These two words, trust and transparency were prominent recently at an insurance industry gathering where a change of baton took place. To make the event memorable the organiser set an order that the lasting takeaway should be trust and transparency because it has the power to transform insurance operations significantly in a market that angling to improve penetration.
Where insurance defines the market like it is in developed market it is the midwife of the economy providing continuity for individuals and all dimensions of businesses to continue their endeavours after risks surge. In market where the offer of these two platforms are not widespread as business enhancers so to speak, grave challenge is bound to play out.
Current state of these twin words was served at the Investiture Ceremony of the President of the Institute of Loss Adjusters of Nigeria ILAN, Pastor Ike Chibueze Udobi. The guest speaker, Mrs. Ebelechukwu Nwachukwu, MD/CEO REX Insurance did not mince words to present the state of affairs in the local market. She speaks, “One of the most significant challenges facing insurance in Nigeria today is not the absence of risk, it is the absence of widespread trust.”
She progressed to explain how this perception works, “Many individuals and businesses still question whether insurance will truly respond when needed.”
This state of mind of persons and businesses the insurance high calibre person singled out, required a shift towards the bone of contention and find a workable solution that serves the interest of all parties.
“The responsibility to change that narrative lies with all of us. Every claim is more than a transaction – it is a moment of truth for the industry. Therefore, every claim handled fairly builds confidence. Every transparent process strengthens credibility,” she stated.
Pushing the same opinion, Pastor Patrick Odi Arah, who is also Managing Consultant, Dekelob and Associates Limited, feeds this in, “… the subject of trust and transparency in insurance is so timely and so important. Trust is the foundation of insurance. Insurance is built not merely on contracts, policies, and documentation, but on confidence. Every policy issued is a promise, and every claim settled is the fulfilment of that promise.
“Transparency, on the other hand, is the bridge between trust and accountability. Without transparency, trust becomes real , visible, and enduring It is through transparent processes, ethical conduct, and fairness in assessment that confidence in the insurance ecosystem is sustained,” he stated.
Explaining what to expect in the trust pages of insurance operations without ambiguity, REX Insurance CEO makes a pointed statement, clearing that trust “is a promise that when loss occurs, there will be fairness. And it is a promise that when people and businesses place their confidence in the system, that confidence will not be betrayed, no matter what the circumstances are. Trust in the principles of insurance is paramount.”
Burrowing deep, she unearths more, “But like every promise, the value of insurance depends entirely on trust. Trust is the true currency of our industry – and without it, nothing else holds value.”
Likening trust to a spiral she explains that its functions as a connecting rod that holds the various dimensions of insurance operations together and credible and without it weakness sets in. “Without trust, insurance becomes just paperwork. Without trust, policies become meaningless documents. Without trust, the entire risk management framework that supports economies begins to weaken.”
Nwachukwu emphasised that at its core, insurance is built on trust. “This is why transparency and professionalism must remain central to everything we do as an industry. And this is precisely where the role of loss adjusters becomes so critical. Loss adjusters play a vital role across the insurance value chain.”
Arah also said loss adjusters are at a vantage place to give meaning to what insurance should represent. “As professionals, you are custodians of fairness in one of the most sensitive aspects of the insurance process. You help to ensure that justice is done and seen to be done. You help to give meaning to the promise that insurance represents.”
Her stand, “if we remain committed to the principles of trust, transparency, and professional excellence, we will redefine how Nigerians experience it. And ultimately that is the legacy we must all strive to build.”
