THE MEDIA AND NIGERIAN INSURANCE SECTOR TRANSFORMATION
THOMAS O S
DIRECTOR GENERAL
NIGERIAN INSURERS ASSOCIATION
AGENDA
Introduction
Characteristics of the Nigerian media
The roles of the media
The developments in the Nigeria insurance industry (2007 – 2015)
COMPARATIVE ANALYSIS OF INDUSTRY PERFORMANCE (2007 & 2013)
Synergy between the media and the Nigerian insurance industry
Impediments to maximising the potential benefits of Media and Insurance sector relationship
Ethical standard in the media
Recommendations
Expectations from the media
Conclusion
INTRODUCTION
The media are methods of conveying information to a mass audience
There has been a healthy cooperation between the media and the insurance sector
The instrumentality of the media is of necessity in creating the needed market for insurance products
The existence of NAICO has been of great value added to the development of the insurance sector
There has been increase visibility of the insurance sector resulting from interaction with the media
There are more grounds to cover while leveraging on the mutual relationship between the Media and the insurance sector.
CHARATERISTICS OF THE NIGERIAN MEDIA
Emergence and dominance of the media industry by a no of media conglomerates
Increase deployment of new information and communication technologies
Unfettered access to information across national boundaries
Increasingly deregulated operational environment for the media
Greater attention to the promotion of the ideology of Consumerism
High level of standardization of media products
THE ROLES OF THE MEDIA
Provide Information through news, current affairs, documentary, features etc.
Educate the people through mass communication across regional and cultural boundaries.
Agenda setting for government, corporate concerns and other institutions that impact on human welfare
To serve the economic system by bringing together buyers and sellers through the medium of advertising
Provide entertainment for relaxation and also to relieve pent up emotions
To protect the rights of the individual by acting as watchdog over the government.
THE DEVELOPMENTS IN THE NIGERIA INSURANCE INDUSTRY (2007 – 2015)
Enforcement of the compulsory insurances through the Market Restructuring and Development Initiatives (MDRI)
Sustained and improved the established Alternative Dispute Resolution Mechanism
Minimize and reasonably eliminate huge outstanding premium with the “No Premium No Cover” Policy directive
Expansion in the local capacity for Oil and Gas insurance business with the establishment of the EAIPN
Development of insurance market for the low income group with the introduction of Microinsurance
Establishment of the Nigerian Insurance Industry Database (NIID) for effective verification of insurance policies
Issuance of Corporate governance guidelines to establish sustainable transparency and accountability
Promoting effective distribution of insurance products through bancassurance
Creating a formidable regulatory system that has to some extent earned the respect of the operators
Institute in the industry stability and cooperation free of avoidable conflicts
COMPARATIVE ANALYSIS OF INDUSTRY PERFORMANCE (2007 & 2013)
SYNERGY BETWEEN THE MEDIA AND THE NIGERIAN INSURANCE INDUSTRY
Effective dissemination by the media of regulatory policies has ease understanding and compliance by stakeholders
The media always act in defense of the policyholders to preserve their rights
Agenda setting by the media has always put the Regulator and the operators on their toes
Through cooperation with the media, creative thinking has increased in the insurance sector
The efforts of the media has assisted stability in the insurance industry
IMPEDIMENTS TO MAXIMISING THE POTENTIAL BENEFITS OF MEDIA AND INSURANCE SECTORS RELATIONSHIP
The first priority of media companies is to make money, this may affect the content of news and presentations
Inadequate infrastructure for effective distribution of media products
Lack of adequate information raw materials for the media to process and disseminate
Ownership structure affects the focus of the media
High cost of accessing media platform for information dissemination
ETHICAL STANDARD IN THE MEDIA
The media should always Seek truth and report it
Honesty, fairness and courage should always be displayed in gathering, reporting and interpreting information. .
The media should be free of obligation to any interest other than the public’s right to know. It should always act independently.
Must be accountable to their readers, listeners or viewers.
Avoid the ‘the seven deadly sins of the media’. “These sins are:
distortion
worshiping false images
theft of privacy
murder of character
exploitation of sex
poisoning the minds of children and
abuse of power”
Johnson [1997:103-104]
RECOMMENDATIONS
Verification of sources increases credibility of the media and prevents bias
Media houses require collaboration on breaking news items to avoid jumping the gun
Establishment of insurance media working group is recommended for formulating and monitoring media activities of the insurance sector
The media knowledge capacity building culture already established should be sustained
Reporting of insurance related information must be such as will avoid sensationalism.
EXPECTATIONS FROM THE MEDIA
The media must sustain partnership with the industry in driving the change process
Sensational reporting of insurance news must be avoided
Set agenda for government drawing attention to what government needs to do to protect the insurance sector and help it grow
Media should be more visible in public education
Media ought to engender and sustain status conferral
CONCLUSION
The place of the media is critical to economic development of every nation and I want to believe that an understanding of this fact prompted the National Insurance Commission to invest in the partnership with the Media.
The partnership is good for the industry and should be sustained.
Thank you for listening
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