…..Wants insurance corporate affairs to meet the banks’
By Favour Nnabugwu
For insurance industry to take its pride of place in the nation’s economy, the sector’s stakeholders need to put heads together to simplify actions in words and deeds
President, Association of Communications and Marketing Professionals in Banks (ACAMB), Mr. Rasheed Bolarinwa in Ijebu-Ode, Ogun State at the 2022 Retreat oragised for Nigerian Insurance Association of Insurance & Pension Editors by the Insurance Industry Consultative Council, IICC said it is high time insurance sector let go the primitive way of doing business especially, packaging their products with the Media
Bolarinwa who delivered a paper on ‘Media As Catalyst For Insurance Inclusion’ wished that the Heads of Corporate Communications of insurance will meet with those of the banking sector so they can interact and share ideas about getting the best from the Media.
“I think is high time corporate communications of the banks meet with the heads of corporate affairs of insurance. We need to meet and discuss issues about the sectors”
Bolarinwa who doubles as the Head Corporate Communications of Polaris Bank Plc said, “When all stakeholders in the risk ecosystem are deliberate, consistent and methodical in simplifying what insurance is all about in words and deed”
He said the industry is still at it low ebb in contribution to Gross Domestic Products, GDP while citing those of other country such as the United Kingdom’s insurance industry which contributes about 20 percent of the total GDP of the country. In South Africa, it contributes 17 percent of the total GDP and, in Kenya, the industry contributes 3.4 percent of the nation’s GDP.
“Sadly, after 62 years of independence, the Nigerian insurance industry is still crawling with dual problems of little knowledge of its values and acceptance by the populace mostly ignorant of the values of insurance”.
“These are among the key hinderers of mass patronage, growth of premium generation and meaningful contributions to the Gross Domestic Product (GDP) of the economy Insurance will only take its pride of place as big a contributor to the
nation’s Gross Domestic Product (GDP) as it applicable in other jurisdictions”
One of the major source of creating awareness, he pointed out is the mass media. “The mass media are vehicles and instruments for the socio-economic
transformation and re-engineering of any society”.
For a country that is yet to develop like Nigeria, he said, the media is required and, indeed, is fundamental for the penetration of important national agendas.
“The most prominent and widely known media of mass communication in contemporary Nigeria are newspapers, magazines, radio, television, and digital communication platforms and there is the need to further strategically explore them”
According to him, “The Media is a strategic vehicle for dialogue and the acceleration of inclusive growth in any society.
“The media can continuously set agenda for the public to know more about the importance of insurance and to accept different risk-protection values inherent in modern insurance policies”
“This moment is the most critical time for a more germane approach to how to communicate the essence of insurance to Nigeria’s huge population if we are truly concerned about achieving measurable and optimal penetration and reasonable acceptance”
“Social media marketing is a great way for insurance companies to
unleash their digital marketing plan. A study has revealed that customers
increasingly spend more time on social media. If that is the case, social
media platforms are key for insurance policy marketers and the general
“A dedicated jointly owned media vehicle should be created by all stakeholders to serve as a news agency on insurance content shared with other media houses”
“Regulatory bodies in the Nigerian insurance industry are expected to partner the Nigerian media industry towards creating a diverse and inclusive newsroom; that has content development and coverage strategy that builds audience trust in insurance and provides for a better representation of different societies”