Tuesday, December 21, 2021 /10:20 AM/  OpEd By Ekerete Ola Gam-Ikon / Header Image Credit: Ecographics

Earlier in the year, as the challenges of COVID-19pandemic raged on, individuals and businesses were seemingly settling down toaccept the option of insurance as one of the ways to address the issue andrestore confidence in the relationships between employers and employees. Evenstriking workers wanted their insurance packages to be in place as part of theconditions for returning to work.

Insurance had become the next critical discourse afterthe vaccine in many places, and some Nigerians, rather than sit back and say"Insurance doesn't work in Nigeria", were looking for the insuranceoperators that make it work; just as the regulator, National InsuranceCommission (NAICOM) was getting more enquiries about the conditions foreffecting insurance contracts.

For example, a couple of top business executivesinquired about taking out Individual Life Insurance Policies in foreigndenominated currencies; a situation that challenged, not only the capacity ofthe local insurers but also one that revealed how the exchange rate wasstiffening the opportunities for insurance growth. Being in a position to paythe claims that arose from Dollar-denominated insurance policies is one of thechallenges that exist for some insurers today.

Yet, the enquiries and opportunities have heightenedas more people have listened to the workability of insurance and betterunderstood its role in our lives and those of businesses and our economy.

The word out there is resilience and insurance hasremained the single most critical factor for economies to attain it.

Lessons from COVID-19

Individuals, businesses and governments across theworld, following the damning effect of the pandemic, came to appreciate thatthere was need to prepare, and indeed budget, for the unexpected. Then beyondthat, also considered recovery management when the unfortunate events takeplace and leave ugly pictures in our minds.

Whilst many would not see the relief actions ofgovernments and businesses as insurance, the conversations have continued toreveal the relevance of insurance as the most potent risk management mechanismfor addressing both the planning and responses when crises hit us.

The old and persistent approach of announcing reliefpackages by governments when disasters and crises occur should be phased outwhile the insurance sector steps in to provide succour in a faster and moresustainable manner, as we have seen elsewhere.

Today, it has become easier to predict even naturaldisasters like the California bushfire and hurricanes to the extent that thedamages they will cause to people's homes and properties are determinable, andthe compensations through insurance are defined and duly paid.

Getting our InsurersReady

Winning the trust of people begins with showing up tohear their questions and comments, and responding to them, then doing what youpromise per time.

Engaging Nigerians who have survived the uglyexperiences of COVID-19 pandemic towards embracing insurance requires a totallydifferent approach by insurers.

It might seem to be in the nature of the Nigerian todoubt everything including the thing that will keep him/her alive or provideaccess to the much desired wealth. However when you have won the hearts ofsome, their words become so loud that the traffic to your end, whether physicalor virtual, would tend to be uncontrollable.

Winning hearts must become the core strategy forinsurance operators in Nigeria as we live through COVID-19 pandemic and itsvariants.

As the campaign for Nigerians to take the vaccinesintensifies, insurance operators should be in the frontline encouraging people,possibly by offering their premises as centres.

Our insurance operators should be seen to be offeringLife Protection solutions through different insurance products in this seasonwhere our fears have not ebbed even with the arrival of vaccines.

The opportunity to engage people are rife and real butinsurance operators seem to be relaxing back to the old ways in this new seasonand the outcomes of such approach are predictable.

Leading the NewEngagement

It will probably take similar ingenuity demonstratedby NAICOM in April 2020 to earn the Presidential appreciation after thedonation of the insurance industry to the fight against COVID-19, for the gainsnot to be lost.

The Nigeria Insurers Association (NIA) has equallydemonstrated that it can lead such public engagement towards winning hearts,however, it continues to struggle with the imbalance amongst its members whenmeeting financial obligations is discussed. Notwithstanding, extending a handof friendship to other sectors as part of the Association's monthly activitiescould drive effective steps towards winning hearts.

For example, it is expected that the leadership of theinsurance industry will interact with that of the real estate developers toreset the environment that would ease the process of insuring buildings underconstruction and avoiding any future repeat of the issues linked to the"uninsured" 21st storey building that collapsed in Ikoyi.

The National Council of Registered Insurance Brokers(NCRIB) has strengthened its position as "the voice for insuranceprofessionals in the marketplace" yet a lot more is expected from themregarding the engagement of the insurance buyers. Adding a monthly engagementfor insurance consumers by sector to the popular monthly meetings withinsurance companies could enhance the efforts towards winning hearts.

Every other stakeholder in the insurance industryincluding Loss Adjusters and Agents should find a role in the efforts atwinning hearts into the sector after COVID-19 pandemic had opened the door.

Nigerians should wake up and see more adverts onlineand receive more invitations through their phones from insurance operatorsbecause since COVID-19, more people rely on these media for information andupdates.

Our lives are not returning to the days beforeCOVID-19, so whatever did not work then, will not work now and only changes inadaptive ways will convince the kind of persons the insurance sector is lookingto win.

Differentactions beget different people and the time for the insurance sector to winsome, is NOW!

About The Author 

Ekerete Olawoye Gam-Ikon, MNIM,CPP, is a management consultant with a specialization in Strategy andInsurance. You can contact him via e:mail ola[email protected] and mobile +234-806-648-1111 

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