COMMISSIONER for National Insurance Commission NAICOM Sunday Thomas has advised Insurance companies to embrace the use of automated marketing to ‘upscale the value proposition’ of the Nigerian insurance industry.
He explained that the advice was necessary following the observation of the drop in insurance premiums during the pandemic.
Mr. Thomas also said that there should be a rethink of the conventional methods used to sell insurance to Nigerians and this would help the industry cut back on in-person sales and marketing.
He who highlighted the benefits of remote work, especially during the pandemic also said that industry players needed to prepare for unforeseen events and be less blindsided by adopting the digitalization of its processes.
According to him, “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,”
“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.
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