What Insurance Companies must do today to survive
Hello everyone, our article today will be to address certain challenges faced by Insurance companies (INSURERS) and strategies that can be deployed to help increase the penetration of Insurance cover in Nigeria
First how do we describe Insurance? To use a term that the common man can understand, Insurance simply means getting protection for your assets, business, ones-self/family and career etc should incase anything goes wrong. This therefore means that insurance is the back-bone of every economy, as every sector needs protection from insurers to survive.
But Insurance cover sounds like rocket science to the average Nigerian for many reasons, but in other to keep this post short but educative, we’ll only name a few.
1. RELIGIOUS BELIEF: Have you ever tried talking to the average Nigerian (Christians to be precise) about insurance, and not hear something like ‘I reject it in Jesus name’ or ‘It is not my portion In Jesus name’? Before i go ahead, it is important that i state in clear terms, that i’m also christian. And what i just expressed in this article, represents the reaction of so many (not all) Nigerians. And this is because, we are very religious in nature, and so therefore, whenever we’re asked to plan to reduce the impact of bad/tragic events, or should incase the un-expected happens. We begin to talk about the anointing oil and water we just got from our pastor, and how the stickers pasted at the entrance of our houses is more than enough to always save us from danger. This problem is not peculiar to Nigerians alone, same can be found in most parts of Afica. Which means that there has to be a paradigm shift in the way we think as a people.
2. LACK OF AWARENESS: Walk out of your office, shop or apartment now and try initiating a conversation with the man/woman on the street, about something relating to insurance and how it works. I bet you’ll have someone who looks really confused and most likely un-interested. And this largely because insurance companies and its key stakeholders are not doing enough to educate people about Insurance and its many benefit.
3. POOR COMMUNICATION: Insurers in Nigeria have struggled to come to grasp with the fact that times have changed, and so should the way you communicate with people evolve. Insurance must be preached in a different manner that sounds more appealing and understandable to the common man out there. Yes, it’s a business that is guided by certain ethics and rules, but Insurance companies are not doing enough to emulate Insurers in other developed/developing parts of the world, by tailoring their advertorials in a manner that truly engages people.
You still find insurance companies in Nigeria today with no official websites, social media presence etc. When it is no longer news that the average adult out there, spends a lot of their time on their mobile phones, surfing the web, an avenue that has made it easier to connect with people seamlessly in any part of the country.
listed below are a few other problems Insurance is facing in Nigeria;
4. SHARP PRACTICES BY SOME INSURANCE COMPANIES: Reluctance to pay claims.
5. POORLY TRAINED AND UNDER-EQUIPPED AGENTS/PERSONNEL etc
While we have talked about a few problems faced by Insurers in Nigeria, It is also important to state categorically, that it is not all gloomy for the industry. As there are many solutions and strategies that they can gradually be rolled-out to help increase the penetration of Insurance in Nigeria.
Listed below are are few solutions that could help transform the sector.
1. BUILD A WEBSITE/ MOBILE APP: We are in the internet age now, where agents no longer need to comb every street looking for people to convince. You’ll need a Web Design Company in Nigeria Every Insurance company must have a professionally built website and also a live chat app integrated into it, which will allow customers and people with intentions to get any of your insurance packages to be able to chat in real-time with your company agents/customer care. Ask their questions and get clarifications on the various packages that he/she could possibly subscribe to. It also allows anyone anywhere in Nigeria and beyond to find you and discover some pocket friendly products/packages that you offer. The advantages of a website cannot be over-emphasized, so get one for your company today (NEW CONNECT, Call or Whatsapp +234 808 970 0958)
2. SOCIAL MEDIA PRESENCE: This is one very effective and smart way of reaching out to most people in today’s world, where information moves with light speed. A lot of people visit facebook, instagram, youtube etc at least once everyday. Making it a huge community through which you can market the different, customized packages that your company is offering. It’s important that you know that communicating/marketing to people on social media is a bit different from the way you market offline. In a world where ‘TRENDING’ has become important to getting the much needed attention of people. Your company might need to get a professional social media expert/managers, who have the understanding of your business (Insurance in this case) and also, are familiar with the tricks and hacks of how to get people’s attention and also speak fluently, the ever changing social media language needed to give your business the much needed exposure. Which will in no time, translate into improved sales and revenue for your company.
Other solutions include;
3. TRAINING AND RE-TRAINING AGENTS FOR BETTER DELIVERY
4. APPROACHING RELIGIOUS BODIES: To partner them for seminars, workshops and other forms of enlightenment programs
5. AGGRESSIVE MARKETING
Finally we at NEW CONNECT believe that It will be a great pleasure to work with you on your next Web Design/Development Projects, Mobile APP Development,Research and Business Development, and Branding etc
You can also Call or Whatsapp +234 808 970 0958