Dangote Group has disclosed that so far, he has paid a total of N5 billion as insurance premium in 2016 to insurance companies that insured its insurance portfolio, while the industry failed to settle over N400million claims.
Ms. Adenike Fajemirokun, Group Chief Risk & Insurance Officer Dangote Group, who represented the Group Chairman, Aliko Dangote disclosed this while delivering her paper titled:” “Issues and Challenges of Consumers in the Management of their Insurance Portfolio” at NAICOM Interactive Session with major consumers of Insurance products and services, organized NAICOM and held in Lagos, said that despite the huge premium paid some companies are yet to settle over N40ollion claims they own the company.
She further called on operators to acquire basic knowledge of risks they are insuring as it applies to all the sector of the economy.
According to her “it is not encouraging for a broker or underwriter to ask questions that are obvious, noting that they should be able to understand the market they cover.”
On insurance regulation, she said: “Insurers need to be more proactive in studying the operations of consumers and fashion out generic risk solution models. There should be stronger insurers with prompt claims paying abilities and consistent customer experience”
In a welcome address, the Commissioner for Insurance, Mohammed Kari said that the gathering is aimed at achieving better services from insurance institutions among others.
According to him, “We are optimistic that post this interaction, we shall witness improvement in service delivery to consumers by insurance entities. There is no doubt that our competitive environment and the changes in the world economy as a result of globalization, deregulation, privatization, financial meltdown, and the modern advancement in technology gives insurers the opportunity to transform their business operations and realigned with customers by understanding the needs of the consumers and ensuring an enhanced and efficient delivery of products and services.
We are aware that the satisfaction of consumers of product and services plays a vital role in the sustenance of any business. He added that “the difference between great and poor customer service has always been clear, and businesses on the wrong end of this spectrum usually pay a price.
‘’This is as true for insurance as it is for any other customer-facing business. Today, the consequences of subpar service are amplified by the speed and reach of social media. One poorly handled claim, one mistake captured on a smart phone could escalate quickly into a brand-damaging crisis. This is why we believe it has become imperative that insurance firms increased their focus on providing great customer experience.
‘’Delivering a superior customer experience takes more than developing a mobile app or adding a call centre staff. It requires significant investments, relentless improvements, and collaboration across customer channels and business functions, from distribution and underwriting to claims handling.
“Understanding what customers want is paramount in building a better customer experience.”
“We believe such regular interface will afford us the opportunity to listen to your ideas and contributions towards making the industry as consumer friendly as possible”, he added.