How to raise insurance’s relevance, adoption

IDENTIFYING the need to diversify insurance products to meet the needs of every Nigerian will help to increase insurance penetration across the country, the sector experts have said.

Besides, helping people to understand that everybody needs insurance to have a secured future should be a compelling message to Nigerians, whether average or below average families, while the operators prepare to honour their obligations. The Managing Director/chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, in an interview with over the weekend, on the challenges of insurance penetration and adoption, said that there is need to identify information and communication technology as the driver of the growth process.

According to her, despite the slow adoption, there is no doubt at all that penetration will increase and premium will rise also, noting that the industry today, is paying better salary and people are better.

“In my entire career life, insurance people read more than any other profession, dedicated to writing examinations, attending seminars, conferences and workshops.

They want to be heard and an insurance person wants to be heard intelligently,” she said.

She said the introduction of travel insurance product into the market by her company is another move for the business in response to their commitment to continue to provide value to customers.

The product covers: medical services, travel assistance and free medical benefits.