Why rebrand the insurance industry?

MORE often than not; when people hear the word ‘ rebrand’ what comes to mind is a cooperate restructuring or PR and Marketing strategies. Be that as it may,althoughthey are not far from it, rebranding in this context would centre strictly but not solely on the awareness of insurance, how it is taught and the perception people have about insurance. When insurance is spoken of, what comes to mind.

Here are some of the popular responses: “a complicated financial process, a compulsory obligated duty made necessary by government; Oh is it that paper thing you must have for your car. Insurance! No I don’t need an insurance cover, Jesus is my insurance.” How come insurance has not given us the same assurance, Davido gave his love ‘assurance’ by making her his lifetime insurance cover. In like manner you cannot treat a disease by curing its symptoms without taking out it causative agent. The same way you cannot rebrand the insurance sector by curing the symptoms listed above without taking out the causative agent; which is how insurance is taught and our orientation about it.

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So why rebrand the insurance industry? Because it would sponsor innovation. The law of nature is inexorable and automatic. It takes its cause when the time calls for it, because at the fullness of time the old must give way for the young. This evident in today’s industry as improved practice and emerging trends are fighting for space to take the wheels of the industry in order to stir its ship to the shores of best practices and higher standards.

So why rebrand the insurance industry? Because the time is right. As one of the foremost industries in Nigeria which dates as back as 1918, the Insurance Industry has at certain times and diverse manner taken a huge turn and made  giant strides in stating her influence on the economy and her importance in today’s world of risk and risk management.

Examples are the Insurance decree of 1991, the establishment of the school of insurance and financial management, as well as the huge turn of business written by the industry. According to the chairman of the Nigerian Insurers Association (NIA) Mr Tope Smart, while presenting the 2018 report  on the volume of businesses written by member companies. He reported that the volume grew from N363 billion in 2017 to about N400 billion in 2018.

In my estimation over 60% of this are on corporate accounts. Now imagine the Nigerian Population, if each household or individual has one Insurance Policy or more, imagine the impact on the economy.

Rebranding is not as scary as it looks. In some cases its advantageous because its brings the brand to a new life. It reminds the customers that you are continually working on progress and that’s precisely what they require: progress! At the end of everything its all about the audience.

Our target audience should be tailored towards educating the younger generation on what Insurance is all about, its benefits, insurance as an investment opportunity as well as its economic and social safety. Scholarship opportunities and activities should be geared towards this goal for example essay and research competitions, art exhibitions in schools for teens andyouth.

According to the NIA, in 2018 said through her immediate past  Director General Yetunde Ilori,  that the association is embarking on a rebranding project, let us keep in mind that the goal of brandinandrebranding is not just to be recognizable, but to be closely identified with a defining characteristic that you become known for it.

So why rebrand the Insurance Industry; in order to build trust and expand her capacity. In addition, one ofthe most common feature in insurance and insurance brokerage companies in Nigeria isthe extended focus on tragedy. It is indeed true and inevitable because tragedy or the fear of it, is inherent  and a major reason toour pursuit of an insurance polcy. We fear bad things happening, so we seek alternative ways to protect ourselves.

I would suggest that instead of focusing on fear alone, we should focus on the positive side of having an insurance policy, because fear is torment and it has a way of making you turn a blind eye to your many blessings and benefit. Yes insurance is important for tragic moments but it is also useful for positive moments such as purchasing a new car,  having a baby, starting a business. Changing our mantra or message would help give the society a positive association to insurance. So why rebrand the Insurance Industry? For posterity.

While we analyse and forecast the future of economic growth and development in Nigeria, rebranding and reorienting the ever growing population about insurance can only boost our economic advantages in education, revenue and tax incentives. This would necessitate we tell our own stories, as Chinua Achebe said “people create stories create people; or rather stories create people create stories’, and ‘ until the lions have their own historians the history of the hunt will always glorify the hunter.”

For a brand to be strong and successful it is key that everyone in your business or connected somewhat to it, as a good and basic understanding of it. With this in mind we can start and develop a rebranding process in Nigeria, with the creation of a new story and institutional image, in consideration of our peculiarity, history and ingenuity.

This would be done through a multidisciplinary team of experts able to interpret our origins and founding values as wells envision the future in accordance to our activity, by adopting a simple and objective language that demonstrate a distinct ability for execution and availability of our character and uniqueness. Afterwards we can now get new logos, new names, new design and new companies outfit. So why rebrand the Insurance Industry in Nigeria? It is the beginning of something new.

• Oyediran, a lega; practitioner, writes in from Ibadan

Nigerian Tribune