Rasheed Bolarinwa Tells How To Make Insurance More Attractive For All 

The President of the Association of Corporate Affairs Managers of Banks (ACAMB) has identified how to make the insurance industry more attractive for all stakeholders with a better impact on Nigerians and the Nigerian economy.

Bolarinwa who oversees the association that envelopes corporate and marketing communications professionals in the banking industry provided the way out during a two-day media retreat by the Insurance Industry Consultative Council (IICC) in Ijebu-Ode, Ogun State.

“Insurance will only take its pride of place as a big contributor to the Nation’s Gross Domestic Product (GDP) as it is applicable in other jurisdictions when all stakeholders in the risk ecosystem are deliberate, consistent and methodical in simplifying what insurance is all about in deed and act.” the ACAMB President pointed out at the engaging retreat.

He provided further insight with the explanation that “I propose that insurance should be presented as a Lifestyle add-on that adds significant value to enhancing life and living.  With creative and interesting story-telling narratives delivered with moving and crisp visuals delivered across digital and traditional platforms with strong orchestration and amplifications, there is bound to be a TOMA as end product which is all that is needed for the immense opportunities in the sector to be unleashed”.

TOMA is “top of the mind -awareness” in marketing and branding communications.

Bolariwa who simplified the challenges afflicting the insurance sector as doubts about insurance companies, hostile economy, Trust issues emanating from hidden Clauses, and other concerns that include inadequate access to information Technology, weak regulatory framework, lack of skilled personnel, and poor awareness canvassed for “a deliberate collaborative campaign for national awareness about the importance of insurance”

The brand expert emphasized that “As an agenda-setting mechanism, the media can be effectively used to change public orientation and achieve a pre-determined objective of making insurance valuable, acceptable by the general public”.

In deepening his explanation on the role of the media in forging a better and all-beneficial insurance industry, the ACAMB president provided a blueprint that captured the use of Newspaper, Radio, Animation Films & Short Skits. 

Bolarinwa made a special case for the use of the digital and social media space to make insurance more appealing.

 The Head of Corporate Communication at Polaris Bank insists that it is a wrong assumption to think insurance and social media sound like unusual partners and backed his position with the assertion that “according to the Global Trends Study 2017, the insurance industry invests an average of $124 million per company in artificial intelligence (AI). That’s a massive $54 million more than the average of all surveyed industries.

“According to 2022 studies, there are 2.91 billion active users on Facebook. The largest age group on the platform is between 25 and 34. 

Also, according to 2022 studies, there are 810 million active users on LinkedIn. The largest age group on the platform is between 25 and 34. While this has historically been a platform for older generations, it is starting to move toward millennials, likely following the demographic as they grow to take on a larger portion of the job market. This is a great platform for B2B and could find highly targeted audiences when working with paid ads.” while reiterating that “Social media marketing is a great way for insurance companies to unleash their digital marketing plan. A study has revealed that customers increasingly spend more time on social media. If that is the case, social media platforms are key for insurance policy marketers and the general public “

He went on to provide a “guide to market insurance on social media” which he listed as namely, focus on creating quality content, share customer testimonials, highlight your brand values and choose the right social media platforms, and further declared that “Social media platforms are great tools for insurance agents to reconnect with past customers and engage with prospective ones. These platforms promote sales, give insights about different policy types, and offer advice to establish yourself as a reliable sector authority. This is also a great place to share news about closures or community events and sponsorships.”

He also pointed out that “The insurance industry is already hectic, so you don’t want to be spinning your wheels on social media. When it comes down to it, using social media for community building may not cost money.”