Kindly leave a comment and share
Chuks Udo Okonta
As claims payment has remained the bane for insurance development, there is the need to disrupt the industry with the floating of companies that shouldn’t be focused on claims.
As the industry offers other services that are not claims related, those services should be offered as special services by the non-claims paying insurance firms.
Services to be offered
*Wealth creation
These insurance companies should expand and develop the current wealth creation services offered by insurance companies.
Products should as deferred annuity, immediate annuity, endowment, education, mortgage and other saving services should be offered.
*Risk advisory and management
The companies as specialized organisations should be focused on helping the public in preventing and managing risks.
*Credit finance
As wealth creation and risk management firms, the companies should support businesses through granting credits.
Aside the aforementioned services the companies can deploy other services that are not claims payment related.
The industry really requires well articulated business options to fully serve the public in risks management and mitigation.
