By Rosemary Iwunze

When insurance claims are processed smoothly, efficiently and in a trustworthy manner, the result is customer satisfaction and increased customer acquisition.

This statement was made by Dr. Reuben Abati, Special Adviser on Media to former President Goodluck Jonathan, while reviewing the book “The Claims Advantage” written by Dr. Olawale Banmore.

In his review, Abati noted that Banmore writes with the authority of a scholar and a man of practical experience.

He said: “His profile speaks for him, as eloquently as his writing. With a Bachelor’s and a Master’s degree from the University of Ibadan, he also obtained an M.Phil and a PhD from Babcock University Ilishan Remo, Ogun State. In his professional journey in insurance, he worked with UNIC Insurance Plc, and moved on to first Chartered Insurance Co, Ltd, (where he became a Director in charge of West Regional), and Later, Royal Exchange Plc where he spent 17 years, before becoming Managing Director, Royal Exchange Prudential Life Plc (2011- 2018) and Group Managing Director, Royal Exchange Plc (now REX Insurance) (2018 – 2020). He also later served as the Managing Director, STACO Insurance Plc (2022- 2025) Insurance was his life. This book is his legacy. He writes about a subject at the very core, indeed the raison d’etre of insurance, and in so doing he covers the field in a prose that is accessible and reader friendly, completely shorn of jargons.”

While speaking about the, Abati said: “The Claims Advantage can be reviewed by simply reporting a number of quotable quotes from the book, of which there are many, but for the purpose of this review, it is perhaps advisable to focus on a few highlights. In discussing the fundamentals of claims management for example, the author notes that “trust is the foundation of the insurance business to achieve sustainable growth”. (p. 17).

“Indeed, in Nigeria, the perception is that insurance firms are quick to collect premiums but when it is time to pay claims, they come up with stories. When people do not trust insurers, why then should they buy insurance? The reputation of the insurance firm is affected, but when claims are processed smoothly, efficiently and in a trustworthy manner, the result is customer satisfaction, increased customer acquisition in a business that relies heavily on word-of-mouth, stronger brand equity and market leadership. The author recognizes that there are challenges: fraud and misrepresentation, Nigeria is a country where claimants try to exploit loopholes in the system; regulatory bottlenecks and bureaucratic hurdles; outdated claims processing systems; low financial literacy and misinterpretation of policies on the part of policyholders. But for every challenge, the book offers a multi layered approach as solution, and proposes a call for change as to how insurance firms handle claims. This then becomes a practical manual on the how of the business, the nitty-gritty of claims management: how claims are planned to ensure efficiency and clear communication, claims control to prevent fraud, especially the use of technology and Al-driven fraud detection systems, claims monitoring and evaluation, claims payment in a speedy, fair, reliable, transparent and timely manner, and how technology can be leveraged al every stage.

“In Chapter Three, the author discusses how the firm stands to gain multiple advantages if it learns to innovate and modernise, and deliver greater efficiency and satisfaction to its customers. Chapter Four discusses “the role of government policy and marketing in claims management,” The insurance industry in Nigeria is regulated, supervised and controlled by the National Insurance Commission, established by the NAICOM Act of 1997. The question that this author raises and addresses is how does an insurance firm strike a balance between compliance with regulatory requirements and customer’s claims, what he identifies as “a delicate balance” (p. 67). But even more interesting is the discussion of claims management in crisis situations in Chapter Five. Pandemics, natural disasters, and economic downturns occur when they would such as floods, COVID 19, hurricanes with a direct impact on claims processing. These disasters are often unforeseeable but when they occur, policyholders may look up to the insurer for relief. The author recommends this: “To pandemic-proof the Nigerian insurance sector, firms must rethink policy structuring and risk modeling” (p. 72). He also expects regulatory bodies like NAICOM to collaborate with insurers in such circumstances.

“He further recommends what he calls “parametric insurance” (p. 74) and “predictive analytics, automation and transparent communication” (p. 82. In subsequent pages, the author provides a summary of his own conclusions and findings, making this a well rounded contribution. The book ends with a page of photographs showing different faces of the author, as a Ph.D holder, a member of the National Youth Corps, and one photograph projecting him as a fan of Arsenal FC, the English Premier League club that may nearly win the League Cup in 2026. An index is missing in the book but the author’s message is well delivered: the value of trust, clear communication, innovation, adaptation, the leveraging of technology, customer-centricity, efficiency, ethical service delivery as pillars of sustainable insurance business in an increasingly competitive eco system where crisis is inevitable and reputations are fragile. The author writes about the skepticism of the average Nigerian about the Nigerian industry, but overlooks the challenge of culture and superstition. What level of education can ever reduce the people’s superstitious belief that God is forever in charge, His will is supreme, and their fatalism which must be perhaps the biggest challenge faced by the insurance industry in Nigeria. This book is interesting for one other reason. It was written by Dr. Olawale Banmore, before his death in December 2025.

“It has now been published posthumously, as an act of remembrance, a legacy project, a memorial, a labour of duty and respect. In a blurb to the book, Olusegun Adeniyi, a cousin of the author, salutes the author’s courage and resilience: after his diagnosis for prostate cancer in 2019, that was when Dr. Banmore went ahead to enroll for a Ph.D programme which he completed, and also sat down to write a book. This book speaks to a man’s defiance in the face of death, clear attestation to the fact that ideas live, brilliant ideas defy the bounds of mortality, the graveyard is a living, social space, part of the community, where conversations can still be heard across the gates. Ms. Doyinsola Wale-Banmore, the author’s daughter writes a moving preface to this book in which she pays tribute to her father and acknowledges friends and family. But the main tribute to be paid is for this book to be promoted and read by all and sundry. It is hereby recommended for your attention.”