Operators Harp on Increased Adoption of Insurance

The Vice Chairman, SubCommittee on Publicity and Communications, Insurers Committee, Mrs Ebelechukwu Nwachukwu, has stressed the need for Nigerians to imbibe insurance as a lifestyle and not as a regulatory necessity.

Nwachukwu, who spoke with journalists in Lagos, said this necessitated the rebranding of the insurance industry which the operators have embarked on.

She stated that the committee, comprising CEOs of all insurance companies in the country engaged Alder Consulting, a creative intelligence firm to carry out a has given the reason for the N300 billion rebranding project for the industry in 2018.

Nwachukwu, who is also the Managing Director Nsia Insurance Company Limited, said the project would in the long-run position insurance as desirable and not just a regulatory necessity.

“The campaign was also designed to change the perception of the sector and increase the market penetration on insurance in Nigeria.

“Considering that less than one per cent of the Nigerian adult population was insured. About 80 per cent of those insured are 35 and above. Millennials below 35 years who form over 70 per cent of Nigeria’s population, or about 138.6 million, form a large part of the uninsured,” she explained.

She disclosed that the initiative was born out of the need to redefine the narrative about insurance and to educate Nigerians on its importance.

“In line with the foregoing, the project was designed to showcase the advancements made in the insurance sector and to encourage more Nigerians to take up insurance.

“It would also highlight real customer testimonials of insurance. At the end of the day, insurance would be positioned as desirable and not just a regulatory necessity,” he added.

Also speaking, the Managing Partner, Alder Consulting, Mr. Leke Alder, explained that the campaign would span an initial period of three years.

He added that instead of pushing a message of fear and tragedy, the campaign focuses on the fulfilment of hopes and dreams, while insurance serves as a safety net in life. Hence, the phrase “Live with Freedom” was adopted as the theme for the campaign.

He said the project would buttress the fact that insurance users can live life to the fullest because they are confident that no matter what happens, they are insured.

She said to ensure that the campaign was continuous and sustainable, a dedicated website had been developed as well as other social media handles.