INSURANCE: HOW TO FOSTER AN

Fostering an Atmosphere of Certainty in Uncertain Circumstances in Africa’s Insurance Sector

This is the time when the industry leaders must show rather than just tell, and fostering certainty enables them to do exactly this.

BY NANCY AKETCH

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If there is one positive take-away from this dreary global health crisis, it is that of triggering a humane response where none existed even a few months previously. Through its sheer magnitude, the COVID 19 pandemic has not only humbled so-called invincible systems, but has also forced several leading economies of the world to their knees.

As a result, for the first time, corporate entities, particularly in Africa’s insurance sector, have started to look beyond monetary gains and instead focus on how to salvage the well-being of those around them.

With anxieties being at an all-time high, the need of the hour for Africa’s insurance sector is to quell challenges but also to provide a sense of security. Equally important is for the insurance sector to adapt to the changing circumstances and forge a strategy that would ensure progress over the forthcoming weeks and months.

These objectives can be best achieved by fostering an atmosphere of certainty by implementing the following measures;

1. Assuring Employees

More than ever, employees are worried both about their jobs and their personal and professional safety. Additionally, industry leaders have also been rattled by this severe disruption in work dynamics, given that many of the questions still remain unanswered. Many solutions have proved to be short-term, and have further aggravated the stress.

Under the circumstances, the best way to foster certainty would entail abolishing the sphere of influence and reaching out to your employees. Creating a virtual

workplace will not only assure your team of their employment but also ensures their safety. It cuts down the trepidation of being exposed to the contagion while at work, and this is itself is a huge morale booster.

2. Reaching out to Employees

At a time when workers are bound to feel lonely and isolated, reaching out to them should take a priority over everything else. An assurance from their team leader’s call every now and then provides employees with sufficient motivation to maintain efficiency and perform well.

Setting up discussion forums is another way of reaching out to employees to foster certainty. Through forums, employees are able to openly discuss their concerns; problems, challenges and their possible solutions. The employees feel cared for and hence are better placed to make positive contributions.

3. Strengthening Small Businesses

Small and medium enterprises represent a segment that has been one of the worst hit by this health crisis, and Africa’s insurance sector can do a lot to mitigate the uncertainty suffered by the entrepreneurs. Some ways include cutting down on premium and introducing a program for payroll protection.

On one hand, this would save the small enterprise from paying a premium and focus on generating business. Likewise, the business owner would be excused from paying a premium on workers who may have been given a temporary furlough.

4. Assisting Frontline Health Workers and Probable Cases

Currently, the biggest fear is contracting the illness which is a big possibility given that it is reputed to be twice more contagious than other virulent strains. For the insurance sector to build certainty, the first step includes taking an overview of the health of all employees in terms of essential and non-essential requisites. Secondly, it is important to ascertain the amount of compensation to be paid to the workers after having before/after the diagnosis.

Offering short-term replacement of wages is another step that Africa’s insurance sector must consider to provide a sense of assurance and security to employees, especially in context of those who might be conducting tests or may be attending to infected patients.

5. Chalking Out Future Pathways

Going ahead, the ways of the past would no longer apply to contemporary workplaces and new threats call for novel measures. This means therefore that Africa’s insurance sector must innovate in order to continue to foster an atmosphere of certainty. Emphasis must now be placed on creating a seamless digital experience for employees and customers alike so that information can flow without a hitch.

Unhindered connectivity and communication are crucial to this objective. Not only do they hold the promise of facilitating work related operations, but also of socializing among employees through game hunts, team nights and so on.

Winding up

To effectively implement the above recommendations, regardless of the extent of insecurity or uncertainty the employees might be facing, a spark of positivism is required to brighten the insurance sector. Fostering an atmosphere of uncertainty is sure to benefit the employees in Africa’s insurance sector in myriad ways. For the Employer, it would imply evolving into a contemporary and innovative entity that takes cognizance of the present-day scenario and has the ability to adapt and grow.

This is the time when the industry leaders must show rather than just tell, and fostering certainty enables them to do exactly this.

Nancy has over 12 years of experience in the Kenyan insurance industry and is the Executive Director of ALX-School of Insurance.