Enthusiasm and excitement is sweeping across Nigeria’s insurance sector as operators and insuring public are beginning to tango escalating insurance acceptance and buying. Yemisi Izuora writes on new wave of enlightenment trailing the industry.
Negative public perception of insurance in Nigeria has no doubt instigated apathy among the insuring public, and over the years, the sector has trudged in desperate attempt to grow its Gross Domestic Product, GDP, contribution to the economy.
Beside, the perceived apathy the industry has also lumbered typically because of exhaustion or harsh operating conditions.
However, with the unveiling of the “Live With Freedom”, a marketing campaign project by all the insurance companies in Nigeria, aimed at showcasing the advancements made in the insurance sector, and to encourage more Nigerians to take up insurance, a new understanding of the importance of insurance is now staring at the people.
The campaign was complemented with deployment of educative and informative tools with a goal to redefine narratives about insurance in Nigeria and project insurance as indispensable and desirable.
The industry identified in the campaign strategy the use of two effective tools of communication, the social media and blog posts.
Since June 2018, several articles have been published on the website and shared across various social media platforms, and these educative features span the benefits of insurance, easy ways to purchase insurance and the compulsory insurance policies recognised by law in Nigeria.
There are seven insurance policies mandated by law in Nigeria and the Federal Government has made it compulsory for every individual and corporate worker in the country to be protected by operating these policies, as applies to them.
These compulsory insurances include, Motor Third Party Insurance, Employee Group Life Insurance, Health Care Professional Indemnity and the Insurance of Public Buildings.
The rest are,mInsurance of Buildings under Construction, Aviation Third Party and the Insurance Marine Insurance (Cargo)
Commenting on the strategic campaign initiative of the industry, Mr Oye Hassan Odukale, Chairman, Sub-Committee on Publicity and Communication, Insurers Committee,said, “The benefits of insurance cannot be over-emphasised. It serves an an anchor for both individuals and the economy. For the individual, insurance helps to safeguard treasured interests from loss and uncertainty, giving him/her the freedom to enjoy life to the fullest.”
Odukale, notes that insurance reduces risk of venture and provides succor during losses, thereby enabling businesses to thrive and in addition drives the key sectors of the economy.
“The wealth of the economy and its human and material resources are fortified when they are insured.” he said.
It is in the wake of the campaign that it became known to the public that with N5,000 one can purchase an insurance policy.
Oriental News Nigeria reports that Insurance in Nigeria has become affordable and easy to access.
With the industry introducing the, “You Are Insured” platform, the entire process is now made easy for users to access any insurance company of choice, with a simple click on their mobile devices.
The platform also serves as a bank of knowledge and information for Nigerians, as relates to insurance matters. Simply put, it is insurance made easy – a one-stop resource center for everything insurance in Nigeria.
In its first three months, the platform campaign recorded close to 20,000 followers and a reach of about 8.8 million, across its social media platforms. Materials were consistently deployed on digital media including animated videos, graphics, written testimonials, and themed video series. A total of 171 videos and graphics have been deployed thus far.
The camapaign ensured that the seven compulsory insurance policies in Nigeria were emphasised and reinforced amongst Nigerians. The populace were also adequately sensitised on the appropriate process for resolving claims.
Although digital media has been a major tool for deployment, impactful activities were also being reinforced offline.
For example, a total 1,694 radio spots of radio skits were aired in the second phase of the campaign, an increment from 1,415 skits aired in the first phase. Brand activation events, interviews, talk shows, etc. are also currently in the works.
The project has recorded successes so far.
According to a poll conducted by Brand Sampling International, “67 per cent of the people who encountered the campaign in phase 1 are now aware of compulsory insurance”.
By the end of January 2019, the campaign had also witnessed over 100 per cent increased followership and engagement across its social media platforms, in comparism to when it kicked off in June 2018. The combined reach across digital media had also risen to 12.3 million.
Beyond awareness, Nigerians also seem to be more interested in the benefits of insurance. A spectacular episode occurred on Wednesday, January 16, 2019.
Alder received a phone call from an individual in Asaba. He had listened to the radio skit produced for the campaign and called the radio station to request for information, as he had assets to insure. The individual was immediately directed to the list of insurance companies on youareinsured.ng to enable him make a choice.
These developments are indeed a new, improved era for the insurance industry in Nigeria.