Settlement of claims: Expert’s argument for why NAICOM should name defaulting underwriters

Settlement of claims: Expert's argument for why NAICOM should name defaulting underwritersDespite efforts to make Nigerians embrace insurance, not a few persons still express distrust and lack of confidence in the sub- sector of the financial industry.

A recent vox pop around the city of Lagos and beyond revealed that most Nigerians would wholeheartedly desire to pick up different insurance policies but the fear of not receiving claims in the event of any eventuality remains a major challenge. At a recent discourse with Gus Wiggle, an insurance expert, the National Insurance Commission (NAICOM), was urged to begin a deliberate but conscious ‘naming and shaming’ of any insurance company that fails to pay claims to policyholders as and when due.

According to him, NAICOM has the capacity to restore sanity and confidence of Nigerians in the insurance industry by invoking necessary certain Provisions of the insurance Act of 2007.

“I don’t see why NAICOM should not publish the names of defaulting companies. Like the old saying goes, “one bad apple spoils the whole in the basket” There are good companies paying claims but the small numbers who are not paying are not helping the industry. I still hold the view that defaulting companies should be exposed so the consumers can know which company to patronise”

Wiggle maintained that insurance companies still need to improve on their process of service delivery as regards to customers. He urged loss adjusters, registered insurance brokers and insurance agents to help ameliorate the plight of Policyholders regarding customer satisfaction instead of aggravating their condition.

“Loss Adjusters, brokers and Agents have critical roles to play as stakeholder in the entire value chain of insurance industry. They should help in improving customers’ experience and satisfaction”

He commended NAICOM’s efforts in taking the sector to enviable height, however, stakeholders expect more of them particularly nowadays when the socio -economic and political environment glaringly Volatile, Uncertain, Complex and Ambiguous (VUCA).

“NAICOM is doing its best within the limited space it is allowed by the Insurance Act of 2007., But they can still do more with more collaboration from the operators. You remember that common saying, ‘I can help you seek for a job, but cant help you do the job,’ that’s how it is with NAICOM and the operators,” he added.

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