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How Poor Customer Service Can Wreck Insurance, Pension Industry, Experts

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L- R: MD/CEO Universal Insurance Plc, Benedict Ujoatuonu; MD/CEO African alliance Insurance Plc, Mrs. Joyce Ojemudia; GMD Cornerstone Insurance Plc, Mr. Ganiyu Musa; Managing Director/ Editor-in-chief BusinessToday Communication, Nkechi Naeche-Esezobor, MD/CEO, Access Pension PFC, Idu Okwuosa-Okeahialam and Chief Consultant, B. Adedipe Associates Limited, Dr. Abiodun Adedipe at the 6th BusinessToday annual Conference held recently at Radisson Blu Hotel Ikeja, Lagos.

By LOVETH AZODO, Lagos

Customer service which is one of the major factors in forming people’s perception of an organisation is fundamental to every organization, public or private, profit-seeking or not-for-profit to ensure sustainability and growth.

Delivering his paper at the 6th Business Today Conference held recently in Lagos with theme ‘Prioritizing Excellent Customer Services in Insurance and Pension Businesses’ , Chief Consultant B. Adedipe Associates Limited (BAA Consult), Abiodun Adebipe charged Insurance and Pension Operators on the need for Prioritizing Excellent Customer Services in their business for optimal result.

According to him, Managing peoples’ perceptions will make or mar the practice, as such perceptions determine the choices and decisions that customers make.

He said “People are important to every entity, whether public or private, they are our contact point, they are the ones we market, and they are the real buyers.”

“The people that insurance companies and pension administrators service are central to their existence, survival and sustenance,” he said.

In his opinion, the management and staff of organisations should be well trained on excellent customer service as the organisation exists for the customers.

“The Often times however, the management and staffs of many organizations do not act accordingly.

“They on many occasions forget that their organizations exist for the customers; not even the founder, shareholders and directors,” he said.

Also Speaking, MD/CEO, African Alliance Insurance PLC, Mrs Joyce Ojemudia said that the theme of the conference is very apt and timely as in today’s Insurance and Pensions Businesses, which are businesses of promise (intangible), customer experience is critical to business performance, growth and sustainability.

She opined that the consequences of below standard or poor customer experience can easily be shared through social media.

“This is so fragile that a poorly handled claim, a slight error of a staff captured on a mobile phone, a nonchalant phone call, or a laid back email can be escalated into a brand-damaging crisis,” she said.

Furthermore, she explained that Prioritizing customer experience is not just about reducing the risk of customer service mishaps. It is indeed a way for companies in competitive markets

She stressed that in order for insurers and pension businesses to functionally prioritize customer experience, there is 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,” she said.

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