Stakeholders in the insurance and pension industry have called on operators and key players in the value chain of service delivery to improve on consumers’ satisfactions. This was the general consensus of most participants at the maiden edition of the Insurance and Pensions Editors of Nigeria (IPEN) roundtable discussion which was held in Lagos.
The guest speaker Mr Takor Ivor, the Director Centre for Pension Right Advocacy (CPRA) who delivered the keynote paper on the theme “Consumers Satisfaction Key To Insurance and Pension Sector Growth ” highlighted the role and place of consumers in any business enterprise.
The keynote speaker who was represented by Mr Anthony Korie, a senior official at the CPRA, brought out issues and concerns that makes it difficult for consumers to derive satisfaction, especially in the insurance and pension industry. Some of these according to him include, limited public awareness and negative perceptions.
However during the panel session which was chaired by the deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, the Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC) Mr Tunde Irukera said poor customers satisfaction has created more apathy to insurance and pension products in the country.
The FCCPC Executive Vice Chairman, who was represented by its Lagos head, Mrs Susie Onwuka noted that based on the complaints they receive from Nigerians that use insurance products it shows that claims were not easily settled. While she advised the insurance and pension practitioners to make sure that at the point of sales all their terms of agreement are properly explained to the consumers before they sign.
“They should know how much they are investing and then the customer can be the guardian of the policy, knowing that if they do not keep to the terms, the policy may elapse and they may lose money, but they are never told,” she stated.
Also, the Director General of the National Pension Commission, (PENCOM) Aisha Dahir-Umar, who was represented by Akinsola Adeseun, said as regulator of the pension industry they have put in place structures that will encourage consumers satisfactions in the industry. One of such is the establishment of the consumer protection department.
In his welcome address, IPEN President, Chuks Udo Okonta, pointed out that as media practitioners that focus on the insurance and pension industry, their aim is on developmental journalism which should impact positively on all stakeholders.
