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The late Adetunji Ogunkanmi brought transformation and dynamism
to the insurance industry when he was the helmsman of Cornerstone Insurance.
Mr. Ogunkanmi redefined the insurance business in Nigeria and raised awareness
to an unprecedented level. It is to his credit that Cornerstone Insurance was
the company that broke the ice of conservatism and nonchalance to marketing
communication in the industry.

Mr Ogunkanmi embarked on aggressive communication campaign
backed with superior service delivery. This manifested in the communication
campaign announcing a 24 hour prompt claims settlement by Cornerstone
Insurance.

This was a unique selling point for the company and it stood out
amongst its peers.

He kept the industry on its toes and helped instil public
confidence in insurance in Nigeria. His sudden demise put an end to all his
lofty dreams and vision to make every Nigerian patronise insurance services and
believe in insurance practitioners. I even learnt that the man had a strategic
blueprint for the industry if not for his sudden death. Even Cornerstone
Insurance has not also lived up to the expectation of Mr Ogunkanmi unlike the
consistent campaign that was a critical reference point for the industry in
those years.

The insurance industry indeed woke up from its slumber as quite
a number of companies began series of brand communication campaign as a result
of his vibrancy which was applauded by all and sundry.

Even professionals outside the insurance industry acknowledged
his invaluable contributions to raise the bar.

However, the trend has changed as several insurance companies
have gone back to the trenches again. It is to the credit of some insurance
companies who have also sustained the tempo of communication campaigns. There
are several others who have not been able to communicate any tangible offering
of their companies to the target audience.

For some time now, the insurance industry has been battling with
awareness. This has been one thorny issue that the industry has not been able
to resolve. About a year ago, the industry commenced a campaign tagged ‘The
Awareness Project’ which was an initiative of some insurance companies. The
campaign was intended to enlighten Nigerians about the benefits and
opportunities in the insurance industry.

Depth and strategy are
important

Indeed, the campaign portends a good omen for the industry but
it lacked depth and a coherent strategic thought. The major problem insurance
has in Nigeria is public apathy and this stemmed from the fact that people do
not have confidence and trust in the practitioners. It is a widely held opinion
that some insurance companies do not pay claims promptly. This has influenced
the thought process of Nigerians that insurance companies do not live up to
their promise.

From inception the campaign achieved nothing to correct
misconceptions about insurance services and as a result, apathy to insurance
services remained the same. The campaign was even implemented by a handful of
insurance companies on behalf of the industry.

Eventually, it was enmeshed in controversy which also questioned
the integrity of the industry.

The industry needs a more strategic approach that will focus on
enlightenment and educative series on what is insurance, why people need
insurance and the benefits accruable.

This coupled with the fact that several insurance companies have
not been projecting their services as well as corporate image. Some insurance
companies are only visible when they convene their Annual General Meetings. In
actual fact, some companies are only known during their AGM.

One can count the number of insurance companies that advertise
on a consistent basis. It is essential to communicate unique service offerings
which clearly distinguished Cornerstone in those days.

Last year, my organisation produced a “Media Image Measurement”
for insurance companies. The report was sent to some key insurance companies
but it is shocking that no insurance company acknowledged the report and it
never motivated them to subscribe to the report.

The industry needs a pragmatic and proactive action plan to
increase visibility and stimulate public’s interest in insurance services; it
has become imperative to conduct a survey in order to determine the thought
patterns of Nigerians about insurance services. This can indeed form the
foundational basis for any meaningful awareness campaign.

It is only a well structured and strategic communication
campaign that can increase the rating of the insurance industry.

The time has come for the industry to refocus and sustain a
visible image in the minds of Nigerians.

Ayopo, a communication
strategist and public relations specialist is the Ceo of shortlist
ltd.email-shortlistedprspecialists@gmail.com