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Chuks Udo Okonta
What most insurance operators don’t understand is the fact that enlightened policyholders buy brands and not policies.
These class of policyholders pay attention to track records of insurance companies and are loyal to brand names in their insurances.
Companies with this understanding, invest heavily in projecting their brands and are also very careful with customer relations.
It beats my imagination, when I learnt that one of the troubled insurance companies, recently collapsed it corporate communications department into marketing. It was gathered that the troubled firm, redeployed the corporate communications staff to marketing, asking them to move to the field and generate premium.
The management of the troubled company failed to realise the public perception about the company. Instead of fighting hard to resolve its challenges and embark on robust brand projection, the management is seeking premium amidst its battered public image.
One of the takeaways from the recently published policyholders complaints by the National Insurance Commission (NAICOM)is that most companies don’t pay attention to their brands, which is why they failed to Honour claims as low as N54,000.
Why insurers should sell their brands image
Focusing on brand projection would keep companies on track – adhering to ethical practices and living up to claims responsibilities, which would in return endear products to policyholders.
Commitments to brand projections also helps companies to stick to vision and missions of investors.
Brand commitment helps in turning down ‘hot money’. Companies with less attention on brand image chase hot money which later burn their resources
A study of the industry revealed that companies with good brand names, also have a well structured corporate communication departments, whist those without capable hands to man their brands are struggling.
