Experts Rally Nigerians on Insurance Uptake to Mitigate Risks
By Bankole Orimisan
To drive Federal Government initiatives on financial inclusion and wealth creation in the country, experts have called on Nigerians to embrace insurance products and services as mitigation mechanisms to replace damaged assets that were earlier insured.
Experts, at a webinar organised by the Managing Director of Coronation Insurance Plc, Olamide Olajolo, moderated by CNBC Africa Anchor, Wole Famurewa, agreed that insurance remains the backbone of Nigeria’s risk management.
The webinar, which had selected experts in the panel discussion included: Adedeji Olowe, Founder and Chief Executive Officer at Lendsqr; and Babatunde Akin Moses, Chief Executive Officer of Sycamore. ng; and Yemisi Isidi, Chief Executive Officer of Triift Africa, said that insurance still represents an important component in the financial intermediation chain and remains the anchor of Nigeria’s risk management.
Speaking at the meeting, the keynote speaker, who is the Founder/Chief Executive Officer, Lendsqr Adedeji Olowe, said insurance is a key element in the financial inclusion strategy, saying, insurance remains one of the best tools for wealth creation.
According to him, insurance is required in all human undertakings, adding that a life without insurance is hopeless, comparing such a life to a driver, who drives without using a seat belt.
To him, “a driver can drive for years without using a seat belt, but the day he gets involved in an accident, there would be nothing to save him from such a disaster.”
He maintained that it would be difficult to build a lasting wealth without leveraging insurance as a mitigating measure, stressing that insurance helps greatly in preserving wealth.
Suggesting that there should be continuous insurance education and awareness, he called for enforcement of compulsory insurance, robust deployment of technology; embedment of insurance in goods and services, robust storytelling; enlistment of prominent citizens – clerics, transitional leaders, and celebs amongst other strategies.
Olowe urged insurance practitioners that they should live up to their responsibilities in claims payment, as most people don’t buy insurance owing to the attitude of some underwriters who aren’t paying claims promptly.
The Chief Executive Officer of Sycamore.ng, Babatunde Moses, who is also a member of the panel of discussants, said insurance makes it easy for business owners to access credit—noting that no finance house would grant credit facilities to an individual without insurance to protect the facility.
Individuals seeking micro-credit, have to show proof of insurance, especially loss of job insurance, before their requests are granted, he said. He urged business owners to leverage insurance in growing their businesses, as it is difficult to replace lost items in present Nigeria without insurance.
Moreover, the Chief Executive Officer, Triift Africa, Yemisi Isidi, said insurance is a system of paying now to save later, noting that insurance is the major resort for small business owners to keep their businesses afloat.
Meanwhile, the Managing Director, Coronation Insurance Plc, Olamide Olajolo, said, the broader objectives of the event are to create awareness of Coronation Insurance’s products, increase the mailing list for client acquisition, improve brand visibility and reputation, and position the underwriter as a thought leader in the financial services space.