What’s up the rebranding campaign?
A rebranding campaign in the nation’s insurance industry had commenced on 1st July 2018 with the strategic objective to change the mindset of larger population of Nigerian’s about insurance.
Nigerian insurers currently sell insurance by persuading people and individuals to buy their product, and what they get in return is reluctant purchase, and at rates not favourable to them. And that is why insurance density against the population of 180 million people is ridiculously low, and the industry contributing very marginally to the GDP of an abysmal 0.4 percent.
The campaign was therefore targeting to make people appreciate the benefits of insurance; why they need it so that without being persuaded they will go for it and willingly pay for it as long as they can see the company they can trust.
When this happens, we hope to see a situation whereby people on their own volition without being compelled by any regulation go to buy insurance because they realise the benefits, as a means of risk management and wealth protection.
The implication of this on the larger population is that people would have become able to manage their risks, wealth will be created, poverty reduced and standard of living enhanced.
Nigeria economy in the other hand would have by this attain greater success in minimum development goal of enhanced social and economic welfare, where mortality rate would have reduced and people are able to live healthier, engage in sustainable enterprise, economic power and enhanced social status.
For operators in the insurance industry, growth in premium income will come naturally; there will be value creation for shareholders, job creation for Nigerians and increased contribution to GDP.
For these to happen, the rebranding campaign should focus on making individual Nigerians embrace and see insurance as a veritable financial tool that they require to protect their future and that of their families.
It must make the Nigerian public; all over Nigeria know that the industry has got the capacity to provide effective risk management that is needed to help the economy attain economic growth and development.
The campaign must also reassure Nigerian’s that the industry has got the capacity to meet claims obligation when they arise, and will be ready to assist those who run into difficulty address their challenges.
According to the publicity sub-committee of Nigerian Insurers Committee, the campaign being handled by Alder Consulting targets to change the mindset of Nigerians on the business of insurance; ensure the public understands the importance, values and benefits of insurance.
The project was also going to showcase the advancement made in delivering efficient services within the insurance sector, to encourage more Nigerians take insurance. It is also to sell insurance as the engine that drives key sectors and keeps them in business.
While it is appreciated that corporate institutions understand the benefits of insurance and use it to protect their businesses, it is imperative that individual Nigerians to come on board for the impact of insurance to touch on the society.
“Insurance today has reached a saturation point, so growth will not come unless individuals embrace services of insurance, that is why this N300 million rebranding campaign, now hanging on the balance is creating worries.
Modestus Anaesoronye