Nigerian Youths and Their Future With Insurance

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Financial services providers do not know anything that non-financial services companies do not know about engaging the youths in Nigeria, and this is because the youths treat every service provider they come across with a SENSE OF VALUE. They frequently inquire about how your products function and how much they cost, even if they are unable to pay at the time, and they generally keep inquiring, particularly if they have already read about and compared the products from internet sources. They are simply unyielding, and selling to them involves more than just knowing your product; it also necessitates making it simple for them to use and repair, if there is a problem.

The youths’ single most precious item/asset is their smartphone! Nothing bothers them more than not having their phone or access to social media sites since it is their home and the motor that keeps their life running.

They want speed, convenience, and security even when they utilize your products and services. The youths can be unexpected and difficult to comprehend at times, but they are the new client in the digital age. They no longer require “microwave attention,” but rather products and services delivered at the speed of trust!

Young people sign up for everything they see online and download any mobile app they think would make their lives easier because they first secure their phones with the finest possible cyber security solution, and this is where their relationship with insurance service providers begins.

Remember that Nigeria’s youth population is 61.4 percent (those aged 13 and up) and the employable population is 51.6 percent; numbers that the insurance industry wants to convert to policyholders.

In addition, 90 percent of Nigeria’s 208.8 million people have access to a mobile phone, and 50 percent have access to the internet, both of which are dominated by youths.

While many people think of youths in negative ways and associate them with social vices and misdeeds, the insurance industry in Nigeria appears to be working hard to strengthen its ties with them, starting with hiring them and aggressively moving to online and mobile channels to make their products and services more accessible.

Even if they do not have any insurance policies, a large number of young people can tell you a lot about insurance offerings and licensed operators. As a result, they’ve been informed! Insurance salespeople and consultants have been shocked by the level of questions and ideas Nigerian Youths have hurled at them, assuming they are uninformed and moving to educate them.

  • “Why can’t I just insure my smartphone without putting it in with my other belongings?”
  • “Why can’t I insure my investments in agriculture crowdfunding platforms?”
  • “When we have a streamlined approach for settling claims that eliminates the need for phone calls and trips to insurance offices?”

These and other inquiries are frequently responded by insurance executives who follow up with moments of educating prospects and policyholders, such as “We don’t insure speculative risks” and “We pay claims every day and can email you specifics of what we have paid recently.” What if we had Frequently Asked Questions (FAQs) and Case Studies that Nigerian Youths could easily access, because they trust what they find online more than what you tell them?

The future is now!” as the saying goes. Insurers are increasingly turning their focus from providing explanations to providing insurance to Nigerian Youths, particularly through partnerships with start-ups formed by Nigerian Youths and primarily through mobile and online platforms.

Nigerian youths are controlling the pace of an exciting new insurance experience that is unfolding into the future; perhaps, someone will take the Youths seriously because the insurance business in Nigeria is rebuilding Nigerian Youths engagement model. Employ youths to create new items that would be offered through channels established by youths to reach Nigeria’s youthful population.

A new, more young insurance sector beckons in the future.

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