Insurer unveils book to bridge communication gap in sector

The Deputy President, Chartered Insurance Institute of Nigeria (CIIN), Funmi Babington-Ashaye, has pledged to bridge the communication gap between insurance operators and their stakeholders in a new book.

The event, which held in Lagos, attracted dignitaries from different sectors of the economy, who poured encomiums on the author for her efforts in moving insurance forward especially through the well-researched book.

Babington-Ashaye noted that in the last 30 years, she had had the privilege of operating as an underwriter in well-structured environments, and provided leadership at the topmost level in listed and non-listed insurance companies.

She said in all these years, one critical issue, which continued to stir up her conscience and professional thoughts was the need to make insurance simple, inviting, and a strategic part of any business and individual plans.

“From my experience, it is difficult for insurance companies to admit, but it is true, that there is a gap between them and their huge stakeholders. This is what I call the communication gap. Stakeholders do not quite understand the meaning of concepts or words used in insurance policies.

“Notwithstanding the definitions provided, insurance policies do not quite communicate value to existing and potential policyholders. The insured buy and hold a policy or legal document without knowing fully, how to benefit from it when the disaster insured against, happens.