Connect with us

Business

Leadway Enjoins Insurers To Focus On Satisfying Customers

Published

on

 

The management of Leadway Assurance Company Limited has enjoined insurance companies to consciously create digital channels that are customer friendly, customer-centric and always make the customer happy, so as to remain relevant in the nearest future.

Mr. Akinyemi Alebiosu, Principal Investment and Strategy, Leadway Assurance, gave this charge while speaking on “Insurance For The Future In 2021” at the virtual training for insurance journalists organised by the insurance company on Wednesday.

He said that underwriting would be driven by data in the future.

Alebiosu maintained that if companies have proper data, they can predict incidents of loss and properly price it.
He said: “Data is the new oil and underwriting in the future is going to be driven by data and analytics. We are getting to a point where we will be using historical records, using robotics, artificial intelligence in making decisions of pricing, type and extent of risks we take.

“Insurance companies of the future will seek to collect large pools of data, analyse it, try to make meaning of it, prepare or create predictive models, at the end of the day make decisions that will make the product better. For example, in analysing the data, I want to know the pain point of our customers, what is their biggest concern, how am I able to create products that meet these needs at the lowest cost because if I have a proper data I can predict incidents of loss and properly price it and also know what their price point is. So at the end of the day if we use data and analytics correctly in our underwriting process, the customer will be happy, the underwriter will be happy and all the stakeholders will benefit from the insurance ecosystem.”

Alebiosu also stated that, for insurance products, the insurance operators need to consciously gravitate from directly selling to customers to creating digital channels that are customer friendly and customer centric.

“For example, if I want to buy insurance, I don’t need to call somebody, I just go to the website, I can find what I need and make a purchase. We need to be able to meet our customers over the social media, because they want to send us messages and get instant answer. Social media is also an avenue for customer education. If we compare the number of Nigerians on social media and the number of Nigerians that have insurance, you will see that we have a very long way to go.”

He said that Leadway is a solution based company, adding “We want to see your problems, your risks and we want to solve them.”

Speaking as one of the panelists, Executive Director, General Business, Leadway Assurance Limited, Ms. Adetola Adegbayi, urged Nigerians to embrace insurance, pointing out that insurance remains a key source to raise fund to carter for risks.

She stressed that Leadway Assurance, over the years, has being providing happiness to the insuring public through prompt payment of claims.

Click to comment

Leave a Reply

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

Business

Banks’ CEOs Hold Emergency Meeting Over BDCs’ Forex Ban 

Published

on

By

Bank Chief Executive Officers on Thursday, held an emergency meeting on how to ensure compliance with the new forex directive of the Central Bank of Nigeria.

After the meeting, they spoke during a webinar organised to give an update on the banks’ preparedness to be the main channel of forex distribution, following the recent discontinuity of forex supply to the BDC operators by the CBN.

The executives assured the public that banks would make forex available to customers in accordance with the CBN’s directives.

After the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emefiele, had ordered all Deposit Money Banks to set up teller points at designated branches across the country to fulfil legitimate FX request for personal travel allowance, business travel allowance, tuition fees, medical payments and SMEs transactions, among others.

Speaking at the webinar, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said, “The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this.”

He said if the banks saw any compliance issues, or people attempting to do things cunning, they would be reported to the CBN because the banks would ensure full compliance with the order.

The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, while speaking on the capacity of the banks to meet the customers demand, said, “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”

Continue Reading

Business

NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

Published

on

By

Prev1 of 2
Use your ← → (arrow) keys to browse
Prev1 of 2
Use your ← → (arrow) keys to browse

Continue Reading

Business

Labour Warns FG Against Electricity Tariff Hike 

Published

on

By

The Nigeria Labour Congress faulted plans to allegedly sell the Transmission Company of Nigeria, saying it will lead to an increase in electricity tariff.

The NLC President, Mr Ayuba Wabba, said this in a statement titled, “This Kite will not Fly’’ on Friday.

Wabba explained that instead of allegedly planning to sell the transmission company, FG should focus on improving the electricity supply.

He described the attempt to hand over the TCN to a few ‘privileged’ Nigerians as self-serving, obtuse, odious, morally reprehensible and criminal.

The NLC president said, “The TCN is a strategic economic asset of immense national security implications. This is because the TCN traverses all nooks and crannies of Nigeria.

“It will be wrong that our country will be deliberately exposed to an avoidable vulnerability and thus, provide an opportunity to others to restrain the Nigerian state.

“We apprehend that the planned sale of the TCN is only an attempt to further confound the people and concurrently raise electricity tariff. Unfortunately, this time around, Nigerians have had enough.

“The government cannot promise improved power supply to consumers by the planned sale of TCN. The under-the-table scheming as transparent privatisation cannot pass muster.

“It is an unsavoury narrative for our country, that even the privatised assets, which have survived the rapacity of the new owners, have been turned into unrealisable collaterals for unpayable loans.

“This constitutes a bone stuck in the throat of financial institutions and sundry creditors.”

Wabba explained that the plan would “fundamentally weaken the security of the nation and above all, deprive the people of their age-old investments in the commanding heights of the Nigerian economy”.

Continue Reading