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INSURERS URGED TO CLOSE COMMUNICATION GAP BY ADOPTING PIDGIN ENGLISH IN WRITING THEIR POLICIES
Insurers must bridge the communication gap that exist between them and the insuring public for penetration to increase.
This was the submission of Mr. Tunde Adeoye from Lagos Mainland CDA. He said this during the Open Forum of the 2017 Almond Insurance Consumers’ Forum at NECA House Alausa Ikeja.
The annual Insurance Consumers’ Forum organized by Almond Productions Limited provides a platform for interaction between stakeholders in the insurance industry and the insuring public in a No-Holds-Barred atmosphere.
The forum this year with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for Customers was chaired by the former Group Managing Director of Royal Exchange Plc Mr Chike Mokwunye while the Guest Speaker was Professor Festus Epetimehin- first professor of Insurance and Risk Management in Nigeria.
Speaking during his presentation on the theme of the forum, Prof. Epetimehin said that the practitioners are themselves responsible for the ‘No demand’ state for they have not embraced any pragmatic marketing approach.
Insurance according to him should be aggressively marketed. The present marketing mix of most insurance companies does not reflect that.
This he said indicates that there is lack of innovation in product development and risk taking.
Narrow product lines, unscientific method of premium determination, policy wordings that is meaningless to the consumers and shoddy survey leading to insufficient information. This entirely sum up the fact that the industry is not responsive to consumer needs.
In his welcome remarks, the chairman of the occasion Mr Chike Mokwunye noted that for the insurance industry to take its rightful place in the economy, the National Insurance Commission (NAICOM) as regulators must see themselves as developmental partners against the current practice of policing the industry and operators seen as offenders that must be arrested.
The 2017 insurance Consumers’ Forum which is holding on the Mainland since 2013 when it started was well attended by both corporate and individual customers from various sectors of the economy.