The place of marketing
communications in promoting and entrenching an unforced culture of insurance in
Nigeria can never be undermined and should be given a place of priority by
practitioners especially with those at the decision-making levels in winning
more customers for the industry. 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 standpoint 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. The time to act is now; a stitch
in time saves nine. The Managing Director/CEO of one of the forward-looking
underwriting firms in the country, Mr. Olaotan Soyinka of Sovereign Trust
Insurance Plc shared this insight at a marketing parley with members of the
sales team of the organization in Lagos.

Mr. Olaotan Soyinka. MD/CEO, Sovereign Trust Insurance PLC
He argued that the role of
marketing communications is very crucial to the growth of the Insurance
Industry in Nigeria. In addressing the sales team, he said, “the role of
marketing communications cannot be undermined in the scheme of insurance
business or any business at that, if the business must outlive generations upon
generations. We must take advantage of every money invested in marketing
communications as sales executives whenever we are on the field.”  
He further said that if the
insurance industry is to grow beyond what it is today in the country, “managers
of the business, especially at the helms of affairs must make conscious effort
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

Lending his voice to the
position of the Managing Director/CEO of the company, the Head of Corporate
Communications and Brand Management of 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 ‘promised-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.
The principle of AIDA, (Attention, Interest, Desire and Action) is premised on
consistent investment in marketing communications which does not happen
gratuitously. There must be a commitment and the will to do”.
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