SMEs implore insurers to adopt Cowbell Milk strategy to promote insurance products

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Chuks Udo Okonta

Years back, milk was exclusively for the rich, until the producers of Cowbell milk broke the jinks with the production of small sachets which put milk in the hands of virtually every Nigerian.

Those were the words of the Chairman, Small and Medium Enterprises (SMEs) Trade Group of the Lagos Chamber of Commerce and Industry (LCCI) Abiodun Oladapo, as he implored insurance operators to design affordable policies that would endear insurance to the public.

Oladapo, while speaking at a forum organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, noted that Cowbell was able to penetrate the highly competitive milk market with affordable products, adding that the initiative forced other milk producers to repackage their products so as to compete effectively.

He implored insurers to adopt a similar strategy so as to put insurance in the hands of Nigerians especially those at the grassroots, adding that many businesses have collapsed because they were not insured.

He narrated how one of his relations invested all his earnings and even borrowed to cultivate a maize farm.

According to him, his relative having harvested the maize, bagged them in anticipation for sale when the price appreciates. While waiting for the right time, the warehouse where the products were kept was razed by fire and all the products consumed by the inferno.

He said the relative loss all his earning and went into debt as the products were not insured.

He then, implored insurers to come to the aid of small business operators by crafting affordable policies and that they should also improve on insurance education as most people are yet to come to terms with the workings of insurance.

Oladapo also urged insurers to do more in the area of claims payment, adding that the public will buy insurance when they see people’s business restored through insurance mechanism having been affected by disaster.

President, National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Iyalode Alaba Lawson, implored insurance operators to take their services to people at the informal sector, unite and work closely with their colleagues in the Organised Private Sector (OPS).

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