Business

Claims: Insurance stakeholders seek alignment in building trust

Stakeholders in the insurance industry have called for better professional practices in eliminating mistrust and building alignment between insurance providers and consumers. They made the call at the 2022 Claims Advocacy Conference, which is the maiden edition of Carefirst Consult with the theme “Catalyzing Insurance Through Better Claims Experience.”

Principal Consultant, Carefirst Consult, Gus Wiggle in his welcome address, noted the efforts of the claims management outfit in filling the void in the insurance ecosystem and adding to the value chain of insurance.

Speaking with New Telegraph, he reinforced the place of trust between insurance providers and consumers, stating: “The conference aims at seeing how there can be an alignment between the consumers and producers , where we can see if mistrust exists and the removal.

“So that there will be no mistrust, so that there will be mutual respect for one another and more people being interested in insurance. People are skeptical about insurance because they believe they don’t pay  claims. It may be true but it is not very true.” On the importance of the third party and liability claim in building Nigeria, he emphasised that more people need to be aware of the added value.

He stated: “If you look at the portfolio of every insurance company in Nigeria motor insurance is the largest line of income, however that motor insurance has the least of claims. You know why? Most people that have claims which is third party are not making claims.

“Since they are not making claims they do not see it as added value, they believe they are giving insurance companies N5000. But there is so much in it. First of all you have a minimum of about two million as third party  liability that you are exposed to by buying a third party cover, but most people don’t know.”

On her part, Executive Director, Technical and Operational Services, Leadway Assurance Company Limited, Ms. Adetola Adegbayi, in her presentation titled “Is there a trust deficit in the insurance industry in Nigeria?” corroborated the place of trust and third party liability claim. Also speaking with New Telegraph, Adegbayi, stated: “Liability policy a part of insurance is also means by which a nation can be developed by being productive.

“Howdoyoudevelopanation? You make a nation productive to ensure that businesses continue to grow, to ensure that people are not poor but lifted out of poverty. You ensure that businesses continue to grow.

“When you think of a nation you think of the risks that will make people poor and less productive. The essence of insurance is to reduce poverty and increase production.”

She also explained that liability policy was a means by which people can get access to money to get themselves treated or to replace their property when damaged provided that the injury or property damaged is caused by somebody else.

CEO, Sanlam,Tunde Mimiko in his address, urged the professionals to make more room for improvement and learn speaking in simple terms, which laymen can easily understand. He added that another way to build trust included “speed payment of genuine claims.”

Others at the conference are a former GGM, Risk Management and Insurance, Mr. Odunayo Bammeke; Chairperson, Agricultural and Allied Group, Lagos Chamber of Commerce and Industry, Mrs. Edobong Akpabio.

 

Other experts, who made spoke include Mrs. Ekeoma Ezeibe, Managing Director/CEO, Crystal Trust Insurance Brokers; and Principal Partner, Josephine Akinwunmi & Co, Mrs. Joseph Akunwunmi

 

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