From simply speaking with our customers at Casava, we have identified the following reasons: (1) difficulty in filing claims, (2) a lack of trust in the insurance industry, (3) no sense of value for insurance, and (4) lack of understanding of how insurance actually works.
Here’s a not-so-common truth: you expose yourself by not getting insurance for the things that matter.
From your health to your income or property, an insurance cover helps you secure the things that actually matter and provides a safety net for unexpected events in the future.
In this guide, we offer five things to consider when buying insurance in Nigeria.
What are you buying insurance for?
The first step to buying insurance is what you want to cover. This is so because it is what determines everything else in the entire process. The reason for this is that different insurance companies provide coverage for different things.
For example, if you are buying insurance for your car, you may need a different insurance company from when you are buying insurance for your health. This is because companies often specialize in a particular type of insurance.
Clarifying what you want to buy insurance will help you determine everything else that’s necessary.
Is the company authorized to sell insurance?
Buying insurance is a commitment to a relationship that guarantees that when you need coverage, you will be covered. Knowing that the company you are making this commitment with is qualified is essential to a successful experience.
In Nigeria, insurance companies are authorized to operate and regulated by the National Insurance Commission (NAICOM). When you find an insurance company you are willing to do business with, make sure that they are authorized to operate in the country by the relevant body to avoid being scammed.
Fact card: Casava Insurance is authorized to operate and regulated in Nigeria by the National Insurance Commission (NAICOM).
Find a plan that is personalized for you.
The majority of insurance plans in Nigeria are not personalized.
As a result of this, many people are stuck with insurance plans that do not solve their personal needs simply because it is the one available to them. Do yourself a favor and go the extra mile to find an insurance plan that suits you and meets your personal needs.
With more insurance companies leveraging modern tech to make the experience generally easier, you have a higher chance of finding an insurance plan that suits you today. If you need to get details about the plan, ask questions and get as much information as you need on the insurance plan before you make your decision.
This helps you stay informed and get the best value for your money.
Compare offerings between companies.
One thing many people fail to do before they buy insurance in Nigeria is a cost-benefit analysis between or among insurance providers.
A cost-benefit analysis simply helps you determine the advantages and disadvantages of different options to select which option is better for you.
Basically, if you have two options to choose from, compare their costs and then compare the benefits and go for the one with the better of the options. This is essential because it also helps you understand what different insurance companies are offering, giving you the leverage you need to make your final decision.
Ask lots of questions.
The excuse of ignorance is fast becoming redundant in this age. Asking questions and getting information is much faster today than it was in the past, so you can learn all you need to know about an insurance company or plan before you pay for it.
Asking questions about an insurance plan is essential to help you get the most out of the experience. Seek clarity on the smallest unclear term to enable you to stay as informed as possible.
The most important aspect of getting insurance is that when you need it the most, your insurance plan will be accessible to you. At Casava, one of our major goals is to build insurance coverage that professionals across Africa can rely on at any point in time.
Our Income Protection Plan protects you if you lose your job, paying you the equivalent of your monthly salary every month for six months.
You can learn more about our protection plan by visiting our website casava.co or sending us a mail via firstname.lastname@example.org.