Insurance is a life planning tool says MD, NSIA Insurance

Managing Director/Chief Executive Officer, NSIA Insurance, Mrs. Ebelechukwu Nwachukwu

Insurance is a life planning tool and all parents must have one policy or the other to protect their families and their assets, the Managing Director/Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu has said.

She said this at the workshop organized by the National Association of Insurance and Pension Correspondent (NAIPCO) in Lagos recently.

The NSIA boss, who emphasized the importance of insurance to all Nigerians, said “To the average or even the so called below average families, insurance is important and we need to really share that message. The products are available.”

Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. The company collects small amounts of money from its clients and pools that money together to pay for losses.

Using herself as an example, she said, “Prior to joining insurance industry in year 1994, I hadn’t heard about insurance but when I tell people to buy life insurance today, I do so because if my father had life Insurance, my mum would not have had to struggle so hard to raise four girls. I’m grateful that I had a strong mother but I urge NAIPCO to let the public know that Insurance is a life planning tool and all parents must have one policy or the other to protect their families and their assets.”

A life insurance policy is a contract with an insurance company in exchange for premium payments; the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner.

NSIA Insurance MD who is  particularly impressed with the performance of the industry in 2018  expressed optimism that 2019 would be better if all hands are on deck.

“In year 2018, I will say that insurance industry has grown and I will not want to measure growth only by numbers, but I will measure it by mind. I think this year, the kind of conversations we have in the industry are really different from what I have heard over time.

“We have identified the need to diversify our products; we have identified the need to improve our speed to service; we have identified the need to diversify our distribution channels, we have identified the need for information and communication technology as the driver of that process and you can see companies actively getting involved.

“I believe that if we can push all these over and over in 2019, I have no doubt at all that penetration will increase and premium will rise also. The regulator is also deeply interested in this penetration and the industry’s capacity. Today, the industry is paying better salaries and so the people are better; Staff in the Insurance industry study more than any other industry I have engaged with. In my entire career life, insurance people read more than any other profession, they are dedicated to writing examinations, attending seminars, conferences and workshops, they want to be heard and an insurance person wants to be heard intelligently,” she added.

“In this year 2018,” she said, “this industry has grown significantly and this growth will continually reflect in the numbers.”