Stakeholders in the insurance sector have keyed into the Market Development and Restructuring Initiative to redraft and initiate efficient publicity on the relevance of insurance to the economy.
This was made known at the launch of African Alliance Insurance’s new office in Ogun state.
According to the Managing Director of African Alliance Insurance Plc, Joyce Ojemudia, who spoke on viable retail presence in insurance marketing, life insurance in this part of the world is not bought but sold.
She said, “Life insurance, especially in this part of the world, is not bought but sold. Therefore, we remain in close contact with the target markets to drive penetration to grow premium incomes via deliberate market expansion and identifying regions that have good prospects for life insurance”.
The Brand, Media and Communications Manager, Bankole Banko, explained that there were numerous notions and ignorance on the benefits of insurance.
“Added to this is an acute insufficiency of product differentiation, which has led to cut-throat competition due to the similarity of products. These challenges, so far, inhibit the growth of the sector given the existing huge untapped opportunity in the country,” he said.
Banjo noted that operators in the insurance industries must show a keen interest in promoting the retail insurance market segment and place customers interest at the center of their business plan not forgetting to review and tailor their product to suit the present day customers.
The Managing Director, Great Nigeria Insurance PLC, Mrs. Cecilia Osipitan, said Information and Communication Technology should be the driver of insurance growth.
According to Osipitan despite slow insurance adoption, there is hope that penetration and premium payment will rise as the industry begins to do better.