Sovereign Trust Boss Recommends Use of Marketing Communications in Insurance


Ebere Nwoji
The Managing Director/CEO of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, has stated the need for insurance practitioners at top management level, to give marketing communications a pride of place in their efforts to promote and entrench insurance culture among Nigerians.

Soyinka, who stated this at a marketing parley with members of the sales team of his company in Lagos, said the importance of marketing communication, in promoting insurance in Nigeria, cannot  be undermined and should be given a place of priority by practitioners especially those at the decision-making levels.

According to him, this will help in winning more customers for the industry.
He said that the industry is capable of generating figures in trillions but insisted that this  can only happen when practitioners, collectively approach the business from the standpoint of each-one-tell-one in spreading the gospel and which is what marketing communications is all about.
“We can never go wrong in investing in marketing communications either at individual companies’ level or as an industry. The time to act is now; a stitch in time saves nine.

“The role of marketing communications cannot be undermined in the scheme of insurance business or any business at that, if the business must outlive generations upon generations. We must take advantage of every money invested in marketing communications as sales executives whenever we are on the field’ he maintained.”

He further said that if the insurance industry is to grow beyond what it is today in the country, managers of the business, especially those at the helms of affairs must make conscious efforts at promoting their products and services for patronage in the marketplace in finding a voice and place of recognition in the financial and economic space in Nigeria.

Also speaking at the event, the Head of Corporate Communications and Brand Management of Sovereign Trust Insurance, Mr. Segun Bankole, said: “Until we begin to have deliberate and conscious provision for marketing communications in our annual budgets across board, we might still be far away from getting to the promise land.”

He recommended that the leadership of insurance companies should begin to see the bigger picture and drive it down the line in their individual companies in ensuring meaningful impact in promoting their brands and products.