What is Insurance View/Image In Africa

Meaning of Insurance view or Image:

The term insurance view refers to the general look, a prospect, or an observation that the masses {public} expresses to the insurance companies with regard to the ways and procedures by which they carry out their daily operation.

However, Insurance Image has to do with an expression someone observes from something while looking at that thing through a mirror. In another word, a mirror represents anything that casts a reflection of what is placed directly opposite it.

The mirror implies the insurance image indicators such as decency in product marketing and contributions to gross national product {GNP}. Also, an image is a proposed expression that something gives to self and others observe.

The something could be a person, a product, an object which someone gives a measure of reputation.

This reputation cannot be quantified but qualified according to desired objectives.

An image can be viewed using some qualified terms such as good, poor, satisfactory not destructive.

Finally, Insurance image can be defined as the general impression that the insurance business gives to the insurance image viewers and it represents what the public thinks about the insurance business in a given society.

The Indicators of Insurance View/ Image:

There are many factors upon which the image of the insurance industry can be seen and these factors are what are called insurance image indicators. They include the following.

1. Decency in product marketing

2. Investment attractiveness

3. Miscellaneous indicators of Insurance image

4. Rate of insurance product innovation and developments

5. Staff pay packet

6. Contribution to social actions

7. Promptness in claims settlement and other service delivery.

Decency in product marketing:

This has to do with the marketing transparency of the insurance policies. What is the sense of decorum in canvassing for insurance in the industry?

The answer may offer an indication of the decency in insurance marketing. What is the industry’s general attitude to pricing insurance products?

Aggressive, shabby, unregulated, and unwholesome. How pronounced are professional misconducts- premium rate-cutting premium purchase and misrepresents?

What are the acceptable attitudes to winning customers by twisting prospective insureds on by explaining the prospective insureds’ need for the insurance product?

Investment attractiveness:

This image indicator examines the investment performance of the industry with the aim of ascertaining the investment environment of the insurance business.

Some of the measuring criteria include: the structure of the assets of the business is it enviable and desirable; to what extent are the investment regulatory constraints affecting the insurance business? Minimal or significant? how solvent is the industry?

Is it enjoying financial stability? how does the NSE rate the financial performance of the industry in terms of stock price, and potential for growth, and has the premium income grown significantly or simply explicitly without real growth?

Growth in the real premium income indicates a positive insurance image.


Miscellaneous indicators of Insurance image:

This indicator is made up of every other factor that given an indicator of insurance image and it is made up of the following elements:

the industry’s contribution to gross domestic product {GDP}, the size of policyholders which includes the population size especially the insuring public, the rate of staff turnover, that is the rate at which employees of the industry change job to other industries over a given time, the regulators readiness to punish defaulters, revoke licenses of insolvent insurance forms and the industry’s commitments to public enlightenment and consumer education.

Rate of insurance product innovation and developments:

This insurance image indicator measures the responsiveness of industry to the needs of the insuring public.

How prepared is the industry in innovating new products to satisfy the aspirations of the insuring public?


Staff pay packet:

This is another factor of insurance image indicator, It refers to the aggregate income, which an employee in an insurance firm would receive in a given period.

Is that amount reasonable to provide decent accommodation to the employee, enough to satisfy his essential family responsibility, decent dressing personal development, and transportation?

where the average take-home pay of an employee is not commiserated with other employees of a similar sector like banking. It shows there is a poor image.

Contribution to social actions:

An industry’s overall contribution to social action shows how socially responsive it is.

The area of social actions of importance includes the development of loss prevention techniques, educating road users on road safety, identifying with firefighters, sponsorship of tournaments, philanthropic actions, award of scholarships to students, contributing views in shaping the political and social ideologies of the society.

Promptness in claims settlement and other service delivery:

This factor accesses the general ability of the insurance company in settling genuine reported claims.

Are the reason for the delay in claims settlement necessary or unnecessary?

How acceptable to the claimants are the excuses for non-payment of reported claims?

And are there facts to believe that the life insurers request for near impossible documentation like death and burial certificates and newspaper publication of obituaries?

Summary:

Finally, Insurance image can be defined as the general impression that the insurance business gives to the insurance image viewers and it represents what the public thinks about the insurance business in a given society

While

The term insurance view refers to the general look, a prospect or observation that the masses {public} expresses to the insurance companies with regard to the ways and procedures by which they carry out their daily operation.

We also pointed and explained the different indicators of insurance view/ image in Africa.