Insurance Companies in Nigeria – Problems & Prospects
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.
The insurance companies in Nigeria are facing lots of challenges and this has affected the growth and popularity of insurance.
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.
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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.
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.
Poor Risk Management:
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.
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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.
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.
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