Making Insurance Work For Us
By Ekerete Ola Gam Ikon
On The Winning Edge Session this morning, there were a few minutes for questions and Victor Ukwat posed a very interesting question about why people don’t like to take up insurance and don’t even like to join conversations on insurance.
In my response, I stated that the insurance industry is trying to REBUILD TRUST that it lost in the late 70s, the last time people gave Standing Order to their banks for the payment of their premiums. Trust was lost because the insurance companies taken over by Nigerian Entrepreneurs with the help of the Indigenization Decree, began to fail in claims payments!
These stories have followed generations in many Nigerian families and communities: Insurance Companies Do Not Pay Claims! This is the uphill battle today’s insurers face, and those that understand it, are paying claims and winning good market share.
The other factor that time did not allow me to mention is that, under the circumstances, there is need for massive enlightenment and education of the public, but then, there’s another problem that worsens the case of transfered mistrust – the way “insurance people” see insurance. While some see insurance as a Profession, others see it as a Business!
Those who see it as a Business understand why they have to invest in publicity campaigns to educate existing and potential policyholders.
These fundamental issues of mistrust and “mismanagement” of the insuring public is where the work needs to be done, and #Insurtech has come as the saving grace.
We all trust technology more today and you can start and finish your transactions now, including claims payments, leveraging #Insurtech
It was exciting for participants to hear that you can now pay for motor insurance per minute!
With what #EmbeddedInsurance is doing, more people and businesses will surely have better #experiences of what they knew as insurance.
Let the conversations continue here and everywhere. #Insurtech is making insurance more interesting.
