Nigerians seeking insurance tailored to their needs – Expert

Experts in the insurance industry have submitted that the underwriting sector has been undergoing a rapid transformation, driven by shifting customer expectations, technological advancements, and an increasing emphasis on sustainability. 

According to them, consumers are becoming more sophisticated and demanding, seeking insurance solutions that are tailored to their individual needs, easily accessible, and competitively priced.

They argued that the shift is prompting providers to move away from traditional product-centric models and adopt a consumer-centric approach that prioritises value and personalisation.

Emmanuel Aryee Mokobi, CEO of Prudential Africa, noted in a statement that the company, renowned for its commitment to protecting lives and securing futures, has been a pioneer in the insurance industry, providing innovative solutions to meet the evolving needs of customers worldwide, including in Nigeria.

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The statement highlighted Prudential’s strategic entry into the Nigerian market in 2017, through a partnership with Zenith Life Insurance to form Prudential Zenith Life Insurance (PZL). 

The statement explained that the partnership combined Prudential’s global expertise (with 18 million customers across 24 markets in Asia and Africa) with Zenith’s strong local presence.

According to him, the collaboration not only positioned PZL as a key player in Nigeria’s insurance sector but also showcased the power of blending international experience with local insight. 

The statement further noted that Prudential recently made a significant strategic move by acquiring full ownership of Prudential Zenith Life Insurance, marking a major milestone in its African expansion.

“This acquisition is a strong testament to Prudential’s commitment to Africa, particularly Nigeria—a dynamic and thriving market with immense growth potential,” said Mokobi. He stressed that the acquisition strengthens Prudential Zenith’s position in the market, enabling the company to better address the growing insurance needs of Nigeria’s vast population, which exceeds 218 million, making it a central pillar of Prudential’s African growth strategy,” he said.

Uta Niendorf, Partner at Wavestone, emphasised, “The insurance industry must quickly move away from the company-centric view of product development and placement (inside-out), which is focused solely on achieving internal goals. The focus should instead be on the customer, understanding their requirements and expectations, and developing suitable products, services, and communication strategies. The most important source of innovation is no longer the market or competition, but the needs of the customer.”