Insurance Industry and Public Relation: the Need for Strategy Review
INSURANCE INDUSTRY AND PUBLIC RELATION: THE NEED FOR STRATEGY REVIEW
By
Sunday S. Akpan
Department of Banking, Finance and Insurance
University of Uyo, Uyo,
Akwa Ibom State
Nigeria
Abstract.
This paper investigates the Nigerian Insurance industry from the perspective of public relations. This investigation becomes imperative now that all efforts are geared toward restructuring virtually every sector of the economy for sustainable growth and development. The insurance industry has suffered poor image problem and subsequently low patronage by the public. In an effort to repositioning the industry for effective and efficient performance the paper proposes from the public relative perspective a number of strategies such as prompt and accurate claims payment, automation of operation, aggressive and creative marketing of insurance products, good customer relationship management (CRM), simplified language of policies, the people issues, better business control and reporting, and the good code of ethics as strategies for repositioning the insurance industry in Nigeria.
Introduction
The Nigerian economy is made up of many sectors. These include the petroleum sector, the financial sector, agricultural sector, education, power, communication, aviation sectors etc. Insurance industry is one of the sub-sectors in the financial sector of the economy that has played a critical role toward the growth and development of the Nigerian economy as a whole. The Nigerian insurance industry has suffered what experts called image problem.
Until very recently, many did not perceive insurance business as a crucial financial service mainly because the purchase of insurance service does not involve the exchange of any physical product (Babington-Ashaye, 2009). Although it is intangible, insurance is a crucial business service that creates and adds value. It lubricates the oil of business by being the risk bearer. Its importance is better appreciated when disaster of whatever magnitude
By
Sunday S. Akpan
Department of Banking, Finance and Insurance
University of Uyo, Uyo,
Akwa Ibom State
Nigeria
Abstract.
This paper investigates the Nigerian Insurance industry from the perspective of public relations. This investigation becomes imperative now that all efforts are geared toward restructuring virtually every sector of the economy for sustainable growth and development. The insurance industry has suffered poor image problem and subsequently low patronage by the public. In an effort to repositioning the industry for effective and efficient performance the paper proposes from the public relative perspective a number of strategies such as prompt and accurate claims payment, automation of operation, aggressive and creative marketing of insurance products, good customer relationship management (CRM), simplified language of policies, the people issues, better business control and reporting, and the good code of ethics as strategies for repositioning the insurance industry in Nigeria.
Introduction
The Nigerian economy is made up of many sectors. These include the petroleum sector, the financial sector, agricultural sector, education, power, communication, aviation sectors etc. Insurance industry is one of the sub-sectors in the financial sector of the economy that has played a critical role toward the growth and development of the Nigerian economy as a whole. The Nigerian insurance industry has suffered what experts called image problem.
Until very recently, many did not perceive insurance business as a crucial financial service mainly because the purchase of insurance service does not involve the exchange of any physical product (Babington-Ashaye, 2009). Although it is intangible, insurance is a crucial business service that creates and adds value. It lubricates the oil of business by being the risk bearer. Its importance is better appreciated when disaster of whatever magnitude
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