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In specific terms how can governments help promote insurance growth and development?
The government needs to ensure nationwide empowerment of compulsory insurance for the
industry’s growth and benefits of the citizens.
What should be done in term of regulation to accelerate insurance growth?
There is need to include Health Insurance as part of the compulsory insurance in Nigeria
because people will pay considerable amount for good health.
Also, premium remittance for the Health Insurance should be seamless.
What should insurance operators consider and esteem in product development?
Operators should embrace insurance policy document simplification for customers’ easy
How should claims payment be used as a tool for business growth?
Prompt claims payment is a unique growth strategy, hence the need to simplify claim
processes for individuals, SMEs and others.
How should insurers use technology to onboard the uninsured population?
Since the bankers have an existing profile or data (BVN) for easy onboarding, there is need
for NAICOM to partner with CBN for access to the database. This will aid KYC verification.
•There is also need for introduction of minimum KYC requirement for low-income earners. This will aid the sales of Micro Insurance in Nigeria.
How should insurers leverage corporate social responsibility to onboard the uninsured?
There is need to concentrate Corporate Social Responsibility (CSR) on education by narrowing sponsorship to schools. This will help to widen the understanding of insurance products and their benefits.
What should insurance firms do to remain visible and endear themselves to
There is need for insurance companies to commoditize their products with easy access.
There is also need for prompt claims payment.
There is also need for insurance companies to embrace technology.
What should be done to grow the retail marketing strategy?
The retail market has already been flooded with different types of investment-linked
insurance product. Hence, the need to introduce commoditized Health Insurance products which will be easier to sell to low income earners.
What impact would enforcement of insurance laws have on industry’s performance?
The enforcement of insurance laws on the industry will have positive impact regarding risk pricing for all insurance products. This will also translate to increased premium revenue for the industry.
How should insurers grow operations through collaborations? What type of collaboration does the industry need?
There is need for the insurance industry to have operational collaborate through NAICOM with the followings:Central Bank of Nigeria (for KYC verification) and Nigerian Communication Commission (for Micro Insurance)
The Managing Director/CEO, SUNU Assurances Nigeria Plc, Samuel Ogbodu is a Chartered Insurer and a member of the Society of Fellows of the Chartered Insurance Institute of Nigeria.
A highly seasoned professional with a track record of success for surpassing revenue, cost, profit and business growth objectives with extensive experience in management of Insurance Company.
He started his career at Nigerian Life and Pension Consultants and later joined Law Union and Rock Insurance Plc in 1987 as Senior Manager, Head of Special risk department.
He was part of the team that set up Sovereign Trust Plc’s operation in 1994. He contributed immensely to the growth and development of the company and by dint of hard work, commitment and resilience, rose to the position of ED/COO.
Samuel Ogbodu had in the past chaired various management project committees like the product development committee, Head office building committee and Assets and liability Committee etc.
Ogbodu has special skills in Turnaround Management and projects with 100 per cent success rate.
He is an alumnus of Lagos State University, Lagos Business School, and University of Lagos, Akoka.
He is a member of the prestigious Ikoyi Club 1938, IBB Golf and Country Club, Abuja and institute of Directors (IOD).
He is happily married and blessed with children.
His company SUNU Assurances Nigeria Plc can be reached through: https://sunuassurancesnigeria.com/