Proper Claims management is critical to deepening insurance penetration and acceptance in the country, according to experts.
The experts, who spoke at the at Carefirst Consult 2022 Claims Advocacy Conference with the theme ‘Catalysing Insurance Through Better Claims Experience’ held in Lagos, lamented about the poor insurance penetration, urging insurers to always honour genuine claims as this will trigger trust from the general public.
On his part, the principal consultant, Carefirst, Mr. Gus Wiggle said, he was inspired to set up Carefirst Consult, said, any insurer that fails to settle genuine claims is setting a bad signal to prospective policyholders, which will also affect the entire insurance industry.
According to him,“We are seeing a trend which has become very challenging and that trend actually manifested itself during #EndSARS riot where insurance companies started reminding the insured that some of their policies will not cover their exposures.”
Stating that insurers ought to have informed and explained to policyholders the terms of their policy at the point of subscription, he urged underwriters to find every reason to pay claims rather than looking for excuses to evade claims payment.
Disclosing that Carefirst Consult was established to work for both insurer and the insured, he said, his company is set to improve the claims payment ability of the insurance industry.
He said the firm ensures that legitimate claims are paid.
Similarly, the summit chair, who was the former group general manager, Risk Management & Insurance, NNPC , Mr Odunayo Bammeke, stressed that trust, which is the bedrock of insurance business, is built when a customer is satisfied with the services he or she gets from his insurer, adding that, the highest form of satisfaction for the insured is when his or her claims are smoothly and promptly settled.
Claims automation and settlement, he said, should be made customer-friendly even as he advocated the need for a change of mindset that all claims are fraudulent.
Moreover, the chairperson, Agricultural and Allied Group, Lagos Chamber of Commerce and Industry(LCCI), Mrs Edobong Akpabio, noted that she had seen both positive and negative side of the insurance. Her positive experience, she said, was the smooth and prompt settlement of claims involving her husband’s car when he had a fatal accident while on the other side, was the hearth break she had when insurance firm, which she invested heavily in, went under.
“When trust is lost, there is no way you can make it . There is no customer satisfaction when there is no trust,” she said.
She insisted that insurance agents should work to satisfy customers other than working to earn commissions.
On her part, the executive director, Technical Services, Leadway Assurance Company Limited, Ms Adetola Adegbayi, while calling for increased sensitisation of the public on the terms and conditions of their policies, noted that, claims payment in insurance industry have increased over time, promising that, operators are doing everything to improve the claims payment duration.
