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Muda Yusuf, others harp on customers’ satisfaction to grow insurance, pension industries



The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has charged operators in the Insurance and Pension industries to maintain excellent customer satisfaction to improve the sectors.

Yusuf gave the charge while delivering a paper with the theme: “Customer Satisfaction in Deepening Penetration in Insurance and Pension Sectors” at the 7th edition of BusinessToday National Conference held on Thursday in Lagos.

He said that an excellent customer satisfaction remains a brand-maker and would help the sectors to increase revenue, maintain customers loyalty and contribute meaningfully to the country’s Gross Domestic Product (GDP).

According to him, customers’ expectations are critical to their satisfactions and it is important to meet their desires and needs.

“Operators of both sectors must treat their customers the way they would like to be treated, and not the way the operators think they should be treated.

“There are risks in companies making assumptions about their customers’ expectations and developing features and services that their customers do not find valuable,” he said.

According to him, 68 per cent of consumers claimed that they are willing to pay more for products and services from a brand known to offer good customer services.

Yusuf listed some of the expectations from customers of insurance companies to include: prompt claims settlement, quality products, fair premium, prompt attendance to customers’ complaint, simple policy documents, timely and effective communication of renewal notices.

He also said that customers expect the insurance firms to offer minimum bureaucracy, deliver services as promised, display good disposition to solving customers problems, offer technology driven services and good brand positioning, among others.

The economist advised the Pension Fund Administrators (PFAs) to ensure that their employees were never too busy to respond to customers’ requests.

Yusuf said PFA’s employees must be transparent on deliverables, give prompt and responsive services, ensure safety of financial assets, among other services that instills confidence in customers.

“A good customer service experience heavily affects recommendations, as consumers who rate a company’s service as ‘good,’ are 38 per cent more likely to recommend that company.

“Investing in new customers is between five and 25 times more expensive than retaining existing ones, as 83 per cent customers agree that they feel more loyal to brands that respond and resolve their complaints.

“Businesses can grow revenues between four and eight per cent above their market when they prioritise customer service experiences,” he said.

According to him, customer experience management market worldwide is worth as much as $7.6 billion in 2020, which is 16.9 per cent year-over-year increase from its value of $6.5 billion in 2019.

Yusuf warned operators of the two sectors against bad customer experience, noting that it takes 12 positive customer experiences to make up for one negative experience.

In her welcome address, Managing Editor, BusinessToday Communication Ltd., Mrs Nkechi Naeche-Esezobor, said it was important for the two sectors to adopt excellent customer satisfaction strategy to drive growth.

Naeche-Esezobor described consumer as the vehicle through which insurance and pension sectors could achieve their target of deepening penetration in the market.

She noted that good consumer experience was critical to achieving the financial inclusion goal of the country.

At a round-table discussion, panelists emphasised the need for the two sectors to develop products that meet the needs of their customers and internalise a culture that will translate to good customer satisfaction.


NIMASA DG calls for contributory pension for dockworkers



…As agency hosts maiden ‘day of the dockworker’ event

By Seun Ibiyemi

It was a milestone event for the local maritime industry as the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted the maiden edition of the ‘Day of the Dockworker’ in Lagos recently.

With the theme of the event being “Healthy Dockworker, Better Productivity,” it was an opportunity for stakeholders gathered to not just appreciate the efforts of Nigerian dockworkers at the center of the nation’s import-dependent economy, but also to focus on ways of improving their health and general well-being.

Delivering his welcome address at the event, the NIMASA Director General, Dr. Bashir Jamoh OFR, charged employers of labor to ensure all dockworkers are enrolled on contributory pension schemes, while also emphasising the need for operators of Oil and Gas Terminals to allow only approved stevedores aboard their installations, to ensure compliance with relevant international guidelines and conventions.

According to Dr. Jamoh, “As we celebrate today, it is important to put in perspective the plight of dockworkers who spend the greater part of their working life at the ports, with little or nothing to show for it. As employers of labour, you must endeavour to put in place a Contributory Pension Scheme for dockworkers and ensure prompt remittances of both Employers and Employees contributions at the end of each month.”

Speaking on compliance with stevedore inspections, he stated, “This occasion presents me with an opportunity to express the need for operators in the private jetties and Oil & Gas Terminals to grant operational access to the Stevedoring Contractors appointed by the Honorable Minister of Transport, to carry out stevedoring activities in assigned operational areas.”

On his part, the President General of the Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in his address, thanked the NIMASA Management for organising the event to celebrate Nigerian dockworkers in recognition of the important role played by them.

In attendance at the event were representatives from the Federal Ministry of Labour and Productivity; Nigerian Ports Authority; Seaport Terminal Operators Association and the National Association of Stevedoring Operators (NASA).

Internationally, July 7th is marked as ‘The Global Day of Action’ and is organized by the International Dockworkers’ Council (IDC) and International Transport Workers’ Federation (ITF). It aims to raise awareness of port working conditions and emphasize the importance of collective bargaining rights.

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LCCI tasks govt on transparent FX regime, multinationals’ engagement



The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.

Recall that the Chief Financial Officer of Procter & Gamble, Andre Schulten, had said this move would effectively dissolve its on-ground presence in the country.

Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.

She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses in the country.

She recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.

“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.

 ”The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.

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Tinubu appoints Omatsola Ogbe as new ES of NCDMB



President Bola Tinubu has approved the appointment of Engr. Felix Omatsola Ogbe as Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB).

The President in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale appointed new board members for the NCDMB.

According to the Spokesperson to the President, the President in conformity with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010) approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).

The newly appointed board members include:Sen. Heineken Lokpobiri — Chairman / HMS, Petroleum Resources, Engr. Felix Omatsola Ogbe — Executive Secretary, Oritsemyiwa Eyesan — Member / EVP Upstream, NNPC Ltd, Gbenga Komolafe — Member / CEO, NUPRC, Bekearedebo Augusta Warrens — Member, Nicolas Odinuwe — Member, Rapheal Samuel — Member, Sadiq Abubakar — Member, Olorundare Sunday Thomas — Member.

Ajuri noted that the President expects the new appointees to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 percent indigenous content and participation in the nation’s energy industry during the lifespan of this administration.

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