Stakeholders Advice Insurance Operators On Growth Strategies
Financial experts have urged operators in the insurance industry to drive initiatives that will boost growth in the sector.
The experts made the call during the second edition of the Insurance Claims Advocacy Conference in Lagos with the theme, ‘Taking insurance experience beyond claims payments’.
The event provided a platform to explore and address the evolving landscape of insurance.
According to them, available data in the industry showed Nigeria’s insurance penetration rate was less than one per cent.
During the discussions, the Chief Client Officer at AXA Mansard, Rashidat Adebisi, discussed strategies that extended beyond traditional realms, focusing on revolutionising the insurance experience.
She acknowledged the challenges faced in Nigeria due to economic factors, underscoring the need for accessible opportunities to boost insurance participation.
Adebisi said, “Insurers need this documentation, which is a legal requirement. Digital solutions are becoming prevalent, allowing customers to file claims online or through teleclaims services.
“Accurate documentation not only helps in processing claims effectively but also assists in determining fault, which is critical in the Nigerian context.”
The Managing Director of Grand Metropolitan Associates, Reginald Egbuniwe, revealed key strategies for addressing the complexities of claim settlements in the insurance sector.
He emphasised the significance of clear communication channels, timely updates, and a comprehensive understanding of insurance processes.
Olusola Akintonde/Punch
