Demand value for your Money, Insurance Policyholders told
Executive Director, General Business, Leadway Assurance Company Limited, Adetola Adegbayi, has encouraged insurance policyholders especially those with genuine Third Party or Comprehensive Insurance to always demand value for their money from underwriters.
Adegbayi said this while addressing insurance and pension journalists at a training workshop organized by Leadway in partnership with the National Association of Insurance and Pension Correspondent, NAIPCO held at Leadway Training School in Lagos recently.
She said why issue of rate-cutting is an issue in the Nigerian insurance industry today is that some people are always demanding for cheap policy just to fulfill all righteousness without considering what they stand to benefit
Adegbayi said policyholders of insurance policies with fixed rate such as the Third Party or Comprehensive who buys the policy below regulated rate find it difficult to approach the underwriter for claims in an event of any catastrophe.
She said why some insurers charge below the regulated rate is that policyholders are not making claims, adding that when people begins to make claims, insurance companies will have no option than to revert to the regulated rate and the issue of rate-cutting which she said is killing the industry, will be a thing of the past and the industry will experience positive growth.
She said the only way the industry can be shaped is for all parties to insurance contract to be alive to their contractual obligations, stating that if policyholders are making claims when there is an occurrence, insurance companies will not charge what they know they cannot live up to their obligations when there is claim.
Adegbayi who encouraged policyholders to always demand value for their money from underwriters especially in an event of occurrence, said that was one of the ways of making the values and benefits of insurance to be well appreciated.
The training workshop which was the second organized by Leadway Assurance for insurance and pension Journalists was educating and exciting.
The following topics were treated at the event: Understanding Life Assurance: Focus on Annuity; Micro Insurance Business in Nigeria and Guide to Financial Reporting in Insurance, aimed at deepening journalists knowledge on the working of insurance and its financial repotting concept.
It should be recalled that in October 2017, Leadway Assurance collaborated with NAIPCO to organize the first of its kind training workshop for members as part of the 2017 NAIPCO Conference to facilitate capacity building for insurance correspondents.
