Insurance firms challenged to bring tailor-made products

Press Corporation plc chief executive officer George Partridge has challenged insurance firms to come up with innovative products that suit the current environment.

He gave the advice on Friday at Sunbird Nkopola Lodge in Mangochi during the official opening of this year’s Insurance Institute of Malawi (IIM) Annual Lakeshore Conference.

Zeroing in on this year’s theme Adapting Boldly in the Wake of the Global Challenges, Partridge called on insurance firms to ensure that their products meet the current needs of people.

He said: “The world is experiencing so many challenges that include climate change that culminate in floods, drought and Covid-19.

“As an insurance industry, you should rise up to the occasion by developing risk products that make people happy while you survive in the business realm.”

Partridge said in the current Covid-19 environment, there is need for insurance professionals to strive at restoring public trust with their customers.

“Let them [customers] understand the value of insurance and have trust that their policies will protect them adequately,” he said.

IIM president Masautso Malaicha said it is high time the insurance industry started introducing products that bring comfort to people during difficult times.

“In the current setting, the insurance industry needs to be on its feet to make systems available in all companies so that should any plague arise or Covid-19 resurrects, we should be properly organised so that our customers and our businesses are not affected,” he said.

Malaicha said the conference was pertinent because, apart from discussing insurance issues, participants learnt many new things from facilitators.