Finance | Insurance

Why Nigerian Insurance Companies should Prioritize SMEs in Product Development

Nov 02, 2022   •   by Ottoabasi Abasiekong   •   Source: WebTV   •   eye-icon 219 views

Insurance companies should explore providing SME-specific products and services that guarantee mitigating losses and reducing exposure to risks. Mr. Gbenga Ismail, the Deputy President of the Lagos Chamber of Commerce Industry (LLCI), made this point as a keynote speaker at a webinar organized by Coronation Insurance Plc for SMEs. Its theme was "Importance of Insurance for SMEs: Insurance Requirements for a Growing Business."


According to him, businesses that aspire to be sustainable and transformational need insurance. He noted that despite contributing 46% to Nigeria's GDP and accounting for 96% of business activities in the country, MSMEs are still vulnerable and heavily under-insured.


He said, "The challenges facing MSMEs in Nigeria vary from taxation, delay in client payments and the inability to access bank credits." The entrepreneur and business leader called for an enabling environment in Nigeria designed for small businesses to scale and create value.


He tasked insurance companies with adopting innovative solutions, digitizing their sales channel and automating their product offerings. In his opening remarks, Mr. Olamide Olajolo, the CEO of Coronation Insurance, described the event as a thought leadership series for stakeholders and clients in the industry and a forum to highlight the importance of insurance for business owners, including assets.


"The uncertainties in the global and national economies provide the opportunity for SMEs to protect their businesses from risk exposures. This forum addresses the significant risks SMEs face".  Giving closing remarks, Mr. Akinlolu Akinyele, the CEO of Coronation Life Assurance Limited, commended the speakers for the fresh insights they provided, which will help businesses to navigate the uncertainties and challenges in the business environment and economy.


He noted that deepening insurance penetration in the country is the core objective of Coronation Life Assurance Limited. "SMEs need to rethink insurance as an investment opportunity and an effective tool for mitigating risks." 

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