April 2022 Insurance Advisory and FeedBack
Main Advice: Be Informed About the Insurers and Stay Updated
When you are deciding on your insurance program, consider more than what you have heard. Seek to be well informed and up-to-date.
Advice 1: Be aware that the 5 leading insurers in Nigeria by 2020 Gross Written Premium (Turnover) shared 52 per cent of the industry’s total GWP while the others (over 50) shared the rest;
Advice 2: Recapitalization has a significant role to play in the growth of the insurance industry, however, claims settlement remains the differentiator. Recently, the regulator, National Insurance Commission (NAICOM) announced that it had suspended some insurers from accepting new businesses and directed that claims be settled by using 70-80 per cent of the proceeds from the sales of their properties. You should be aware of these insurers;
Advice 3: If you have unpaid claims of over 90 days with any insurer, simply consider assigning them to Claims Consultants, Insurance Brokers or Insurance Advisors that will follow up for you while you can continue enjoying the peace of mind you were promised;
Advice 4: Insurance should be bought, not sold. Have proper thinking about buying insurance policies for yourself, your family, your business and your constituents. Don’t buy because an Insurance Advisor or Broker or Executive “has been on your neck”! Bad claims experiences are mostly derived from here;
Advice 5: Your insurer should communicate with you regularly and update you on what they are doing to stay ahead, especially with claims settlements. If you are not getting this, ask questions and, if you are not getting answers, engage an Insurance Advisor or Broker to assist.
All said, the better you know your insurer, the safer you are in seasons of the unexpected!
Insurance is Self-help!
Enjoy your insurance experience.
Ekerete Ola Gam-Ikon
April 2022 Insurance Advisory – Feedback
Please peruse the following interaction between a Policyholder and her Insurer after taking our advice:
Policyholder: Good morning Sir and trust the month has been great.
Insurer: It’s been very tough Madam but we’re doing our best. What can we do for you today?
Policyholder: Ok thanks. I just wanted to know the insurance companies that your Regulator had given Notice of Withdrawal of Licence so we’ll be guided. A couple of us have been talking about your industry lately.
Insurer: But Madam, you know our Company is not in that position. You have nothing to worry about so long as we continue to handle your insurance needs.
Policyholder: Just wanted to be properly informed. No problem.
Insurer: Ok Madam but I thought you would give me that referral we talked about…
The policyholder (cuts in): Those ones? They need an insurance company that is transparent and willing to provide information when needed. Do we hear some insurance companies cannot give you a receipt or effect cover if you make payment on a Saturday except you use their App?
Insurer: That is true, Madam. In our Company, it is the same thing.
Policyholder: Ok thanks, we will talk some other time.
Insurer: Thanks so much for calling and have a nice day
Was this you?
What did you learn from the interaction?
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MAKING INSURANCE WORK FOR US
Ekerete Ola Gam-Ikon MNIM
