In today’s competitive landscape, putting one’s customers first is a must-have for businesses to thrive. This involves understanding their desires and tailoring the organisation’s strategy, operations, and decision-making to meet their needs. This is especially important in the insurance industry, where trust achieved through consumer-centricity is paramount.
Consumers purchase insurance policies with the expectation that their provider will be there when they need it most—during unforeseen circumstances. To build and maintain their trust, insurance companies must not only be transparent in their operations but must deliver on their promises and make it easy and enjoyable for customers to do business with them. By building strong relationships with their customers, these companies can not only grow themselves but also contribute to the overall growth of the insurance industry – which we see in the life insurance sub-sector.
In the past 13 years, only life insurance has seen steady growth in the insurance industry in Nigeria, with an average increase of 2.2% in 2020, its least year-on-year percentage. It is also the fastest-growing type of insurance in Nigeria. Life insurance has been the main driver of the insurance industry’s growth since 2010, accounting for at least 30% of all insurance premiums between 2014 and 2022.
With growing consumer interest in life insurance for various reasons, they now must decide which company to trust. Factors such as premiums, coverage, and eligibility are important, but perhaps the most crucial factor for customers is their trust in the brand and how much they feel valued by the company. One company that has truly embraced this customer-centric approach is Prudential Zenith.
Prudential Zenith, a leading insurance provider in Nigeria, has made customer centricity a cornerstone of its business strategy. Through this, it has occupied a key position in the Nigerian insurance market, leveraging data-driven insights, personalisation, and advanced technology to deliver exceptional experiences and foster long-term customer loyalty.
As the company states in its vision statement, “our mission to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.”
With the recent announcement of Prudential Plc’s acquisition of the remaining 49% shares of Prudential Zenith Life Insurance Limited(PZL), its joint venture business in Nigeria, the company is showcasing its renewed focus in Africa and commitment to investing in the growth of the sector. Emmanuel Aryee Mokobi, CEO of Prudential Africa, stated, “Prudential Africa’s strategy is to focus on building its presence and investing in growth and scale in our chosen insurance markets in Africa. The Nigerian business is profitable, and the acquisition of the remaining stake will allow us to realise the full potential of the platform by implementing initiatives in areas such as customer, technology-powered distribution and health.”
According to the company, to realise the full potential of theacquisition, Prudential Zenith will be focusing on key areas of growth in its new era. One such area is the company’s dedication to understanding customer needs and providing tailored financial solutions.
Since inception, Prudential Zenith has taken a proactive approach to understanding its customers’ needs, combining data-driven insights with personalised service. The company has leveraged AI and data analytics to anticipate customer behaviours and offers tailored financial solutions that align with different life stages. To ensure its products and services remain relevant, Prudential Zenith is also known to actively seek customer feedback through various channels. To Prudential Zenith, its customers are its compass, and they have committed to understanding their customers’ needs and addressing their pain points with speed and empathy. This has allowed the company to stay informed about evolving consumer expectations and adapt its offerings to meet the specific needs of the Nigerian market.
Furthermore, another key area for growth for the company is its commitment to personalised insurance solutions driven by technology. Prudential Zenith’s commitment to digital innovation has provided its customers with convenient access to their insurance policies, retirement plans, and financial portfolios. By investing in user-friendly mobile apps and online portals, the company empowers customers to manage their policies, file claims, and access real-time updates.
Other ways in which the company is connecting with their audiences includes through their live chat bot (AVA) which provides real-time customer support and improved services and their Genesys call centre solution which enables automated call routing and self-service options. This digital shift gives customers greater control over their financial plans, allowing them to make informed decisions without the need for in-person visits. This is particularly important in a market like Nigeria, where financial inclusion is a priority. By providing tailored solutions aligned with local realities and nuances, Prudential Zenith helps Nigerian customers navigate their financial journeys with confidence.
At the centre of Prudential Zenith’s journey to build and maintain customer loyalty is its commitment to exceptional customer service.By speeding up the claims process through AI-integration, the company is ensuring that clients receive timely payouts and support during difficult times. Prudential Zenith‘s unwavering commitment to customer–centricity has solidified its position as a leader in the insurance industry. By embracing advanced technologies like AI and leveraging digital platforms, the company is revolutionising how insurance is delivered. This forward-thinking approach not only ensures that services are faster and more efficient, but also deeply personalised to meet the unique needs of the Nigerian market, including those in the informal sector.
Through its innovative policies and unwavering focus on customer satisfaction, Prudential Zenith continues to build trust, deliver value, and protect its customers at every stage of their lives. This dedication to excellence reaffirms the company’s visionary leadership and sets it apart in the evolving landscape of insurance.
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