Someone asked me last
week, why the fuse and hullabaloo about embracing insurance cover. As much I
tried to explain the beauty of such covers, these three resistances were
observed.
1.
The Quest for survival: one cannot but recognize the scourge of lack impoverishing the citizenry;
as a result the top on the hierarchy of needs is food. It is only a stomach
that is fill that can think straight. The mind set to invest for the rainy day,
let alone for posterity does not come to mind at all. Just like a few would
say. Food first others second.
2. Ill Information: quite a lot of the educated and uneducated public is
misinformed about the modalities t of operations of this sector. People still have
this old notion that the sector is driven by mediocrity and untruthfulness. The
believe that the firms just take the funds and disappear is still a ghost
hunting the growth of the sector. To buttress such claims, issues of the
defunct commercial banks and wonder banks are often brought up and such smells
is been rubbed on the insurance sector. Been a financial institution as well.
3.
Issue of Trust: This is
a very serious issue as the insured or would be insured wants to be very sure
his complains will be heard. Definitely the firms needs the pool of funds to
operate, but the issue of paying claims and been friendly is an issue. The
insured gets worried about been given a good ear, while the firms worry about
the integrity of the insured. The issue of legal fraud cannot be ruled out.
Worrisome at this is to
the insurance sector, it is strongly believed that the sector will thrive, but
a lot of sales and commitment will be needed more from the sector.
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