Insurance companies have been advised by the National Insurance Commission (NAICOM) to embrace the use of automated marketing to ‘upscale the value proposition’ of the Nigerian insurance industry.
This urge follows the observation of the drop in insurance premiums during the pandemic.
The advice was issued by the Commissioner for Insurance, Sunday Thomas, who said that there should be a rtehink of the conventional methods used to sell insurance to Nigerans.
Thomas stated that this would help the industry cut back on in-person sales and marketing.
“In addition, one of the major challenges for insurers was the inability to market/sell insurance products to consumers which, in turn, reduced the premium income.
“This has necessitated the need for a robust online automated marketing and feedback system in order to reduce the dependence on in-person sales and marketing,” he said.
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“There is, therefore, the need for a review of conventional insurance products in order to upscale the value proposition of the Nigerian insurance industry,” he added.
He also noted that industry players needed to prepare for unforseen events and be less blindsided.
Thomas highlighted the benefits of remote work, especially during the pandemic, noting that it was important that the industry adopted the digitalisation of its processes.
