Over the years, several strategies have been taken to ensure the public embrace insurance which should enable the sector occupies its rightful place in the economy. Though some gains have be recorded, insurance still remains one of the least thing people consider as a priority in spite its benefits. Chuks Udo Okonta, in this report examines how an initiative tailored after The Suya Seller Marketing Strategy is fast transforming the business of insurance.
The introduction of Insurfeel Initiative which was designed inline with ‘The Suya Seller Marketing Strategy’ – which entails tasting a slice of the Suya – a traditional smoked spiced meat skewer – before buying is fast changing public opinion about insurance and growing the business.
Insurfeel an initiative developed by the Publisher of Inspenonline, Chuks Udo Okonta, entails donation of insurance policies to the uninsured and it stemmed from a research conducted which showed that people who have had positive experience on how insurance works seem to believe and easily embraced the system. This research therefore, necessitates the need to extend insurance experience through donation of policies to more people so as to deepen insurance penetration, provide safety and enhance insurance industry’s profitability.
Insurfeel is targeted towards specific individuals, such as; students in secondary schools, teachers and people with distinct impact on lives and the society. They are selected due to their outstanding performance and contributions to human growth.
According to Okonta the initiative is opened to people committed to philanthropy, adding that through Insurfeel, organisations can by means of Corporate Social Responsibility (CRS) donate insurance policies as souvenir and gifts to deserving members of the public.
Groups such as Non Governmental organisations (NGO) committed to improved wellbeing of the citizenry could leverage Insurfeel to assist the needy in mitigating their risks and abating poverty, he posited.
He noted that insurance companies could also leverage Insurfeel to donate their products as against the present trend where products from other sectors are donated to the public.
According to the Promoters of the Initiative, the objective are:
To provide free School Care Cover/Policy for outstanding students in schools; to provide free Better Life Cover/Policy for outstanding teachers; to provide free Better Life Cover/Policy for distinguished individuals in the society; to spread insurance claims experience; to encourage safety through insurance mechanism, to drive the presentation of insurance cover as gifts/awards to families, friends and well wishers; to promote insurance education and culture; to deepen insurance awareness and to enhance purchase of insurance products and profitability.
Okonta submitted that premium on the School Care Cover is N10,000 and provide benefits worth N2.55 million for a student beneficiary.
He stated that the premium on the Better Life Cover is N8,000 and provides benefits worth N2.4 million for a beneficiary.
On method of operation, he said Insurfeel Initiative is executed through two strategic channels namely: Award and Advocacy.
He stated that the Award strategy entails, the promoters purchasing the aforementioned special products from selected insurance firms and award them on distinguished students, teachers and individuals with remarkable life impacting activities.
“As promoters of the initiative, we will work with notable insurance companies to provide the product offering. We will partner schools to select best students in each class and award the policy on them at the end of their academic session yearly.
“We would also leverage existing platforms such as states, Non Government Organisation (NGO) to provide the cover to teachers that distinguished themselves in each academic year.
“On distinguished individuals in the society, we would reach out to them and award the cover on them,” Okonta posited.
On the advocacy, he maintained that the Promoters have embarked on robust advocacy on the use of insurance products as gifts and souvenir, stressing that “Our intention is to ensure people use insurance as part of donations, whilst engaging on Corporate Social Responsibility (CSR) activities.
“Our advocacy have started with the insurance regulators, industry practitioners, who over the years, have been donating products from other sectors to the public, leaving their products behind and be complaining yearly of poor penetration,” he posited.
Donations
Since the official launch of the initiative, the uninsured have continued to benefit coverage, through the insurance products donated to them.
The award/donation of insurance products to family, friends, clients and wishers, including institutions will promote sales of insurance and as well increase the feel (Insurfeel) when claims are paid promptly, the Promoters said.
According to them, the first set of beneficiaries of the initiative were a Civil Servant Omoye Danjuma and a Logistician Ezegwu Ekene, who benefited a free one year cover -: Uni Personal Accident Insurance, which provides for N200,000 medical expenses; N850,000 permanent disability; N850,000 death benefit and N500,000 personal liability and will run from November 6, 2023 to November 5, 2024.
The winners emerged at the 2023 Almond Insurance Industry Awards and Consumers’ Nite held in Lagos.
The winners who have never had any other insurance cover except motor insurance were happy to be granted free cover against personal accident and liability.
The second set of beneficiaries were an events consultant, Kuyoro Oludolapo and Information Technology Officer, Adewumi Bolaji.
They also got free one year cover – Uni Personal Accident Insurance, which provides for N200,000 medical expenses; N850,000 permanent disability; N850,000 death benefit and N500,000 personal liability and will run from November 23, 2023 to November 22, 2024.
The winners emerged at the 2023 Insurance and Pension Editors of Nigeria (IPEN) Insurance and Pension Roundtable held in Lagos, through a random selection process.
Partnership/Donation
The concept of Insurfeel Initiative provides an opportunity for corporate organisations and individuals to partner the Promoters of the Initiative in donating insurance covers to the public.
Implementing the advocacy strategy, the Promoters in partnership with the Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB LAC), procured and donated School Fees Protection Plan and Kiddies Insurance, tagged School Care Cover amounting to N15.3 million to winners of the Committee’s Secondary Schools Quiz Competition.
The insurance cover which is underwritten by Universal Insurance Plc, would enable each of the six winners of the quiz competition enjoy a limit cover of N2.5 million for one year.
The winners are: Master Sanni Shazily and Miss Zainab Adelabu, both in SS3 at Aje Comprehensive Senior High School, Sabo-Yaba, who emerged first position from the competition.
Miss Zubeidat Idris in SS3 and Master Michael Ogunade in SS2 at Ijaye-Ijokoro Senior High School, Ijaye, bagged second position.
Miss Misturat Folorunso and Master Qudus Alamu, both in SS3 of Araromi Senior High School, Orile-Iganmu, came third.
Under the cover, the students would enjoy medical expenses worth, N150,000; permanent disability benefit, N500,000 and death benefit, N500,000, while on their guardian (parent) they would have permanent disability benefit of N700,000 and death benefit, N700,000.
Insurfeel beneficiaries perspectives
A Civil Servant Omoye Danjuma, who is one of Insurfeel beneficiaries, said the initiative of donating insurance covers to people is a very good idea, stating that the concept would make people to be aware of the benefits of insurance and embrace it to secure their lives and property.
He noted that prior to receiving the free insurance policy, he only had motor insurance policy which is compulsory by law.
He submitted that since he got the free policy, he has being sharing the information with his friends.
An Information Technology Officer, Adewumi Bolaji, said he was quite happy to be gifted the insurance cover, stating that the experience was exciting as that was the first time to have won such a gift.
“I was quite happy to be gifted the insurance cover for that was my first time to have won something like that,” he posited.
He noted that the cover was his first insurance policy, stressing that when he won, he quickly informed his brothers about the gift.
To know more about the product, he said he took out time to visit the website of Universal Insurance Plc the underwriter to know more about the policy.
He said his findings about the policy were also shared with his brothers.
Adewumi appreciated Promoters of Insurfeel Initiative for the gesture done extended him.
Insurance brokers perspectives
Chairman, Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB LAC) Ademola Olutusin, said Insurfeel Initiative’s concept of insurance policy donation would really help create awareness amongst schools, students, teachers and parents.
He submitted that the initiative would help students take up a career in insurance, which would then help in marketing insurance to their parents.
On the partnership with Promoters of Insurfeel Initiative, he noted that the partnership would enable deserving students enjoy free insurance protection on personal accident while in school, on vacation and anywhere within Nigeria and also provides payment of school fees to the named beneficiaries of the insured parent/guardian in event of the following occuring: Permanent disability resulting from an accident and death – whether by accident or natural means
Olutusin, said the Area Committee is committed to enhancing education and safety of students, adding that the partnership would impact lives of students, the insurance industry and by extension the nation.
According to him, the initiative would also enable the students understand and feel the touch and benefits of insurance which remains the best tools to mitigate risks.
“Following the insurance cover, if anything happens to the students either in school, at home or anywhere, the policy would take care of their medical bill to a certain amount.
“The coverage for the parents implies that if anything happens to the parents during the insurance coverage, the policy would pay a lump sum to take care of the students’ education,” he said.
Olutusin submitted that the brokers would not rest on their oars to promote insurance in the country, as plans were also on ground to spread the benefits to university students.
He maintained that the Area Committee is highly committed to the catch-them- young initiative, which hinges on deepening insurance penetration.
Insurers perspectives
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Benedict Ujoatuonu, said Insurfeel is the best initiative in driving insurance penetration.
Benedict Ujoatuonu
According to him, the uninsured and uninformed about insurance products are now getting insurance at their door steps, adding that they are also getting the products at no cost conveniently.
He maintained that the initiative would help sell insurance more than anything an insurance man would do, stressing that the initiative is something that is worthy and should be sustained.
The Universal Insurance boss, implored the leadership of National Insurance Commission (NAICOM) and all major stakeholders in the insurance industry to borrow a leaf from the initiative in their growth and transformation pursuits.
According to him, Insurfeel Initiative goes beyond preaching insurance, but acting it.
He said with the initiative, people who don’t know insurance, when they receive free policies and benefit from them, they would become ambassadors for the industry, telling other people the benefit of insurance.
He noted that though he is not praying for people to suffer mishaps, but he looks towards when one or more of the policies beneficiaries will come for claims, so that they would have a complete feel of what the initiative is all about.
He posited that the management of Universal Insurance Plc would continue to partner Promoters of the Initiative to drive it to lofty heights.
As insurance remains one of the best instruments to fight poverty and make the society a comfortable place for Mankind, initiatives such as Insurfeel which empowers people with free coverage on their lives and properties, would really bring more people into insurance community, fight poverty and help people mitigate their risks.
