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Chuks Udo Okonta
The President Nigerian Council of Registered Insurance Brokers (NCRIB) Babatunde Oguntade, has elevated product integrity and value as key components to achieving customer’s satisfaction in insurance and pension sectors.
Oguntade, who was the Chairman of event at the 2023 Insurance and Pension Editors of Nigeria (IPEN) Insurance and Pension Roundtable held yesterday in Lagos, noted that the theme of the roundtable which was “Customer Satisfaction: Key to Insurance and Pension Sector’s Growth”, was apt as the issue of enhancing customer satisfaction in the service sector cannot be over emphasized.
Represented by the Deputy President of NCRIB Mrs. Ekeoma Ezeibe, he submitted that unlike tangible products which could be seen and touched, marketing intangible products like insurance and pension requires greater measure of dexterity to connect the buyer with the products, adding that the seller must as a matter of fact demonstrate great ability to persuade the existing and potential clients to feel the product through product integrity and value.
“It is most disheartening that in developing economies, services are difficult to market due to multifarious reasons, of which perception is one.
“It is obvious knowledge that insurance and pension are one, save the dichotomy that seems to be created between the two in our clime.
“Notwithstanding, the issue of satisfying customers should be at the front burner of consideration by the two if the two sectors are to accomplish the expected ends,” he posited.
He said while the insurance industry still continues to battle the albatross of poor patronage due to low understanding and acceptance, leading to the belief that insurance is only sold in Nigeria and not bought, the potential of the pension industry on the other hand is far from being reached also due to the same reasons.
Oguntade noted that there is a large pool of potential clients of the two sub- sectors of the financial services sector that have not been reached, leading to probing questions as to whether the product offerings of the two are well understood and accepted by those they are supposed to serve.
He appreciated IPEN members for their crucial roles and support which the NCRIB has been enjoying from, particularly since his emergence as the 22nd President.
“There is no doubt that the image of our Council and the entire insurance industry has been greatly enhanced through your rich reportage of insurance events as they unfold. There could never be a better time to solicit more of such support than now when strident efforts are being made by all stakeholders in the industry to position insurance as the first port of call by the insuring public, be they individuals or corporates,” he said
He felicitated IPEN for the thoughtfulness of always throwing up issues that are quite stimulating for public discourse, stressing that this effort is capable of enriching the professional and intellectual content of all professionals and concerned institutions in the nation’s financial sector.
He said IPEN’s action in this regard is quite consistent with the cardinal mandate of journalism which is to educate, entertain and inform.
The NCRIB President assured IPEN of the support of the Council towards all efforts aimed at growing the insurance sector in the country, adding that as insurance brokers who are professional intermediaries, the crucial role and responsibilities which they owe the insured are not lost on them.
He said under his leadership and the NCRIB as a body, would sustain its strategic partnerships and alliances with notable institutions and bodies in the country that could help to deepen its practice and by extension, buoy the acceptance of insurance by the public.
President of IPEN Chuks Udo Okonta in his welcome speech said the theme of the event was apt as insurance and pension sectors are repositioning to offer customers better service delivery to deepen penetration.
He submitted that although, the insurance industry is expected to hit N1 trillion premium income target in the current 2023 financial year, a feat that was expected to have been achieved eight years ago, precisely in 2015, the pension funds asset, he said in the kitty of the pension sector are expected to surpass N18 trillion by the end of the outgoing year. “Yes, these are and will be great achievements, however, they were long overdue as this is barely scratching the surface of potentials and opportunities that are existing in both sectors,” he posited.
For the insurance sector, he noted that several reasons have been adduced for poor insurance penetration in Nigeria ranging from the country’s peculiar market environment, limited public awareness and negative public perception by those who are unaware of insurance. But in the reality, inadequate service delivery is a major challenge to why insurance acceptance has been very low.
On the other hand, the need for service delivery in the pension sector is key for the overall success of and sustainability of the Contributory Pension Scheme (CPS), considering its retail nature. Achieving service excellence in the sector is a collective effort by all stakeholders to ensure enhanced service delivery, he submitted.
Okonta appreciated sponsors of the event for believing in IPEN’s concept.
The supporting institutions include: the National Pension Commission(PenCom), Consolidated Hallmark Insurance (CHI) Plc, International Energy Insurance (IEI) Plc, AIICO Insurance Plc, Coronation Insurance Plc, LASACO Assurance Plc, Leadway Assurance Company Limited, Capital Express Assurance Limited, Sovereign Trust Insurance (STI) Plc, NSIA Insurance Company Limited, Cornerstone Insurance Plc, Chartered Insurance Institute of Nigeria (CIIN), Nigerian Council of Registered Insurance Brokens (NCRIB) and NPF Pensions Limited. We didn’t take your gesture for granted, he said.
