Insurance: Risk Mitigation Mechanism for Financial Growth and Wealth Preservation

In this turbulent financial climate where unexpected events can erase a lifetime of hard work, a reliable risk mitigation mechanism is necessary. Insurance provides this, making it a critical component in promoting financial inclusion and wealth creation. This was the core consensus reached at a recent webinar discussion hosted by the managing director of Coronation Insurance Plc, Olamide Olajolo, and moderated by CNBC Africa Anchor, Wole Famurewa. The panel of experts included Adedeji Olowe, Founder and CEO at Lendsqr; Babatunde Akin Moses, CEO of; and Yemisi Isidi, CEO of Triift Africa.

The Role of Insurance in Wealth Creation and Financial Inclusion

Adedeji Olowe, founder and CEO of Lendsqr, noted that a life without insurance is equivalent to a driver speeding without a seatbelt. Insurance is an essential tool for wealth creation and risk mitigation, and members of the panel agreed that education and awareness should increase in order to promote understanding of the value and purpose of insurance.

Compulsory Insurance, Technology, and Prominent Citizens: Strategies for Promoting Insurance Adoption

The panel recommended compulsory insurances, the use of robust technologies, the embedment of insurance into goods and services, and the enlistment of prominent citizens like clerics or celebrities to help promote insurance adoption. They highlighted the immense importance of insurance in ensuring smooth access to micro-credit and growing businesses.

Claims Payment and Storytelling: Insurance Practitioners’ Roles

Transparent and timely claims payments are also necessary to demonstrate the benefits of insurance. It is the responsibility of insurers to live up to their own standards, as policyholder reluctance and suspicion toward insurers can cause a decrease in insurance purchase and a more volatile marketplace.

The Position of Coronation Insurance Plc

The managing director of Coronation Insurance Plc, Olamide Olajolo, noted that the general objectives of the event were to increase brand visibility and reputation, and position Coronation Insurance as a thought leader in the financial services space. He reiterated the criticality of insurance in allowing individuals and businesses to survive unexpected risks and losses.

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