Expert Calls for New Strategy to Build Insurance Sector

Marketing Communication Expert and Convener of Insurance Meets Tech (IMT) conferences, Odion Aleobua, has called  for a new and more effective strategy that would help the insurance industry  build awareness and launder its image rather than  establishing a single isolated  radio station .

Aleobua, speaking against a recent report by Statista.com, which showed that radio penetration in Nigeria is just 65 per cent compared to 80 per cent penetration of mobile phones and internet, said Nigerian insurance industry does not need a single, isolated radio station to build awareness and sustain its image. 

According to him, the industry needs a comprehensive, compelling, data-driven integrated marketing communications (IMC) campaign that addresses the heterogeneous audience’s needs, leveraging the full spectrum of traditional and new media platforms.

He noted that the radio medium, though an impactful mass media platform, has inherent limitations.

In his reasoning, urban youth, one of the key demographics for increasing insurance penetration are migrating towards digital and social media platforms for usable information and peerless entertainment.  

According to  him, while  a dedicated radio station might address a niche audience, it cannot match the reach and versatility of a well-executed IMC campaign that combines radio, television, print, out-of-home, digital media, and experiential marketing.  

“A contemporary IMC campaign would empower the industry to meet its audience where they are listening to the radio in their cars, watching TV in their living rooms, browsing social media on the go, engaging in local communities, or accessing content and relatable narratives on their smartphones, would do  the magic,” he stated.

He said the essence of successful communication is convincing a heterogeneous target audience with intentional messaging, brand positioning and call to action”, Aleobua  stated.

“Instead of fragmenting our efforts, we must build campaigns that integrate various platforms, amplify consistent messages, and create emotional connections with the audience and risk management education. This is how we can shift the perception of insurance from a complex product to a necessary tool for wealth creation and financial security,”  he stated.

He said while  we cannot allocate a ball park figure to a proposed IMC creative industry campaign, the N300 million Naira in question could be deployed through various tactical vehilces.

Odion recommended Digital Engagement saying developing  entertaining and relatable social media campaigns and narrative engagement that help demystify insurance as the most reliable non-banking financial services for wealth creation, lifestyle maintenance, and asset protection. 

He further recommended for community engagement through activation of well-thought-through hyper-local, grassroots and community outreach programmes tailored to Nigeria’s diverse socio-cultural realities, positioning insurance services as a wealth creation tool, prosperity protection and generational wealth transfer.   

He also recommended strategic partnerships saying  one  of the banes of insurance offtake was  the dissuasion from unrealistic myths about cost and religious beliefs. He however said Nigerians believe in the fidelity of credible opinion leaders and community leaders. 

He said, “So the campaign must strategically target collaboration with credible influencers, Nollywood, and music artists as champions of insurance messaging within the country’s pop and mainstream cultures.” 

He further recommended for subliminal content creation saying insurance messaging and marketing could be very boring.