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Insurance products should be diversified to meet need of every Nigerian – NSIA boss

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By Rosemary Onuoha

Identifying the need to diversify insurance products to meet the needs of every Nigerian will help boost insurance penetration in the country.


Managing Director of NSIA Insurance Limited, Mrs. Ebelechukwu Nwachukwu, who said this, noted that there is also the need to identify information and communication technology as the driver of the growth process.

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Speaking to Vanguard, Nwachukwu said, “The industry operators had robust conversations in 2018 and they have identified the need to diversify their products; identified the need to improve their speed to service and had identified the need for information and communication technology as the driver of that process.”

According to Nwachukwu, everybody needs insurance to have a secured future.

She said that insurance should be a compelling message to Nigerians and to the average or below average families insurance is important, hence the need to really share that message.”

“And if we can push all of these in 2019, I have no doubt at all that penetration will increase and premium will rise also. Today, the industry is paying better salary and so people are better; the industry people study more than any other industry I have engaged with.

“In my entire career life, insurance people read more than any other profession, they are dedicated to writing examinations, attending seminars, conferences and workshops, they want to be heard and an insurance person wants to be heard intelligently,” she said.

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“Prior to joining insurance industry, I haven’t heard about it. But when I tell people to buy life insurance, I also tell them my life story on how a strong mum raised four strong girls. I think insurance is a very compelling message to the Nigerian. To the average or even the so called below average families, insurance is important and we need to really share that message,” she posited.

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