In the world of insurance, where financial security is meant to be a cornerstone for a peaceful future, many individuals find themselves at the mercy of underhanded practices. JOSEPHINE OGUNDEJI delves into the experiences of people who have been exploited by insurance agents, highlighting the far – reaching consequences of these actions.
Funmi’s Story: Funmi Olukorede’s father invested his life savings in an insurance policy recommended by an agent. The agent promised a retirement plan with a lump sum payment, but as her father faced health issues and needed surgery, the promised funds never materialized. The agent stopped responding to her father’s calls, and when the company eventually shut down, her father was left with nothing. This led to his death, leaving the family broken and their trust in insurance shattered.
The Deceased’s Daughter’s Struggle: The daughter of the deceased faced a similar issue when trying to claim her mother’s insurance money. The insurance company refused to pay, citing a birth date discrepancy in a document her mother was supposed to have signed. Despite providing all necessary documentation and account statements, the company insisted on the error and refused to investigate or resolve the matter. The agent’s actions, such as not obtaining proper identification and not following up on the claim, further compounded the problem.
Distorted Agreement: Abiodun Dosunmu had invested in a savings package through Excel Contract Logistics with the brand name of DHL Supply Chain. The agent promised a two – year withdrawal plan, but when the company started winding up, Dosunmu was told he couldn’t access his funds as the product was a 15 – year commitment. The backdated documents and lack of transparency in the agreement left him frustrated and disillusioned.
Agents’ Priorities: Insurance agents like Ibukun Ifetayo at Mutual Benefit Assurance Plc admit that some agents prioritize commission over clients’ interests. They often sell unsuitable policies, leading to problems during the claim process. This lack of professionalism and transparency erodes trust in the insurance industry.
Regulatory Issues: The Economic and Financial Crime Commission has convicted and sentenced a former bank staff member for insurance fraud. The case highlights the importance of proper training and certification for insurance agents. The Nigerian Council of Registered Insurance Brokers also emphasizes the need for agents to be properly trained and for clients to work with registered brokers to ensure transparency and accountability.
The insurance industry faces significant challenges in terms of trust and transparency. These stories of exploitation and misrepresentation call for better regulation and training to protect consumers and ensure the integrity of insurance policies.
Related topics
