The Nigerian insurance market has been charged to go back to the drawing board reinvent itself and follow the pathway of speaking the language of the people on which friendship with customers will be built.
The advice was given by Prince Debo Ranti Ajayi, actuarial expert and guest speaker at the investiture ceremony of Diipo Olarenwaju as the 13th President of the Institute of Loss Adjusters of Nigeria held at NCRIB House at Yaba, Lagos.
Ajayi, an international insurance resource person, with imprints in Canada, US, Middle East, Africa and South Asia, said speaking the language of the people was the only way to making insurance friendly in Nigeria. He said insurance has not been friendly because the industry has been investing hundreds of millions trying to teach the people the language of insurance. He said customers needed to know that claims payment works.
Canvassing for early time for change, Ajayi said the industry has carried on the business of insurance from the insurance language colony and, it was time to provide service using the vehicle of customers language which was the best way to court their friendship and loyalty. Besides, he said customers should be briefed in clear and understandable terms, about contracts, product benefits, and claims processes.
Putting a tick on clear positive customer experience, to be driven by a chief client officer, Ajayi called for a review of language of communication with the people. “Be ready to review marketing materials, contract wording, product design to deliver tangible and relevant benefits, and claims processes,” he added.
“The industry must conduct business in a manner that the customer can be assured of support at the time of claim and in a timely manner. The industry must show relevance in the lives of its customers and be seen to follow the customer throughout life situations,” he stated.
Imploring the market to be friendly, Ajayi said a friendly insurance industry will experience improvement in profitability and enhance its reputation and image to be at par with the banking industry and attract the respect of all stakeholders.
Still charting the course for friendship Ajayi said the industry should focus on product and benefit customisation that respond to the needs of customers. Besides, he said the industry must be re-oriented to promote a positive culture of claims processing and payments. “The opportunity to settle claims is one that the industry must cherish to deliver on promises, reinforce trust and demonstrate relevance.”
Capturing experience before and after the moment the relief of claims pay would mean to customers Ajayi take a clear look, “It is a moment of stress in the lives of the customers and dependability and friendliness of the industry at such times will go a long way to build a strong image and reputation. The industry must see claims function as a crucial customer service function.”