Insurers charge to use religious bodies to deepen insurance
R-L: Alhaji Bala Zakariya’u, past president, Chartered Insurance Institute of Nigeria and Chairman of occasion; Mr. George Onekhena, Deputy Commissioner, Finance and Administration, NAICOM, and Mr. Lana Loyinmi, Head Contribution & Bond Redemption, National Pension Commission, during the 3rd Annual National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) on The Role of Stakeholders in Developing Insurance and Pension Sectors held in Lagos recently.
Insurance industry players have been charged to use the two major religions: Christian and Muslim, to reach more Nigerians with insurance.
They were also charged to adopt a ‘revolutionary’ method in their awareness drive in order to make a difference just as they enjoined Nigerians to insure their lives and assets.
These were experts’ advice to the insurance industry players at the 3rd National Conference organised by the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos recently.
The Director General/Chief Executive Officer, Enterprise Risk Management (ERM), Mr. Olayinka Odutola, while discussing on the sub-topic, “Making Insurance Attractive to Nigerians” at the conference said, Nigeria as a religious nation, the players can leverage on the expansive numbers of religious worshippers to deepen insurance.
“We are in a very religious country and whatever we are doing we can also use the religious organizations to make a difference,” he said.
Adding that “Although an average Christian and Muslim in Nigeria will say it is not my portion but if we can go through the religious hierarchies: we have very big churches and Mosques in Nigeria with millions of worshipers. We can use this avenue to deepen insurance by reaching the worshippers with insurance.
He said the main constraint we have in insurance industry is that people don’t trust insurers in Nigeria, stating that people believe insurance is for the rich people.
“An average man in the street such as Okada rider can waste money in some other things but when it comes to insurance they say they don’t need it. They believe that in insurance don’t pay claims and they don’t mind the consequence.
“If we want to make a difference in whatever we are doing this time around, we must take the gospel to these areas: We must go to the market places, we must make it this time around a bottom-up thing. NAICOM, NIA, CIIN, NCRIB all the stakeholders should organize road-storm. Let us meet in Broad Street; let us meet in Oshodi; let’s meet in Ojuelegba; let’s meet in Ikotun, let’s meet in these densely populated areas. Let’s take a revolutionary approach because nothing tangible can be achieved if we continue in our gentle approach. Gentlemanly approach cannot make a difference in what we are talking about,” he advised.
He said NAIPCO members as journalists can do a lot in deepening insurance through their various new platforms by raising the bar of awareness on the benefits and value of insurance.
“NAIPCO can do a lot in deepening insurance as journalists; thank God this one is happening. Because you are the journalists you can help the industry in making the difference we are talking about. We can use Social media also to spread the benefit and value of insurance. Innovative products can help us; prompt payment of claims is another thing that is crucial.
In his contribution, the Managing Director, Law Union & Rock Insurance PLC, Mr.Jide Orimolade, stated that contrary to the belief that insurers don’t pay claims, said claims settlement in insurance industry is actually growing on a yearly basis.
“In 2014 for general business (non-life business) N51 billion was paid; for life business, we paid N85.9 billion. Combined together, in 2014 insurance industry paid N87 billion. In 2015, N87 billion increased to N105 billion and in 2016 it further increased to N119 billion meaning that insurance industry do pay claims,” he stated.
Orimolade while enjoining the people to adopt insurance, said such adoption will give peace of mind to policyholders, saying the policies are not expensive.
“When you have insurance as a family head to cater for your needs, I can tell you at the end of the day if something happen to the head of the family, the wife and other dependants will feel very comfortable and they will be happy that the man has been able to provide something,” he stressed.
He promised policyholders of prompt settlement of their claims when insured risk occurs, adding that insurers are now paying claims as the volume of claims paid in the last three years has been impressive and called for the enforcement of compulsory insurances.
