Customer satisfaction critical to driving insurance growth — Expert
By Cynthia Alo
Efforts to boost growth in the insurance industry must be focused on enhancing customer satisfaction. An insurance consultant, Mr. Adebayo Raji stated this at the 2019 insurance consumers’ forum organized by Almond Productions Limited in Lagos.
Raji, who spoke on the theme , ‘Creating and sustaining positive customer experience: Key to insurance growth in Nigeria,’ said: ”Insurance is relevant in our society today as it plays a vital role in the management of individual, household, organization and government risk exposures.
”In terms of regulation, supervision, education and insurance awareness, the market has come of age with the following institutions playing significant role: the National Insurance Commission (NAICOM), Nigerian Insurers Association (NIA), the Chartered Insurance Institute of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB) among others.
“However, the crawling growth of the insurance industry requires urgent attention of these key stakeholders especially in the area of achieving appreciable growth in real terms in the years ahead by creating and sustaining positive customer experience as a critical factor for insurance growth in Nigeria. This is because businesses cannot exist without their customers and as such companies should focus on growing their businesses by sustaining positive customer experience.
“As institutions, ministries, departments, and agencies, MDAs, of government as policyholders should not only ensure that appropriate policy is in place to protect their interest but must also ensure that premium is paid as at when due.
“Governmental institutions functioning in some area or the other should protect the diverse interest of stakeholders as insurance customers, while the insurance industry and players should be up and doing in the interest of the insuring public.
According to him, in sustaining positive customer experience, industry players must assess the needs of the consumers, monitor changes in their needs and leverage technologies to ensure the impact of the changes.
He said: ”In today’s rapidly changing environment, the most successful companies are those that put their customers at the center of their strategy and treat the experiences being delivered as a critical business function. Organizations with leading customer experiences decline less in the downturns and bounce back faster when the economic cycle improves.
”By defining the ideal customer experience, building a sustainable process and leveraging new technologies, companies can differentiate themselves from their competitors and position them for growth.”
“Also, there is a need for the insurance industry player to be disciplined and play the game according to the rules and not play the spoiler game.”
”Stakeholders, regulatory authorities, intermediaries and others should ensure they entrench an enviable system capable of creating and sustaining positive customer experience that will yield a very robust increase in insurance growth in Nigeria that will benefit everyone,” he added.