Managing Director, Anchor Insurance, Mr. Augustine Ebose, in this interview speaks on the impact of inadequate data on the drive by the federal government to create a conducive business environment in Nigeria, insisting that non-availability of accurate data poses problem to premium income generation among insurance industry operators. Ebere Nwoji brings the excerpts:You are right that businesses slowed down as a result of the focus on the campaigns and subsequently the elections.
The truth of the matter is if we don’t have records of people, then data collation becomes an issue. Ease of Doing Business will also be an issue. The government launched the campaign but since it was launched, how many people have been doing business easily? There are no data, not even with government agencies and it is really affecting businesses.
Just as I said earlier, inaccuracy in data or lack of data is an issue in Nigeria. If you go to the Corporate Affairs Commission, what exercise have they carried out to check if those directors whose lists are sent to them actually exist? We are not doing business with people because we are not sure of them. When you have doubt in people, the journey that will take you three minutes will take you three years. Even at that, we still have issue of trust, that is our problem.
Yes, it is part of it because the Nigerian insurance industry is the microcosm of the entire economic policy of Nigeria. We cannot take ourselves away from our culture or environment. We can only make policies that would change our environment. That is what will change the way we behave, reason and do things. Abroad, when you lay fraudulent claim, you will go to jail.
Anchor Insurance is now under your care. How did you meet the company and what are plans for the company?