By Henry Uche [email protected]
Whereas some stakeholders in the entire insurance industry are sadly giving the National Insurance Commission (NAICOM) knocks, for regulatory lapses, others are giving it thumbs- up. NAICOM on its own has emphatically affirmed that it did its best to keep operators and other stakeholders thriving. To compliment these claims however, Heirs Life Assurance(HLA) has maintained that it was not a year to be forgotten in a hurry, having navigated through tough times (economically) and come stronger with a renewed hope for 2023. In this interview with the Executive Director (Technical Operations) Heirs Life, Wasiu Amao, he explained how the company faired in the year under review, to scale through and his expectations in the new year among others.
How fared in 2022
The business performed very well. As a startup, we grew in critical areas of our business. The hostile environment gave us opportunities which we tapped into, and which we are still tapping into, to make success out of it. That is the essence of business.
What were your greatest obstacles/ challenges?
The reduction in savings power of our customers. This has affected the rate of increase in life assurance sales; the increase in insurance claims resulting from loss of job and lives; the adverse effect of inflation which is reflecting on returns on investment and the fall in value of naira compared with foreign currencies
How were you able to navigate through the challenges?
We provided solutions for various customer categories both individual and corporate organisations, this is line with our promise to improve life and transform Nigeria. Our marketing and sales teams also worked hard in projecting our brand and products positively.
What new offerings do you propose for the insuring publics coming year
For the insuring public, we will continue to identify our customers’ needs and satisfy them at the right time I.e., in a timely and efficient manner. We will continue to meet their claims and improve of measures that will improve their risks and reward them abundantly; customer satisfaction is very important to us. We will improve on product offerings with good returns on investment policies
Your genda for 2023
Our focus is not politics but on making customers see the need for insurance protection. Therefore, we shall work with any government that is in power to improve welfare of the citizens and contribute to insurance penetration thus contributing to the Nation’s Gross Domestic Product earnings.
What government policies and programmes affected your operations most?
Every government policy that affects fiscal and monetary policies affects us since we are operating in the business environment. This is coupled with regulatory restrictions since we belong to a regulated environment, to protect the insuring public.
What would you do to boost public trust and confidence towards insurance industry
We will continue to create awareness around insurance since the bulk of Nigerians do not know the importance of Insurance. We will continue the pursuance of insurance education to enable ‘all and sundry’ to provide for the future .Well introduce and manage viable products. We shall Treat and pay genuine claims promptly and efficiently since this is the telescope through which the public view our existence and render returns to the appropriate arm of the Government for benefit of the masses.
NAICOM & FG performance in 2022
NAICOM as an Agency of the FG has performed very well in the year, though insurance being a business venture is an ongoing entity, NAICOM is expected to do more since human beings are insatiable. NAICOM has become more approachable and business friendly and should improve these standards this year.