Why insurance is key partner for business success in challenging environment – Coronation

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Chuks Udo Okonta

Amid economic headwinds, Coronation Insurance Plc, has continued to project insurance as a vital key partner for business success in challenging environment.

The underwriting firm through its webinar series has being providing assistance to individuals and corporates on how they can remain afloat leveraging insurance mechanism.

The firm in a webinar with the theme:Insurance: A Key Partner for Business Success in a Challenging Environment, organised today, gathered experts to educated the public on how insurance would keep them and their business afloat amid the global headwinds.

Managing Director Coronation Insurance Plc, Olamide Olajolo, said the event was very dear to the organisation as it provides solutions to the public and business owners who are faced with myriad of challenges, noting that amid the numerous headwinds confronting people and businesses, insurance remains a social safety net.

He noted that the event was designed to expose dynamics of insurance; easy means of accessing claims; role of technology; on boarding of policyholders amongst others.

Co-founder/CEO at Curacel Henry Mascot, who was the Keynote Speaker at the event, said individuals and organisations are really in a challenging times, hence the need for insurance to mitigate arising risks.

He submitted that the COVID, recent wars around the world and financial crisis have put many businesses on the edge, adding that Nigeria been tagged the poverty capital of the world and many Nigerians working hard to come out of poverty, Insurance remains one of the best means to escape the dragnet of poverty.

According to him, insurance mechanism is the best way to roll back poverty as it helps to restore individuals and organisations to the state they were before they suffered a risk.

He implored people to ensure that assets that drive their production are insured to enable them remain in business.

“If we agree that we are in challenging times, we should see insurance as a means of protecting our assets,” he asserted.

According to him, technology is really transforming insurance process, making it easy for people to access insurance products, report claims and also access claims.

Founder of Mesh Venture Ms. Tochi Ginigeme, called on business owners to map out their risks, which would enable them understand the insurance products needed to mitigate the risks.

She urged insurance companies to embrace strategic partnerships, that would enable them ride on the back of technology.

She also implored insurance companies to invest directly in start up firms, which would help in providing insurance needs for the firms.

Head of Corporate team, Coronation Insurance Anthony Olasele, said insurance due to its risk transfer and pool mechanism, has the potentials to help business owners from falling backward when risks occur.

He call on start up firms to ensure they have business interruption policy, adding that such a policy helps in providing claims to business owners whenever their businesses are destructed.

He canvassed the need for insurance companies to increase communications with the public, adding that Coronation Insurance had through the webinar continued to conduct mass education for the public.

He also suggested that insurance companies should co-create, a process that entails having close relationship with the public so that they can understand their insurance needs and evolve personalised products for them.

Head of Sales and Marketing at Emirates HealthConnect24x7 Limited Vincent Ezeora, urged the public to desist from been reactive and be proactive, stressing that insurance should be bought before risks occur.

He noted that every forward looking company should have insurance in place to remain successful.

The event was moderated by Wole Famurewa, CNBC Africa Anchor.

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