I will never ever use insurance companies again in Nigeria.

I used one of the big insurance companies that year, name starts with A. I paid 160k, collected 122k 8 months later. 20% deduction if you pull out, like seriously?

One big bank that starts with G, I fixed 120k that year, one year later maturity, they paid me 123k, seriously? 3k in one year?

Those guys don't care about the insure-rer, I don't think they care about their staff, either. Just the top management chopping.

Firstly, insurance companies are on a financial tightrope so cost efficiency is a priority.
Secondly, over the years they’ve had to deal with non performing marketers who will rather bid their time, earn the pay and leave without even bringing a single business to the company.
For example, if you hire 100 marketers at N50k monthly salary that’s about N5m monthly wage bill.
Imagine if only 10 of them bring about N50k monthly that’s roughly N500k revenue to the Insurance company.
If this happens the next month the insurance company will have paid N10m in salaries whilst only earning N1m in sales revenue.
How do you think insurance companies will be economically viable enough to perform their business obligations with such massive losses.

The questions should be, why do Nigerians lack insurance culture? Most Nigerians issure things only when it is mandatory. Plus shey nah from minimum wage person go the pay monthly insurance fee?

That's why insurance companies will keep on struggling to pay their workers.

It's commission based

Muhylonaire007:


Haaa he will soon report you with his second account

Yes oh... It's either he'll uses either of these two Monikers "NLpolicewoman" or "ILoveDemMANNA".......
The guy no know say we don't Sabi an very well

I ran away from A insurance.... Just imagine, no salaries, no allowances...it means all your day-to-day running costs is simply on you if you don't bring in clients at the end of the month.

Everything is different in Nigeria. I learnt that insurance companies abroad pays their workers salaries, even if it's stipends —just to encourage them.

But here in Nigeria, nobody cares, there's no labour laws to start with — so basically, you're on your own.


Check my signature for a gift.

Lagosianswag:
THIS IS NEWS TO ME...

Which part is news there?
Nigeria doesn't have money for anything. People are starving.
The small money people have you now want to collect all from their hand without them slapping you and expect regular salary as standard?
The day you don't make any insurance sale, they should still pay you salary?
No O. Go and collect that money first.
From there, cut your salary.

Cos they're thieves

I work an insurance company 5yrs now and I can tell you it's not bad as people say.
I started on commission but today I earn both commission and salary
Na this same insurance I take marry, take dey flex etc
Insurance isn't for the faint hearted o
You have to come to terms that everything u do in life is all about marketing
So set a target for yourself
If you want to be earning more than an MD of a company, na for this same insurance you fit do am

FarahAideed:
The pay salaries but just not to marketers ..you pay any marketer salary in Nigerian they won't work ....when the they know their commission is tied to performance then they work

Try reading what you wrote. Why are we Nigerians just so tied to suffering? All the big insurance companies that has their branches in Nigeria aren't they from the well-to-do countries?

It's just saddening that graduates nowadays will take and do anything — even if it's to their own disadvantage.

Salaries act as incentives to make one do more it's not the other way around.

Job seekers don suffer for this Nigeria

ultiabaz36:
I have gone to about four insurance companies interview and they all have the say characteristics. I was scheduled for the interview with these companies and each time I go the interview as an experienced marketer, they end up telling stories that touch.

They will be like Congratulations, you have been offered the position as a marketer but will like to let you understand that we don't have a specific salary while our Marketers pay their salaries themselves. They will continue like, there is no limit to the amount you can earn here. In fact someone is going home at the end of this month with 1,000,000. What does that mean is that we are based on commission.

At least, they should be able to start with as low as 50k being a graduate because before you start getting the unknown customers, you will spend money and how do they expect someone who is looking for job to see money for all the kinda miscellaneous.

Insurance company no dey try at all in Nigeria.

If you are good at marketing and sales, just do your research on the company and make sure they aren't a bad place to work. The commission will end up being better for you in the long run.

But that's if you good at sales/marketing...... Cheers!!!

ultiabaz36:
I have gone to about four insurance companies interview and they all have the say characteristics. I was scheduled for the interview with these companies and each time I go the interview as an experienced marketer, they end up telling stories that touch.

They will be like Congratulations, you have been offered the position as a marketer but will like to let you understand that we don't have a specific salary while our Marketers pay their salaries themselves. They will continue like, there is no limit to the amount you can earn here. In fact someone is going home at the end of this month with 1,000,000. What does that mean is that we are based on commission.

At least, they should be able to start with as low as 50k being a graduate because before you start getting the unknown customers, you will spend money and how do they expect someone who is looking for job to see money for all the kinda miscellaneous.

Insurance company no dey try at all in Nigeria.

me sef i dont pay salary, what you work is what you earn

What people fail to understand is that insurance companies have two sets of marketers; the full marketing staff(who are marketing executives employed directly by the bank to do corporate marketing ) and Insurance agents (who are contract staff contracted by insurance companies to bring in business solely based on commision)

The Marketing executives are permanent staff, they get paid salary(maybe not as much as bankers, but still competitive enough to take them home ) and they sometimes earn commission too.

The marketers under the agency arrangement are those who don't have any guaranteed salary other than the commission from whatever business thy bring in for the comapny.

What most Nigerians are familiar with and always complain about is the agency marketing and not the corporate marketing of insurance. Insurance companies don't just recruit any random graduate and make them corporate marketers overnight. You either start as a graduate traineee and get placed as a corporate marketer or you move from other sectors of the financial system like banking , Fintech etc before you can get placed as Corporate marketer. Few lucky insurance agents do get absorbed into the system and staffed after few successful years as commission earning agents.

In summary, Insurance companies pay corporate marketers salary (good salaries at that) , but don't pay agents salary because an agent is only meant to get commission for his services and some stipends at times.

Kessythegeek:


Try reading what you wrote. Why are we Nigerians just so tied to suffering? All the big insurance companies that has their branches in Nigeria aren't they from the well-to-do countries?

It's just saddening that graduates nowadays will take and do anything — even if it's to their own disadvantage.

Salaries act as incentives to make one do more it's not the other way around.

You people just like to get too emotional..you think insurance companies just woke and adopted the commission stance for marketers ..there is a precedence that guided their actions ..As a business owner and someone who also did 9-5 well I can tell you Nigerians don't like to work and just want the Nigerian dream which is no and full salary like they do in FG offices ...If you try the salary route with any marketer you play yourself... Besides the commission route has made many people I know rich and is even better if you are truly hard working and willing to own your target ...

Insurance and GNLD are 5 and 6 in Nigeria head quarters of yahoo

Muhylonaire007:


Haaa he will soon report you with his second account

Too late. The deed has already been done. This MANNA guy doesn't know he is exhibiting traits of multiple personality disorder. That's why I don't take him seriously

ultiabaz36:
I have gone to about four insurance companies
Insurance company no dey try at all in Nigeria.

At GUINEA insurance we pay allowance to our marketers


Candycrush

Not fair

ultiabaz36:
I have gone to about four insurance companies interview and they all have the say characteristics. I was scheduled for the interview with these companies and each time I go the interview as an experienced marketer, they end up telling stories that touch.

They will be like Congratulations, you have been offered the position as a marketer but will like to let you understand that we don't have a specific salary while our Marketers pay their salaries themselves. They will continue like, there is no limit to the amount you can earn here. In fact someone is going home at the end of this month with 1,000,000. What does that mean is that we are based on commission.

At least, they should be able to start with as low as 50k being a graduate because before you start getting the unknown customers, you will spend money and how do they expect someone who is looking for job to see money for all the kinda miscellaneous.

Insurance company no dey try at all in Nigeria.

Stop peddling lies. Insurance companies pay salaries, you only got interviewed as an agent. Agents generate commission on sales and i know top agency managers that earn more than the MDs of the Insurance companies they are tied with. I mean figures in 8 digits. Even marketers who are employed as staff (brokers market, etc) get paid monthly salaries, BIK, Leave allowance and other packages, retirement benefits, official car, housing allowance (or even mortgage in lieu) and let me burst your brain, at least 2 insurance companies in this country pay partly in dollars and partly in Naira.

FarahAideed:


You people just like to get too emotional..you think insurance companies just woke and adopted the commission stance for marketers ..there is a precedence that guided their actions ..As a business owner and someone who also did 9-5 well I can tell you Nigerians don't like to work and just want the Nigerian dream which is no and full salary like they do in FG offices ...If you try the salary route with any marketer you play yourself... Besides the commission route has made many people I know rich and is even better if you are truly hard working and willing to own your target ...

God bless you bro. We have marketers that earn better than the MD. I know of at least 2. And the company he works for carries out sales competitions yearly. The guy won 3 years back to back and got three cars in the bargain aside the ones he had bought before. The guy i am talking about has built at least one standard hotel in Lagos and another in Owerri. He started selling insurance as a marketer before i finished university and he is still selling till tomorrow. When the MD and his team are going for AIO meetings abroad, they take like 2 or 3 of the best marketers on all expenses paid (plus estacode). Nigerians are so happy to work (in an office environment) and get paid for not adding value. In today's world, reward is moving more towards lesser fixed more and more variable pay. I have earned more on bonuses than on my fixed pay in the past few years.

No man became rich or millionaire from salary job

Salary is slavery 7am to 5pm

Laziness ..keep doing monotonous work... Carry file up and down

But


With commissioned

But business... Level don kawa

And you have your time to your self...flexible work scheduled

If you want to do insurance go to the current once not old fashion

flyca:
I will never ever use insurance companies again in Nigeria.

I used one of the big insurance companies that year, name starts with A. I paid 160k, collected 122k 8 months later. 20% deduction if you pull out, like seriously?

One big bank that starts with G, I fixed 120k that year, one year later maturity, they paid me 123k, seriously? 3k in one year?

Those guys don't care about the insure-rer, I don't think they care about their staff, either. Just the top management chopping.

What insurance companies give you is an assurance after death, and while alive, peace of mind. If you are looking to make good money in investment, forget insurance. If you are looking at your dependants to have a good life or at least not to fall below the level you kept them while alive, then invest with insurance. I am sure if you had died (God forbid) in the period you had that investment, your dependants would have received multiples of what you invested. That is how it works.

post=104113736:
Excerpts AY.

I used to work in an Insurance company before I switched to Telecoms. Anyway I was in the IT department of one of the most promising Insurance companies.
Not all Insurance companies are bad, some of them pay reasonably well...not too much but not too bad. Though the reality is most of them don't pay well at all, but you could be lucky to get one of the few good ones.
If you are in marketing, you also have a good chance of making big money. In my former company, if you bring a business you are entitled to 10-20% commission. But when you don't bring a business, you will be in trouble. Other non-marketing staff also bring businesses and collect commission too. If you can tell me the name of the Insurance company, I can tell you if they are worth it because many of them are mushroom companies

More info about insurance companies in Nigeria

https://www.nigeriaboom.com/2020/10/insurance-company-salary-in-nigeria.html

AIICO insurance??

flyca:
I will never ever use insurance companies again in Nigeria.

I used one of the big insurance companies that year, name starts with A. I paid 160k, collected 122k 8 months later. 20% deduction if you pull out, like seriously?

One big bank that starts with G, I fixed 120k that year, one year later maturity, they paid me 123k, seriously? 3k in one year?

Those guys don't care about the insure-rer, I don't think they care about their staff, either. Just the top management chopping.

Even government insures. So little you with your small money is saying you will never insure. Do you know why people like me will hand over my car keys to a robber if he asked for it? After 3 months with proof of loss, the car gets replaced. Do you know why some people do not cry when water takes over their houses? They have home insurance. You see those people that do not fight on the road because someone hit their car? It is because they have insurance. Insurance awareness is so low in Nigeria and people leave everything to God while they keep saying its not my portion. The big multinationals (Oil and Gas, Telcos, etc) all carry out insurance on their offices, fleets, etc.

Nah! It is not true that Insurance Companies do not pay their Marketers. As a matter of fact, they pay their Marketers more than other Staffs, like Underwriters, Accountants and Co. As a seasoned result oriented Marketer, you stand more chance to become the Managing Director / CEO of any Insurance Company than any other Staff. They probably wanted to employ you under 'Agency' to cut their cost. These set of Marketers are not the 'main' Marketers of the Company and are not being paid Salary but are given a certain Percentage of the Premium of whatever business they are able to bring in as their Commission.

Having said that, Insurance is not for the faint hearted as someone had rightly said earlier. However, everything depends on you. Do you love the Industry? Are you passionate about it? Do you have Contacts that can give you businessess? Do you have what it takes to convince People? I am asking these questions because Insurance is one of the most difficult products you can market in Nigeria, probably because it is an intangible Product where you promise to Indemnify the Client against certain Risks only after they have paid a certain Premium. But why don't you look on the bright side, huh? If you are able to attract a non-life business and you are able to generate a Premium of #1,000,000.00, you may be paid 20% of the Premium in the Sum of #200,000.00 which is equivalent to 4 X your Salary of #50k Per Month. This is just for One Transaction. Besides, if people nowadays do Volunteer Jobs without Salary just to gain experience while looking for that dream Job, I do not see why you can't take up the opportunity given to you to earn commission from the businesses you bring. Trust me, if you excel and you are able to prove your worth as a Marketer under Agency, the Insurance Company would beg you to join them on a full Time Basis and this time around, you will have an edge over them on the negotiation Table because proven, resulted oriented Marketers are hard to come by these days in the Industry.

Finally, in the course of Marketing, you could come across contacts that may change your Life for good or help you secure that dream Job or open your eyes to other opportunities within and outside of the industry such that no matter how much the Insurance Company offers you, you will not want to work for or with them ever again. Just think about deeply about it. God will help you.

Chaos4real:

AIICO insurance??

Go online and check out their balance sheet. Also note that this company was classified as one of the best 100 places to work in Nigeria. Use google, it costs nothing.

ultiabaz36:
I have gone to about four insurance companies interview and they all have the say characteristics. I was scheduled for the interview with these companies and each time I go the interview as an experienced marketer, they end up telling stories that touch.

They will be like Congratulations, you have been offered the position as a marketer but will like to let you understand that we don't have a specific salary while our Marketers pay their salaries themselves. They will continue like, there is no limit to the amount you can earn here. In fact someone is going home at the end of this month with 1,000,000. What does that mean is that we are based on commission.

At least, they should be able to start with as low as 50k being a graduate because before you start getting the unknown customers, you will spend money and how do they expect someone who is looking for job to see money for all the kinda miscellaneous.

Insurance company no dey try at all in Nigeria.

Go learn affiliate marketing and be earning 6 to 7 figures weekly using just your smart phone. Want to know more. E-mail me: imoksp@yahoo.com

sales agents get commission..learner

If this is the case, they wanted to employ you as an agent and not their direct employee(marketer) . Forget the marketer word they used. Insurance company staff are reasonably paid according to their market share and also what you are bringing to the table.

hardbody:
Even government insures. So little you with your small money is saying you will never insure. Do you know why people like me will hand over my car keys to a robber if he asked for it? After 3 months with proof of loss, the car gets replaced. Do you know why some people do not cry when water takes over their houses? They have home insurance. You see those people that do not fight on the road because someone hit their car? It is because they have insurance. Insurance awareness is so low in Nigeria and people leave everything to God while they keep saying its not my portion. The big multinationals (Oil and Gas, Telcos, etc) all carry out insurance on their offices, fleets, etc.

Congratulations to big you!
I do have insurances in my current country of residence and I am enjoying the benefits, but in Nigeria? No, thank you. I tried many of them “that year”, I already wrote some in my earlier post. They all have one underlying factor - take - take - take from the insure-rer. Most of their policies are maliciously voracious. Same with their banks. All thanks to .....

Finally, I do not leave God to do what I can do for myself, that is why he has created me with a fully developed brain, to think out solutions.
Thank you for stopping-by.