The twin steady acts of landing a good investment decision and a fusion of data with news reporting, have been identified as the path to the commanding heights in these endeavours.
These two landmarks for success were prime focus at the training on financial journalism for members of National Association of Insurance and Pension Correspondents in Lagos recently.
Mr Nona Awo, a financial analyst and integrated shareholder, said what an investor gets as returns on investment is not based squarely on personal expertise on the choice made to invest in a particular stock, but also the financial expertise of the directors of the company.
Awo said the challenge for directors and investment managers is not confined to lack of instruments for investment, but the expertise required for the appropriate decision in investment, which is purely a board decision to clear. He said a good investment outlay should reflect present investment situation and the good returns for tomorrow.
He said one of the major challenges in the industry is claims settlement, and this could be resolved with proper investment plans that gives outstanding returns. Besides, he said the reporter should have a good grasp of data blend to inform stakeholders who have to make financial decisions based on data analysed presented.
Another challenge he pointed to that is hurting insurance, is low level of participation in major risks like oil and gas. Operators he remarked, have not been able to ramp up a a controlling order; in the absence of this, local underwriters annually decrease their capacity to take risks and tick the preference to serve as post office for the developed off shore insurance market. This market trademark, he pointed out, ultimately erases the opportunity for the local players invest the premium in the economy.
Another speaker at the training, Mr Lekan Otufodunrin, who spoke on Developmental Reporting and Opportunities, said data and infographics is the way to go in news reporting, especially online, “Our platforms are no longer traditional, we are now multi-media, our audience are now more sophisticated and have access to multiple sources of information.”
Otofodunrin urged journalist to shift from the traditional news presentation to data use and infographics, and make data analysis a constant feature. He said this will scale up awareness and put the public on the pedestal to consider and purchase insurance cover.