The Managing Director of Heirs General Insurance, Mr Wole Fayemi, has urged insurance companies to rebuild public confidence in the sector by prioritising prompt claims settlement, customer-focused innovation and easier access to insurance products.
Fayemi made the call while speaking as a panellist at the BusinessDay Insurance Conference in Lagos, where industry stakeholders discussed strategies for expanding insurance coverage and strengthening customer trust.
According to him, the future growth of the insurance industry will depend not only on stronger capital bases but also on insurers’ ability to consistently deliver on their promises to policyholders.
He stressed that public confidence must be earned through tangible customer experiences, particularly when policyholders need their insurers most.
“Customers must be confident that insurers will fulfil their promises when it matters most. Trust is fundamental to the insurance proposition and is earned through action, not messaging,” Fayemi said.
He added that every claim settled promptly, every commitment honoured and every positive interaction with customers could help strengthen confidence in insurance and encourage more Nigerians to embrace insurance protection.
Claims Settlement as a Driver of Confidence
Fayemi pointed to the claims performance of Heirs Insurance Group as an example of how effective claims fulfilment can improve the credibility of insurance companies.
He noted that prompt and transparent claims settlement was critical to changing negative perceptions of insurance and demonstrating its practical value to individuals and businesses.
The Heirs Insurance executive maintained that insurers must move beyond simply selling policies and focus on delivering solutions that are accessible, responsive and relevant to customers’ needs.
Innovation and Accessibility
Fayemi also called for greater innovation across the industry, particularly in the way insurance products are designed, distributed and accessed.
He argued that simplifying insurance processes and using technology to improve customer interactions would help remove some of the barriers that have limited wider adoption of insurance in Nigeria.
According to him, the sector’s ability to deepen penetration would ultimately depend on how effectively operators could combine stronger financial capacity with reliable service delivery.
He urged insurers to make customer trust a central part of their business strategy, noting that a reputation for keeping promises could help attract new policyholders and strengthen confidence among existing customers.
The call comes as the Nigerian insurance industry continues to pursue broader market penetration amid reforms aimed at strengthening operators’ financial capacity and improving the sector’s contribution to the economy.
