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Chuks Udo Okonta
One of the biggest risks to insurance practice is Bad Ambassadors mis-presenting the industry, whose activities need to be mitigated with a special ‘Cover’ from the National Insurance Commission (NAICOM)
These bad ambassadors are amongst underwriters; brokers; agents and their activities need to be mitigated to enable the industry soar high.
The activities of these bad ambassadors counter the good works of the good ambassadors working assiduously to move the industry forward.
Roles of bad insurance ambassadors
*Mis-selling
These individuals sugar code policies while wooing policyholders. They tell them half truth which then lead to problems when claims arise.
*Fake promises
They make promises which they don’t keep.
A policyholder recently told me of how a broker and his insurer promised to inspect a risk which he insured, but never show up until a mishap occurred which they are presently struggling to manage.
It is an absurd for insurance practitioners to grant a cover without seeing what they insured, especially on risks that concerns fire and flood.
*Claims default
Bad insurance ambassadors grant cover with the notion not to honour claims. After granting overs they resort to prayers, praying that the risk should not occur.
*Rate undercut
These individuals sell policies at a ridiculous rates which makes it difficult for them to honour claims responsibility.
*Mis management
According to a former Commissioner for Insurance Sunday Thomas, companies don’t fail, people kill them.
Bad ambassadors mismanagement companies and kill them.
Solutions
The National Insurance Commission is the only body that should provide an ‘Insurance Cover’ to mitigate the risks pose by the bad ambassadors.
The ‘Cover’ should be the Black Book which the commission has promised to open for individuals who engage in unethical practices, leading to the crumbling of insurance outfits.
The ‘Black Book Cover’ should be evolved quickly to help stem the activities of these bad ambassadors who have over the years, kept the industry on its knees and barring prospective policyholders from enjoying the robust benefits from insurance.
As a special ‘Cover’ which premium is bad practices, the claims should be heavy penalties and sanctions.
