Storytelling, a powerful tool to boost insurance penetration in Nigeria — Nwachukwu
CHIMA NWACHUKWU is an insurance professional with a proven track record in business development and insurance marketing. His most recent accomplishment is the publication of “When Life Happens,” a 5-volume fictional series that leverages storytelling to educate and engage young people in Nigeria and Africa about the insurance sector.
In this interview with Business a.m.’s CYNTHIA EZEKWE, the insurance expert shares his perspective on the measures that insurance operators and regulators can take to strengthen the industry’s foothold in Nigeria and Africa.
Against the backdrop of his advocacy for the transformative potential of storytelling and creativity, he offers valuable insights into how these powerful tools can be harnessed to encourage greater participation in insurance and, ultimately, contribute to the overall economic growth and development of the continent. Below are excerpts:
Drawing from your extensive insurance knowledge and passion for the industry, what unique insights have you brought to your book, “When Life Happens” that you feel are crucial for readers to understand about the importance of insurance?
One major insight that I have brought through “When Life Happens” to the industry and the entire public is the fact that in Africa, and Nigeria, people don’t identify much with insurance.
However, I realised that despite the popular saying, “if you want to hide something from an African man, put it in a book,” the increasing popularity of social media has revealed a strong appetite for informative, engaging content across the continent.
By leveraging this trend, I have been able to bring insurance closer to the people, presenting it in a way that is accessible, relatable, and appealing to a broader audience.
Generally in Africa, we communicate effectively using storytelling—fiction, and fairytale, which is primarily what I have done with the “When Life Happens” fictional series. By tapping into the age-old tradition of storytelling, I have been able to help create more awareness about insurance, including its operations, benefits, and the opportunities that are available for the younger people in terms of career development,among others.
The fictional series touched every area of insurance and the relationship of the industry with the general public as well as the government. It is a book I believe will do so much in terms of getting the kind of attention the industry needs at this point in time to move forward.
Considering the future of insurance in Africa, how do you envision literature and storytelling as tools for shaping public perception, increasing awareness, and ultimately driving increased adoption of insurance products on the continent?
Literature is a powerful tool for sharing the belief system of any society. For Africa to gain significant accomplishments in the insurance sector, we need to see insurance as not just a business, but as a culture. So, we must make it a culture, a part of our life, our lifestyle. One of the ways to achieve this is to embrace what has worked for Africans, which is storytelling. Storytelling is a powerful tool for Africans.
If you look at the trend of events in the social media space today, most of the people that are making waves are doing so with storytelling. For example, some copywriters make use of storytelling to capture the attention of their target audience. In fact, storytelling has become an industry, courtesy of social media, and no matter the space in which you are operating you can utilise it to pass your message across.
Insurance holds so much for the future in Africa. It is an emerging industry and there are so many opportunities both for the operators, governments, delegates, and the society in general. Thus, we must adopt a medium that will help it to thrive and make it sink into the minds of young people who are the leaders of tomorrow. Storytelling, as a powerful means of communication, can significantly aid in the growth and development of the African insurance industry over the next 20-30 years. By sharing stories of success and highlighting the vast potential of insurance as a career path and investment opportunity, we can spark interest and enthusiasm among the younger generation, encouraging them to explore the opportunities within the sector. Storytelling also has the power to shift public perception of the insurance industry, projecting it as a viable and profitable sector that is both resilient and rewarding. In this way, we can attract more investors and stakeholders to the industry, fueling its growth and development. So, I am using the “When Life Happens” fictional series to tell the story of the opportunities that are available for everyone in insurance.
Insurance companies have the potential to enhance their brand and engage customers by utilising literary platforms. What strategies do you think insurance companies should consider when it comes to communicating with their customers in a more engaging and relatable way?
Closing the informational and psychological gaps between insurance operators and the general public requires a concerted effort to establish direct, open lines of communication. This can be achieved through various community engagement initiatives that allow operators to interact directly with potential customers and stakeholders, fostering trust and understanding through transparent, personalised interactions. One of the key points raised in the book is the dearth of insurance coverage in national newspapers, which reflects a general lack of interest in this field. A national daily of 50 pages, for instance, may dedicate only a fraction of a page to insurance news, limiting its visibility and perceived relevance.The absence of extensive literary works on insurance indicates that this area is still largely unexplored, and we believe that “When Life Happens” will serve as a catalyst for writers to explore the world of insurance and develop insightful narratives that can reshape public perceptions of the industry.
I believe that when a reasonable percentage of Africans dive into insurance, everybody will be better. The potential benefits of increased insurance penetration in Africa are immense, and this underscores the need for insurance operators to actively engage with their communities and promote a greater understanding of the sector.
This community engagement must be a cornerstone of the insurance industry in Nigeria and Africa. Without proactive outreach and education efforts, it will be difficult to encourage more people to embrace insurance and reap its numerous benefits. So, that is what we are trying to do, using the “Catch them young initiative”, in collaboration with the operators and regulators across Africa.
As someone familiar with the insurance industry operations,what significant changes have you observed in the Nigerian/African insurance landscape over the past decade?
As an industry observer, I am pleased to see that insurance providers have increasingly embraced the need to adapt and evolve in response to technological advancements. From the adoption of digital channels to the incorporation of AI, the sector has demonstrated a willingness to innovate and stay relevant in a rapidly changing environment. Personally, I view this trend as a positive development that bodes well for the future of the insurance industry. The understanding that AI and related technologies have the potential to streamline processes, enhance customer experiences, and foster efficiency is a critical step forward.
What strategies and approaches should insurance companies adopt to better cater to the unique needs and preferences of younger consumers?
To effectively reach and engage Generation Z, insurance providers must adapt to the communication and entertainment channels that resonate with this demographic. By blending compelling storytelling with educational messaging, insurers can capture the interest of young people, encouraging them to consider the value and practicality of insurance products in their lives. The goal is to present insurance in a way that is both approachable and appealing, breaking down complex concepts into easily digestible, relatable content. This could involve leveraging digital platforms and social media, harnessing the power of influencers, or creating interactive experiences that foster engagement and curiosity among the Gen Z. So, we need to use a programme that will target the next generation so that they can grow with the knowledge, confidence, and appreciation of what insurance holds right from their primary education levels to secondary level. By the time they are leaving secondary school, they are well aware of the benefits and the importance of insurance. Insurance is a long term investment, and I believe that in order to increase awareness, and raise the insurance penetration figure in Nigeria, and Africa at large, we need to bring programmes that will target the next generation.
What recommendations would you offer to insurance companies aiming to attract and retain more customers?
One of the things that worked for me as a business development executive was the act of building relationships. Nothing works wonders for you as an operator or as a business person than relationships. If you are able to build relationships with your clients, you stand a better chance of achieving greater results with better offers. In Southern and Eastern Africa for instance, insurance companies have adopted an innovative approach to community engagement, investing in local schools, events, and initiatives to become a fundamental part of everyday life. This strategy, which starts at a young age with events such as kindergarten celebrations of specific brands, is instrumental in fostering a lifelong connection between the community and the insurance sector. Through this grassroots approach, insurance providers are able to build trust and understanding with the local population, ensuring that as these young people grow up, they are already familiar with and invested in the brands that have been present in their lives since childhood. Trust is the fundamental currency in any relationship, and its cultivation requires a patient and persistent approach. By being present, involved, and engaged in the local community, insurance companies can gradually earn the trust and respect of the people they serve. In this way, trust becomes a long-term investment, developed over time as the community gets to know and understand the brand. This gradual process is essential in addressing the prevalent issue of distrust, particularly in a sector like insurance that deals with such important aspects of people’s lives and finances. This is something we have not really done here in Nigeria, and it is essential we develop a culture of engaging the people. It is something that I highly recommend.
Over time, I have found out that many of the insurance industry players in Nigeria sit back in their offices, and allow the wrong people to tell the wrong stories about them. They need to change these negative perceptions by building good relationships with the people out there. Insurance is not only about meeting financial targets today, but the long term goals cannot be neglected, and that is what insurance companies in Nigeria and some other countries in Africa need to understand. The future is bright for the Africa Insurance Industry but the operators need to also pay attention to the rural communities. I can assure you that a lot of activities are going on in the rural communities. The risk exposure of those in the rural communities may be lower and so their insurance needs may not be the same as those at the urban areas, but all that’s required is for the operators to design products that are tailored to benefit them. It should also be taken into consideration that many of the youths in the rural communities eventually migrate to urban centres and it becomes advantageous for the industry if they’re already familiar with insurance offerings while in their villages. Again, collaboration is inevitable if we are discussing repositioning the industry and raising the penetration figure. Remember the saying, “When you want to go faster, go alone. But when you want to go further, go with someone.” The insurance regulators and operators at various levels need to be strategic and intentional in collaborating with the right brands that will help them to deliver maximum value, particularly, in the areas of embedding their products in the traditional products consumed by the public and the area of insurance education and enlightenment.
Generally, I see a promising future for the Africa Insurance Industry and that promise belongs to those operators who are willing to collaborate and allow flexibility in their product offerings while maintaining constant strategic community engagement.