For most Nigerians, buying insurance is something that is done reluctantly. Apathy or lack of interest for insurance products amongst younger generations of Nigerians is even more pronounced. While younger people globally are generally less likely to see the value of insurance when compared to older generations, insurance remains one of the most effective mechanisms to preserve and build wealth.
Nigerian insurance companies have their task cut out for them in making insurance more relatable and relevant to Nigerian millennials and generation Zs. They need to ensure that products are designed to match the lifestyles of these customer segments. This will include pricing, scope of coverage, delivery of policy documents, payment plans, payment options, sales channels, claims process, speed of claims fulfillment and other critical aspects of the customer experience journey.
Since many millennials are mostly leasing their own apartments as they live away from home for the first time, this segment offers Nigeria’s insurance industry an opportunity to experiment with simplified contents cover or all-risks policies targeting entertainment systems, tablets, laptops and other items which these customer segments view as essential to modern apartment living.
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