Insurance World

Efekoha Charge Professionals To Embrace New ideas, Technology To Sell Insurance

Eddie Efekoha, CIIN President

 

 

 

BY NKECHI NAECHE–Insurance Professional in Nigeria have been called upon to embrace the use of technology to disseminate the good message of insurance.
The President of Chartered Insurance Institute of Nigeria( CIIN), Eddie Efekoha made this call at the just concluded 27th edition of the professionals’ forum held in Abeokuta, Ogun State recently with the theme “The Insurance Industry: Beyond Limits” said is the collective goal of its members to turn change into opportunities for the growth of the Insurance Industry globally.

He said: “We all know that the balance of power is heavily tilting towards the consumers and new and ongoing social trends are shaking traditional business patterns in the Insurance Industry. Definitely, the relentless march of online and mobile technology will continue to fuel the constant change in customer expectations.

“Ladies and Gentlemen, online social networks are becoming pooling mechanisms for insurance and whether we like to admit it or not, Insurance companies are fast changing roles from being product manufacturers to administrative service providers. The evolution is here and we must embrace it.

He noted that the advances in software and hardware are transforming “big data” into information that gives enough insight into the future for decision makers to take action.

He added that “As the Insurance Industry reaps gains from the most recent wave of automation, new technologies are significantly enhancing operational efficiencies, increasing revenue opportunities and improving customer experience. How do we maximize the potentials of Insuretechusing tools like block-chain technology among others? We need to ensure persistence, respect, integrity and passion by way of ethics in the industry to boost the confidence of customers.

“The need to promote an industry where good work and life balance is fostered is important to the long term success of an organization. Positive mental health and well-being leads to positive life outcomes for staff and better results in the workplace. How do we ensure this?

“What excites me the most about this year’s forum, are the professionals who have been assembled to do justice to the topics penciled down for the program. There will be thoroughly enlightening sessions for everyone present and ultimately it will be an extraordinary experience for everyone involved.

Speaking further on the theme he said is the theme is an expression of what we all want the insurance industry develop into.

While noting that active participation in all the sessions of this forum remains the only way to guarantee that the efforts of the organizing committee in putting together a well packaged platform for knowledge sharing are not in vain.
We are charting a course aimed at positioning the Insurance Industry as a key contributor to economic growth. It is pertinent to reiterate that the theme of my presidency, ADVANCINGINSURANCE EDUCATION AND PROFESSIONALISM is driven by the realization that we must consistently strive to improve the quality of our human resources in order to turn the change enveloping the Insurance industry into opportunities. In line with our statutory role as the educational arm of the industry, my tenure will actively focus on education and professional development.

“The clarion call is for everyone to embrace Insurance and I’m sure we are all aware of the strides being taken to promote the acceptance of Insurance in the country.

“We are making progress but are nowhere near our desired goal. However, I believe that with the efforts of the Institute coupled with the support of Insurance Professionals, Practitioners and regulatory bodies, we shall achieve the Insurance Industry of our dreams which will contribute meaningfully to the country’s GDP.”

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