INSURERS ADVOCATE IMPROVED CUSTOMER EXPERIENCE TO UNLOCK MARKET GROWTH

Insurance industry stakeholders are advocating improved customer experience as a key strategy for expanding Nigeria’s insurance market and encouraging more people and businesses to embrace insurance services.

The call highlights the importance of building public trust in an industry that continues to face challenges around awareness, affordability and perceptions of claims processing.

For many Nigerians, insurance remains an unfamiliar or underutilised financial service. Some potential customers are concerned about complicated policy terms, lengthy procedures and uncertainty over whether claims will be paid when losses occur.

Improving customer experience could help address these concerns by making insurance products easier to understand, purchasing processes more convenient and claims settlement more transparent.

Insurance companies can strengthen relationships with customers by providing clear information about policy coverage, exclusions, premiums and claims requirements. Prompt responses to enquiries and fair handling of claims can also help build confidence and encourage customers to maintain their policies.

Technology presents another opportunity for improvement. Digital platforms can simplify policy purchases, payments, renewals and claims submissions, reducing paperwork and making services more accessible to individuals and businesses.

A stronger customer experience could also support market growth by encouraging existing policyholders to renew their coverage and recommend insurance services to others. Businesses may become more willing to insure their assets and operations when they have confidence in the reliability of their providers.

However, improving service delivery must go hand in hand with financial strength, sound risk management and effective regulation. Customers need assurance that insurers can meet their obligations when valid claims arise.

For Nigeria’s insurance industry, expanding coverage could help households recover from unexpected losses, protect businesses against risks and improve financial resilience.

The call for better customer experience underscores the need for insurers to place policyholders at the centre of their operations. By making services more transparent, accessible and dependable, the industry could strengthen public confidence and unlock opportunities for sustainable growth.