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Chuks Udo Okonta
The over N300 million budgeted for the aborted insurance rebranding project should have been used to establish a radio station, concerned insurance stakeholders have said.
While reacting to the report published by Inspenonline on floating a radio station by the insurance industry, they submitted that the industry needs a sustainable platform such as a radio station to achieve its quest for improved education and awareness.
According to the stakeholders, the industry having a radio station is overdue.
“I suggested this many years ago, but nothing came out of it. With this your powerful voice, I am trusting that action will be taken by the Industry,” a stakeholder said.
Anther concerned stakeholder said: This is long overdue
Please you and your colleagues should pursue this need.
“The insured and the general public need insurance awareness.”
The N300 million insurance rebranding project which was billed to address the negative image of the industry did little to redeem the image of the industry despite several millions of Naira committed to the project that started in 2018.
The insurance rebranding project which was an initiative of the Insurers’ Committee, comprising the managers of the then 58 registered insurance companies as well as the National Insurance Commission (NAICOM), was aimed at deepening insurance acceptance and penetration through massive insurance education and awareness across all states of the federation, with Lagos and Abuja expected to be the pilot centres.
While NAICOM contributed N40 million towards the project, the 58 insurance companies were expected to contribute the remaining N260 billion, even though, Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Institute of Loss Adjusters of Nigeria (ILAN) and Association of Registered Insurance Brokers of Nigeria (ARIAN), also promised funding support to the rebranding initiative.
The insurance industry rebranding was mooted to change the current poor public perception about insurance products and services and also educate the public on the need to embrace insurance as a tool for poverty alleviation.
Part of the exercise which was outsourced to Alder Consulting, was to create a tempo and the hype that would attract the public attention to insurance through, print, electronic and social media platforms.
Investigation revealed that the first phase of the project gulped N30 million while N90 million was released by the Insurers’ Committee to the consultant to initiate the second phase of the project. This brought the total amount spent so far on the project to N120 million.
The failing of the project, according to market observers, was because it was a project anchored on social media, and the same social media not only killed the project, they buried it and even celebrated the burial with negative comments that further add insult to injury.
Further enquiry revealed that NAICOM donated N40 million to the project, with Leadway Assurance Company Limited the highest donor among insurance operators. Some others donated in N5 million to N2 million each depending on their financial prowess while some did not even contribute at all.
According to the concern stakeholders, the industry should come together again to float a radio station which would not only boost education and awareness, but provide job and revenue to the industry.
