Today, across the world, there are a good number of long-term insurance (Life Assurance) providers that have hit the 100 years mark, and a few going for the ‘Double Century’ mark!
This means these insurance companies have sustainably provided benefits over 10 times and more to individuals that have bought long-term (5-20 years) policies from them.
These global brands have survived wars, pandemics, recessions and depressions and thrived through visionary leadership and focused commitment to their missions.
The individuals that had committed their investments of hard earned funds to them, those persons who believed in them and told others about them through these years are certainly the real “Heroes of Individual Life Assurance Policies”!
Excitingly, I can announce to you that some of these global insurance brands arrived in Nigeria some years ago and more are willing to come, simply because we have the numbers.
Nigeria is poised to be the third most populous country in the world by 2050 based on credible estimations. Meanwhile, we have one of the highest youth populations in the world today, and can hope to become one of the wealthiest by 2050 leveraging insurance!
The challenge on the minds of these global insurance brands in Nigeria is: How do we convert most of the young persons in Nigeria to insurance policyholders with our products?
On my mind, however, is the question: How many of us or our youth know and understand the linkage between insurance and wealth creation cum protection years from now?
If they do, how do they know which insurance companies to invest their lives in?
Certainly, it will not only be the longevity of these global insurance brands that will count for them but also their ability and willingness to meet their claims obligations.
Management remains a key determinant too and Nigerian insurance professionals will be overtly challenged to continuously deliver disciplined and ethical management driven by reliable data and continuous digitization.
The confidence and trust needed to enable the youthful insuring public in Nigeria to commit their futures to these global insurance brands will be seen in the shared prosperity of the insurance professionals with their policyholders.
To attract the investments of our youthful population into the increasingly robust insurance ecosystem, the behaviour of our local professionals engaged to drive the values of these tested global insurance brands will have to be primed and improving positively.
Interestingly, some of our hitherto wholly owned Nigerian insurance brands are also becoming international, starting with the African market.
All said, when you see an insurance brand bold enough to set foot in other countries, recognize that its vision for longevity has been defined and set to advance.
With the digitalization of today’s business environment, you are informed even when you do not want to be, so the tendency of losing your investment in long-term insurance has been reduced.
Insurance is the assurance that you will not lose.
Let’s make insurance, whether short-term or long-term, work for us in Nigeria as more global insurance brands commit their futures to us.
Accept my compliments of the season!
I remain…
Assuredly Yours,
