Operators Have Risen to Domesticate Insurance Practice -Experts

The Nigerian insurance market has witnessed the launch of new products in recent times. This may not be unconnected with the special attention which the industry has earned following the recapitalization of the industry. In the last two years in particular, the operators have deplored greater strength to fashioning out innovative products in line with societal expectation. This creative effort is expected to substantially lead to an increase in premium volume. This has included launching new products for specialized risks. According to industry watchers, industry development in the past one year have shown that the insurance companies appear set to discard the old garment for a more enduring one. This is indicative of the type of new products being churned out from the operators many of which are tailor –made to suit the hostile Nigerian environment. At first glance, it would appear some companies have gone the traditional route with their products such as wedding and special events, construction, sudden disasters like fire outbreak or flood e insurance agents errors and omissions (E&O) coverage, or kidnap and ransom which is receiving increased attention due to the rampant cases of kidnap for ransom in the Niger Delta areas of Nigeria. A closer look at some of these products these products show that they actually target very specialized risks or provide options that are not available from other markets. Looking at the type of product that been coming out of insurers drawing board, it could be said that operators have started to master the peculiar environment in which they are doing business. Industry watchers advised insurance companies to deploy effective energy in designing products along the line of events. This is hinged on the fact Nigerians like parties and by that culture therefore, prospective customers would be willing to take short term insurance to guarantee the success of their events. Operators have also been enjoined to do deep research studies into how Nigerian farmers can be talked into taking agricultural insurance to safeguard their farm produce. This is more so as Nigerians are predominantly farmers and any insurance policy that could win their confidence is bound to witness resounding success.
In the area of health insurance, industry watchers have also suggested the need for Dental insurance. This is based on studies which showed that many of those who take health insurance never worry about specific segments like dental insurance. If you want a healthy mouth, then dental insurance is your sure bargain. Though dental care is expensive, it is a necessity for those who chose to invest in their dental health.  Medicare doesn’t include a dental insurance plan, and many employers either do not provide dental insurance or they are scaling back their offerings, leaving consumers to pay for dental care on their own. As a result, many consumers are going without the expected insurances which they normally should take.
Dental insurance plans also often come with a coverage cap, meaning consumers are only insured for a particular amount per year. Once the dental patient exceeds that amount, he or she pays out of pocket. Consumers who go the insurance route also get the benefit of oversight from their relevant authourity which could prove helpful if they have insurance complaints.When it comes to selecting an insurance plan or a discount dental plan, some of the same rules apply. A 2009 poll by Harris Interactive and HealthDay found that 30 percent of adults with health insurance did not visit a dentist because of the prohibitive costs. Of those who were uninsured, more than half required dental care, but costs kept them away. If your employer doesn’t offer dental insurance, experts advised that people could buy an individual policy. However, another alternative is the discount dental plan, a membership-based network which offers discounted dental services from select providers. Dental insurance is not popular in Nigeria where people seems to be more concerned with meeting basic needs of life. With dental insurance, consumers typically pay a monthly premium and a deductible before insurance kicks in, but even after the deductible, policies vary widely on co-pay requirements. Some policies have no co-pay while others require the consumer to pay a substantial portion.