension Rights Advocacy (CPRA), urged leaders in both the insurance and pension industries to reconsider and transform their service delivery models. Ivor emphasized the importance of building an inclusive culture for service delivery, stating that a deliberate effort is needed to exploit market opportunities strategically.
In conclusion, the consensus among industry experts is that addressing challenges such as inadequate service delivery, poor public awareness, and transparency issues is essential to drive the growth of the insurance sector in Nigeria.
Source: guardian.ng
#Kazeem Olakunle Odewunmi
#low insurance adoption
#Nigeria
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