For most Nigerians, buying insurance is something that is done reluctantly. Apathy or lack of interest in insurance products amongst younger generations of Nigerians is even more pronounced. While younger people globally are generally less likely to see the value of insurance when compared to older generations, insurance remains one of the most effective mechanisms to preserve and build wealth. It is important that the younger generation understand early in their careers the important role that insurance plays in their journey of wealth preservation and accumulation.

Nigerian insurance companies have their task to make insurance more relatable and relevant to Nigerian millennials and generation Zs. They need to ensure that products are designed to match the lifestyles of these customer segments. This will include pricing, the scope of coverage, delivery of policy documents, payment plans, payment options, sales channels, claims process, speed of claims fulfilment and other critical aspects of the customer experience journey.

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