The experts who spoke at a webinar hosted by BizWatch
Nigeria on Wednesday, March 30, 2021 also advocated for a roadmap that would
serve as a guide for operators and ensure the growth of the industry.
The Chief Executive Officer, Finterate Projects, Mr Ekerete
Ola Gam-Ikon, in his keynote address, said insurance companies needed to
develop products that wererelevant to their market in order to thrive.
Addressing the theme ‘Building Financial Resilience With
Insurance Solutions Amid COVID-19’, he advised insurance companies to ensure
there is a constant line of communication with customers, especially when there
is a claim to be paid.
He stated that one of the lessons learnt at the peak of
COVID-19 pandemic was the way data was managed and how it was utilised by
stakeholders.
“Customers expect you to communicate with them (on claims)
but what we have now is that they are asking questions and no one is
responding. It is tougher for us when people have to go through the whole
process of insurance. I hope that as we encourage them to buy insurance, we
encourage them to understand how it works,” Gam-Ikon said.
According to him, operators need to constantly assess the
relevance of their products to the market they operate in.
Other panelists who spoke on insurance products for SMEs at
the event wereSenior Manager, Brand, Media and Communications at African
Alliance Insurance, Bankole Banjo; Managing Director/ CEO of FBN Insurance
Brokers, Olumide Ibidapoand Associate Director, General Business Commercial,
Leadway Assurance, Oluwatunminiu Ayodabo.
Unravelling the myth that insurance was reserved for the
elites in Nigeria alone, Banjosaid that insurance was open to everyone and that
it was a natural part of life.
At the panel session moderated by an Insurance Journalist,
Helen Ajeamo, Banjo said, “Insurance is not an elite thing; insurance is
something that is literally part of life.”
He urged insurance companies to take hold of the narrative around
insurance to tackle cultural biases that had discouraged Nigerians from buying
insurance policies.
“We have to tackle the issue of cultural bias, make sure
religious leaders buy into the idea of insurance and build trust so that people
can understand the benefits of insurance,” he added.
Also, the Managing Director/ CEO of FBN Insurance Brokers,
Olumide Ibidapo said the industry was ripe for a roadmap that would guide the
operators on what they need to achieve.
He said insurance products suitable for Small and Medium
Enterprises should be simple and provide coverage for financial loss, workers
and physical assets.
“The type of insurance coverage for SME should be wide
enough to cover their financial loss, workers and physical assets. In the event
of a claim, it should be simplified and settled on time,” Ibidapo added.
Speaking on the lessons from the COVID-19 and #EndSARS saga
for small business owners, the Associate Director, General Business Commercial,
Leadway Assurance, Oluwatunminiu Ayodabo, stated that, “An unforeseen event
like the #ENDSAR aftermath can adversely impact businesses if the company does
not have an insurance policy to help protect against such an event or lack of
adequate capital to restore any loss.
“However, business liability insurance can help to minimize
risks so that the business continues to operate and grow. Largely, in an event
where business hits severe misfortunes, it may not be able to solely afford the
cost of getting back on track and running again.
“However, in the case of an insured business, the risk is
shared between the company and the insurance company.”
Earlier in his welcome remarks, the Managing Editor of
BizWatch Nigeria, David Oputah, explained that the webinar was conceived to
enlighten Nigerians on insurance matters.
He described the insurance industry as vital with a huge
potential but underutilised in Nigeria.
He highlighted the importance of being insured against
uncertainties, especially in Nigeria, where insurance is perceived as a taboo
due to a lack of understanding of the subject.
Oputah urged Nigerians to take advantage of insurance as a
strategic safety net during a time of financial crisis.
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