Effects of Marketing Communication in Insurance – Olaotan Soyinka

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The Managing Director/Chief Executive Officer, Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, has said the place of marketing communications in promoting and entrenching the culture of insurance in Nigeria cannot be undermined.

According to a statement from the firm on Sunday, he said it should be given a place of priority by practitioners, especially with those at the decision-making level in winning more customers for the industry.

He said, “It is very true that the industry is capable of generating figures in trillions but that can only happen when we collectively approach the business from the point of each-one-tell-one in spreading the gospel and which is what marketing communications is all about.

“We can never go wrong in investing in marketing communications either at individual companies’ level or as an industry.”

According to him, the role of marketing communications is very crucial to the growth of the insurance industry in Nigeria and cannot be undermined in the scheme of insurance business or any business at that if the business must outlive generations.

The managing director said if the insurance industry was to grow, managers of the business, especially at the helm of affairs must make conscious efforts at promoting their products and services for patronage in the marketplace in finding a voice and place of recognition in the financial and economic space in Nigeria.

The Head, Corporate Communications and Brand Management, Sovereign Trust Insurance Plc, Mr. Segun Bankole, said, “Until we begin to have deliberate and conscious provision for marketing communications in our annual budgets across board, we might still be far away from getting to the promise land.

“Heads of insurance companies should begin to see the bigger picture and drive it down the line in their individual companies in ensuring meaningful impact in promoting their brands and products.”

 

Source: Punch