Insurance, pension managers are selling solution to problems of customers for peace of mind – experts

An economic and financial technocrat has advised insurance and pension managers in the country that they are not in business to sell their products and services, rather customers buy solution to their problems in expectation for peace of mind.

Dr. Abiodun Adedipe, Chief Consultant, B. Adedipe Associates Limited, in keynote presentation at the sixth edition of the yearly conference on the theme: “Prioritising excellent customer services in insurance and pension businesses”, organized by Business Today Communication in Lagos, said anywhere in business, you are not in business to sell a product, people do not buy products and services, they buy solution to their problems.

“What are the problems of those customers? We are selling solution to their problems. When it comes to insurance and pension it is all about peace of mind.”

“How do we then treat and win customers? What do l do in order to win customers and keep them, treasure and cover the cost of mass customerisation?

According to him, when you succeed in customer service, you must do what we call mass customerisation. What we do in customer service, you go to every one of them and find out what each customer want. You must engage them, get their peculiar products and solution. They want to solve that peculiar and specific problem to the customer.

According to him, “in this era of competition, we call it sales dissatisfaction, you cannot rest on your oars in delivering excellent customer services, that is the message. Nobody will want to patronize you if you are not improving your services to survive the competitive environment, we are highly vulnerable to competition, to survive in that kind of environment is when a customer is happy with you.”

Also, the Managing Director/CEO, African Alliance Insurance Plc, Joyce Ojuemudia, in her remarks emphasized the imperative of excellent customer services to business growth, adding that “In today’s Insurance and Pensions Businesses, which are businesses of promise (intangible), customer experience is critical to business performance, growth and sustainability.”

Ojemudia who is also the President, of the Professional Insurance Ladies Association (PILA) said “the consequences of below standard or poor customer experience can easily be shared through social media and can be This is so fragile that a poorly handled claim, a slight error of staff captured on a mobile phone, a nonchalant phone call, or a laid back email can be escalated into a brand-damaging crisis.

“Prioritizing customer experience is not just about reducing the risk of customer service mishap, adding that it is indeed a way for companies in competitive markets like ours, to distinguish their brands.

“Ladies and gentlemen, I stress that in order for us as insurers and pension businesses to functionally prioritize customer experience, we need to think from the customer’s perspective.

“To carry out our business with the understanding that a customer does not draw a distinction between an agent, a marketer, a claims adjuster or brand manager, as all represent the insurer in the event of an accident or a critical situation that requires our service.

“Today’s customers are very demanding and value-centric, so there is a need for the insurance and pensions businesses to brace up and be continually dynamic in their approach in terms of quality service and value creation.

“Maintaining trust is very fundamental to today’s business environment and a solid customer service is imperative to achieve this. Satisfactory customer service is vital to the existence of any business including insurance and pensions,” she added.