Insurance: Why People Should Jump Into This Business In Nigeria
Insurance: Why People Should Jump Into This Business In Nigeria
The Insurance business sector in Nigeria is one that has not been fully tapped into, probably because a proper sensitization of what the business is all about has not been conceived yet in the minds of the population. This does not mean that people are not in insuring their lives or properties in Nigeria, but to the average Nigerian he does not see it as a business that he should invest his funds into.
Before we get into "Why People Should Jump Into This Business In Nigeria", let us first understand what insurance is all about, then we can now further talk about the various types of insurance that people should engage in.
What is Insurance?
According to Investopedia, Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
That was quite explanatory, but the point to be taken from there is that it is a financial protection against loss. If this can be used to sensitize the massive population of the country, at least the average man on the street would want to insure all his properties.
What can be Insured?
There are so many insurance covers that one can do from any reputable insurance company, such as, Life, property, car, health insurance and so on. I remember a friend i had who worked in an insurance firm. He left the job because people in the country were not able to capture the essence of what insurance is all about. He gave an example of a client he met and how he poached him to insure his car, he said the man reluctantly left his presence because he was not patient enough to capture his point.
People forget that they will one day retire and will need to get financial assistance at some point in their retirement life. And this is one of the best ways to earn while retirement hit you later on. Insurance companies should still engage in doing better adverts that will make even the smallest kid in the block understand what it is about. In America, virtually everything is done with insurance covering everything, and it is working well for them there. Now what is wrong with Nigeria not been able to get this right.
Hopefully, we shall all see the need to get our insurance sector up and running at a fast pace.
The Insurance business sector in Nigeria is one that has not been fully tapped into, probably because a proper sensitization of what the business is all about has not been conceived yet in the minds of the population. This does not mean that people are not in insuring their lives or properties in Nigeria, but to the average Nigerian he does not see it as a business that he should invest his funds into.
Before we get into "Why People Should Jump Into This Business In Nigeria", let us first understand what insurance is all about, then we can now further talk about the various types of insurance that people should engage in.
What is Insurance?
According to Investopedia, Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
That was quite explanatory, but the point to be taken from there is that it is a financial protection against loss. If this can be used to sensitize the massive population of the country, at least the average man on the street would want to insure all his properties.
What can be Insured?
There are so many insurance covers that one can do from any reputable insurance company, such as, Life, property, car, health insurance and so on. I remember a friend i had who worked in an insurance firm. He left the job because people in the country were not able to capture the essence of what insurance is all about. He gave an example of a client he met and how he poached him to insure his car, he said the man reluctantly left his presence because he was not patient enough to capture his point.
People forget that they will one day retire and will need to get financial assistance at some point in their retirement life. And this is one of the best ways to earn while retirement hit you later on. Insurance companies should still engage in doing better adverts that will make even the smallest kid in the block understand what it is about. In America, virtually everything is done with insurance covering everything, and it is working well for them there. Now what is wrong with Nigeria not been able to get this right.
Hopefully, we shall all see the need to get our insurance sector up and running at a fast pace.
Insurance: Why People Should Jump Into This Business In Nigeria
Reviewed by TechBiz
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8:04 AM
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Reviewed by TechBiz
on
8:04 AM
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