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Chuks Udo Okonta
Retail insurance, which is prominently dominated by individual policies, remains the master key to open insurance space in Nigeria, hence, should be given the needed attention, especially, prompt settlement of all genuine claims.
Of the billion of Naira, doled out as claims yearly by insurance companies, larger chunk go to corporate businesses, while individual business, usually undertaking by the masses get just a little.
While corporate insurance businesses, enjoy prompt claims settlement, owing to the fact that they come from insurance brokers, individual businesses which are domiciled in retail are often dragged, as erring insurers seek for faults to deny the claims.
Findings have showed that the apathy on insurance stemmed from individual claims that where erroneously denied.
Insurers should note that it is easier for an individual poorly treated to portray the insurance industry in bad light than a corporate entity, hence, claims arising from individual claimants should be esteemed.
Referral has been proven to be one of the best means to sell insurance, as individuals who had good claims treatments go around to share their testimonies, their retinue of friends, family members and associates believe them and buy insurance for their needs.
As satisfied claimants draw more policyholders to insurance business, so will dissatisfied individuals cause more people to refrain from insurance.
While billions of naira are paid to corporate policyholders, the hundred and thousands of naira due to individual policyholders should also be paid promptly.
Recently a policyholder who had a claim of N90,256.46, reached out to me, complaining that her insurer has been dribbling her on paying her claim.
Below was her messages to me.
Good afternoon sir.
Please sir, I am one of your insurance client….
But not pleased with the way they treating me sir????
I actually did 5-;year plan with them, which has been matured since January 19 2024…tho I has issue with the bank they always deducted the money from then I asked them to pay it into another account and asked me to do something things which I have done them all and up till now they refused to pay me my money ????
They were just posting me.
According to her, she is a student who had bought some policies in the past and never had any issue, making her to buy this that thrown up an issue.
She narrated to me, how she needed the claim to pay her school fees. Luckyly, while I was gathering information from her to confront the insurer, she was paid the day that was set as deadline for the fees payment.
From the trauma she went through, owing to threat to her education, which was due to the delay in payment of the claim, if she is not a believer in insurance investment, she may turn her back to the sector and take other of her friends and family along.
Such people that have been wounded, need to be treated to soothe their pains through given another chance to experience prompt claims settlement.
