Connect with us

Business

Expert Advocates Collaborative Communication Campaign To Grow Insurance

Published

on

Expert who spoke at the 2022 Insurance Industry Consultative Council (IICC) Media Retreat has called for the creation of a dedicated jointly owned media vehicle by all stakeholders in the nation’s insurance industry that would serve as news agency on insurance content for sharing with other media houses.

Delivering the theme paper, “Media As Catalyst For Insurance Inclusion,” at the event organized for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) at the weekend in Ijebu Ode, Ogun State, Head, Corporate Communication, Polaris Bank Limited and President, Association of Corporate & Marketing Communications Professionals in Banks (ACAMB), Mr. Rasheed Bolarinwa said, “There is a need for a deliberate collaborative campaign for national awareness about the importance of insurance.

“A dedicated jointly owned media vehicle should be created by all stakeholders to serve as a news agency on insurance content shared with other media houses.

“Regulatory bodies in the Nigerian insurance industry are expected to partner the Nigerian media industry towards creating a diverse and inclusive newsroom; that has content development and coverage strategy that builds audience trust in insurance and provides for a better representation of different societies.”

Speaking on issues militating against insurance penetration in Nigeria, Mr Bolarinwa mentioned doubts about insurance companies, hostile economy, trust issues emanating from hidden clauses, inadequate access to Information Technology, weak regulatory framework, lack of skilled personnel and poor awareness of insurance services by the prospective assured, among other factors.

He said ”The response that follows the mention of insurance or insurance companies to an average Nigerian is predictable. Negative reactions and lukewarm attitude are the kinds of feeling that come with an invitation to insurance policies. This informed the low patronage and acceptance of insurance companies operating in Nigeria.

“This untoward reaction and attitude by Nigerians may not be unrelated to the poor attitude of the insurers towards the often repeated chorus of refusal to pay claims. Some insurance companies have truly developed a bad reputation for defaulting in the payment of claims. This unfortunately grew to become a negative public emblem that hangs beside their corporate identities. Invariably, the industry and the nation’s depleting Gross Domestic Product (GDP) are big losers.”

While giving kudos to the industry for paying huge claims on losses suffered by millions insured, Bolarinwa said “Things have changed though as underwriters have paid and are still paying huge claims on losses suffered by millions of insured that we read daily in the media.”

On how the hostile economy is affecting insurance industry, Bolarinwa said “At this moment, insurance companies are not willing to invest the premiums in long-term instruments because of the fear of inflation built up over several years due to fiscal indiscipline and high inflation. Everybody knows in economics that short-term investment can only bring lower returns. With these trends, insurance companies will only be able to run on the spot; underwriters would not be able to pay claims. Only a viable economy that has a robust business environment can allow insurance companies to thrive.”

Stressing on the need to demystify insurance to take its pride of place in the nation’s economy, the communications expert said, “Insurance will only take its pride of place as a big contributor to the nation’s Gross Domestic Product (GDP) as it applies in other jurisdictions when all stakeholders in the risk ecosystem are deliberate, consistent and methodical in simplifying what insurance is all about in words and deed. Firstly, there must be a unanimity of purpose to bake insurance and make it BI enough for all to benefits from the expected windfall.”
Bolarinwa proposed that “insurance should be presented as a Lifestyle add, adding a significant value, enhancing life and living. Creative and interesting story-telling narratives delivered with moving and crisp visuals delivered across digital and traditional platforms with strong orchestration and amplifications. There is bound to be a ‘Top Of Mind Awareness (TOMA)’ as the end product, which is all that is needed for the immense opportunities in the sector to be unleashed.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NAICOM Issues New Licenses To SanlamAllianz After Merger

Published

on

By

The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

Continue Reading

Business

Leadway Health HMO Wins Award Again

Published

on

By

Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

Continue Reading

Business

NAICOM Wants Nationwide Conversation About Power Of Insurance

Published

on

By

By Sola Alabadan

The National Insurance Commission (NAICOM) has enjoined insurance operators to ensure that they ignite a nationwide conversation about the power of insurance as the inaugural edition of Insurance Week holds across the country.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin who spoke in Lagos on Monday, affirmed that the Insurance Week is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.

To truly secure Nigeria’s future, he pointed out that “we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, wnsure prompt and transparent claims processing, as well as invest in talent and technology to drive innovation and trust.

At NAICOM, he said the regulatory body is committed to building a strong, inclusive, and globally respected insurance industry, and has been driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, while expanding access to underserved communities.

On why insurance matters, he stated that “In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more” adding that these uncertainties can disrupt lives and derail national progress.

“Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
Without insurance, your economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential” he emphasised.

Omosehin maintained that “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

The NAICOM boss further urged the nsurance operators to renew their commitment to building an industry that serves the people and supports national development and use every platform—media, schools, communities, and workplaces—to spread the message that insurance is not a luxury; but a necessity.

Continue Reading