Rasheed Bolarinwa: Why regulatory bodies must build audience trust for insurance sector

Rasheed Bolarinwa, president, Association of Corporate and Marketing Communications Professionals in Banks (ACAMB), says media can change public orientation and achieve a pre-determined objective of making the insurance sector valuable and acceptable.

Bolarinwa said this on Saturday at a two-day media retreat organised by Insurance Industry Consultative Council (IICC) in Ijebu Ode, Ogun.

He said the insurance sector would only take its pride of place as a big contributor to the nation’s economy as it applies in other jurisdictions when all stakeholders in the risk ecosystem are deliberate, consistent and methodological in simplifying the industry.

“First, there must be a unanimity of purpose to bake insurance and make it big enough for all to benefit from the expected windfall,” Bolarinwa said.

“There is also a need for a deliberate collaborative campaign for national awareness about the importance of insurance. A dedicated jointly owned media vehicle should be created by all stakeholders to serve as a news agency on insurance content shared with other media hoses.

“Regulatory bodies in the Nigerian insurance industry are expected to partner with the Nigerian media industry towards creating a diverse and inclusive newsroom; that has content development and coverage strategy that build audience trust in the insurance industry and provides for a better representation of different societies.”

The ACAMB president said mass media are vehicles and instruments for the socio-economic transformation and re-engineering of any society, adding that it can help achieve measurable and optimal penetration in the insurance sector. 

“There is no doubt. This moment is the most critical time for a more germane approach to how to communicate the essence of insurance to Nigeria’s huge population if we are truly concerned about achieving measurable and optimal penetration and reasonable acceptance,” he added.

“The mass media are vehicles and instruments for the socio-economic transformation and re-engineering of any society. Especially for a developing nation like ours, the media is required and indeed is fundamental for the penetration of important national agendas.

“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 and acceptable to the general public.”

He proposed that insurance products should be presented as a lifestyle add-on that adds significant value to enhancing life and living through mass media such as newspapers, radio, television, digital and social media.

“I propose that insurance should be presented as a lifestyle add-on that adds significant value to enhancing life and living,” he said.

“With creative and interesting storytelling 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 (Top of Mind Awareness) as the end product which is all that is needed for the immense opportunities in the sector to be unleashed.”