Mediangr.com
A Nigerian News & Online Scholarship, Job Portal.

Insurance Companies in Nigeria – Problems & Prospects

0 1,657

Insurance Companies in Nigeria – Problems & Prospects. Challenges Facing Insurance Companies… Insurance Companies provide coverage in form of compensation due to financial loss, damages, injury, treatment, or hardship.

Insurance Companies in Nigeria – Problems & Prospects

The insurance companies in Nigeria are facing lots of challenges and this has affected the growth and popularity of insurance.

SEE ALSO: Top 10 Insurance Companies In Nigeria 2018/2019

See the Problems of Insurance Companies in Nigeria

Subscribe to our newsletter

Below are some of the major challenges insurance companies are facing in Nigeria:

Lack of skilled personnel:

Many insurance companies in Nigeria lack skilled personnel due to the fact that the salary is unattractive for a skilled professional and the discontinuation of seminars and programs meant to train the employees.

The insurance companies are not able to meet up with cooperate objectives, due to the unavailability of skilled personnel.

Lack of Information Technology (IT) Infrastructure:

Most insurance companies in Nigeria have not upgraded from the manual system of operation, which is reason for poor documentation system which has led to fraudulent practices, delay in service, errors and mistakes.

READ:  Study Abroad Free With These Easy Steps

This is why the statistics of insurance companies are not always ready on time and the Nigerian insurance industry regulatory body (NAICOM) has failed to enforce that all insurance companies adopt the use of automated system.

Subscribe to our newsletter

Poor Risk Management:

Subscribe to our newsletter

The insurance companies lack plans on how to manage risks associated with the company. Another reason for the poor management system is low level of implementation of NAICOM’s Enterprise Risk Management framework because of inadequate capital, lack of Information Technology (IT) facilities.

Hot Vacancies in Nigeria You Can’t Miss.

Poor Market Concentration:

The insurance company is not popular among the people. It is only a few who knows and understand the need of an insurance company and due to this fact; the company has limited contribution to the country’s GDP.

Few other reasons why the insurance companies are not known because of no advertisement, unattractive packages and increased poverty rate.

Lack of Innovation:

The insurance companies are unable to develop products that meet and satisfy the customer’s need. Also the process of obtaining approval for development hinders innovation.

READ:  Canadian Visa Lottery Application Form 2018/2019 and How to Apply Online

Poor Patronage:

The insurance companies are not popular among the masses and it is misunderstood because of lack of trust, which is the basis for a social-business relationship.

List of Top 11 government job vacancies

  1. Federal Civil Service 2018/2019 Recruitment
  2. NEITI Recruitment 2018/2019 Application Registration Form
  3. NAIC Recruitment 2018/2019 Registration Form
  4. Code of Conduct Bureau Recruitment 2018/2019 Registration Form
  5. CPC Recruitment 2018/2019 Registration Form www.cpc.gov.ng
  6. Rivers State Civil Service Recruitment 2018/2019 Form | Apply 20 Positions
  7. NNPC Recruitment 2018/2019 Application Registration Form | Registration Guide
  8. NHIS Recruitment 2018/19 Application Registration Form
  9. Zenith Bank Recruitment 2018/2019 for Graduate Trainee and Non-Graduates
  10. INEC Adhoc Recruitment 2018/2019
  11. CBN Recruitment 2018/19 | cbn.gov.ng | Apply Central Bank of Nigeria Job Vacancy

What’s your take on this? We believe this article was interesting right, if yes, don’t hesitate using our share button below to inform – friends

Subscribe to our newsletter
Subscribe to our newsletter
Please check your email immediately you Register, to complete the process.
You can unsubscribe at any time
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to our newsletter
Please check your email immediately you Register, to complete the process.
You can unsubscribe at any time