STAKEHOLDERS BEMOAN LOW INSURANCE PENETRATION IN NIGERIA

Insurance penetration will not deepen until the needs and expectations of customers are met and delivered, stakeholders in the industry have said.

 

It was suggested that to enforce a deep penetration in Nigeria, the industry must present itself not only as someone who is coming to sell policies, but also creating an opportunity for effective collaboration between her and the customers.

Speaking in Lagos during a programme tagged: “Insurance September- Breaking the Code,” the convener, Ekerete Gam-Ikon, said the delays on the amendment of the National Insurance Commission Act 2003, is the reason customers’ issues are yet to be addressed.

According to The Guardian, he said that with the huge opportunities in the sector, insurance should not be sold out of fear, noting that the time for fear is over, as people are now looking for more opportunities.

“There are expectations that people have, and most are these things not happening. Insurance penetration will not happen until insurance customers are heard, and allowed to enjoy what their expectations are.

The industry needs more orientation to talk to the people who sell these products because most of them are not selling them well.

It is not a beggarly industry; it should be the other way round.

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