Babington-Ashaye launches book to tackle communication gap in insurance

From left: Eniola Fadayomi, chairman, African Prudentials Plc; Nike Akande, guest of honour; Mohammed Kari, commissioner for insurance; Stella Okoli, CEO, Emzor Pharmaceutical ; Funmi Babington-Ashaye , author of the book’ Insurance in Practice’; Fola Rogers, executive director, SIFAX Group; Ajibola Ogunsola, chairman of the occasion at the official launch of the book in Lagos.

Leave a comment and share

Chuks Udo Okonta

The Deputy President, Chartered Insurance Institute of Nigeria (CIIN) Mrs. Funmi Babington-Ashaye, today, launched a book to bridge the communication gap between insurance operators and their stakeholders.

The event which held in Lagos, attracted dignitaries from different sectors of the economy who poured encomium on the author for her efforts in moving insurance forward especially through the well researched book.

Babington-Ashaye noted that in the last 30 years, she had had the privilege of operating as an underwriter in well structured environments and provided leadership at the topmost level in listed and non-listed insurance companies, noting that in all these years, one critical issue which continued to stir up her conscience and professional thoughts was: the need to make insurance simple, inviting and a strategic part of any business and Individual Plans.

“From my experience, it is difficult for Insurance companies to admit, but it is true, that there is a gap between them and their huge stakeholders. This is what I call the communication gap. Stakeholders do not quite understand the meaning of concepts or words used in Insurance policies.

“Notwithstanding the definitions provided, the Insurance policies do not quite communicate value to existing and potential policyholders. The insured buy and hold a policy or legal document without knowing fully, how to benefit from it when the disaster insured against, happens.

“This communication gap explains why two vehicles are involved in an accident and both drivers will drag themselves to the mechanics to repair their cars without informing the Insurance companies.

“In this manner, our customers unwittingly pay the price of ignorance or communication gap. One significant inference that can be drawn from this, is that we are not communicating enough with our stakeholders, particularly, potential and current policyholders. We must engage them for our collective good,” she said.

Dignitaries at the event.

She urged regulators and various arms of the insurance industry, to work hard we to bridge this communication gap, adding that the operators need to reach out to the users of their services with the clear message that: Insurance secures; Insurance protects; Insurance comforts! According to her, the operators may have been doing this in the past with vigour. But, doing it in a simple manner, is what counts.

She maintained that simplicity should be operators’ weapon, strategy and watchword.

The Commissioner for Insurance, Mohammed Kari, expressed his joy and commended Mrs. Babington-Ashaye for finding the time to put the book together notwithstanding her tight schedules.

He noted that lack of local study materials has been one of the major challenges confronting the development of insurance professionals in the country, adding that he strongly believes, the challenge would be reversed if more Professionals would sacrifice time to produce materials in this subject.

“Let me say that I am aware that not every one of us can write a book for different personal reasons. But for those amongst us who have the flair, let us take up this challenge to contribute to the education of Nigerians about through our writings. We certainly need more books of this nature to explain to stakeholders from different strata of the economy how insurance works and the benefits inherent in its consumption,” he said.

The Commissioner as parts of appreciation of the good work done by the author, bought 250 copies of the books.

Leave a Comment

Your email address will not be published.