*As Expert Calls For More Awareness In Insurance, Financial Literacy
BY NKECHI NAECHE- ESEZOBOR–Poised to deepen insurance penetration in Nigeria, the Commissioner For Insurance, National Insurance Commission, Mr. Olusegun Ayo Omosehin, has admonished underwriters across strata to come up with what he described as tailor – made (fit for purpose) products and services for their potential and prospective customers.
The CFI equally encouraged insurance companies who are already offering research – based products and services, to innovatively sustain the tempo to attract more market shares.
He gave this charge at the 9th BusinessToday Insurance and Pension conference/ exhibition put together by BusinessToday Communication Limited in Lagos.
With the theme: ‘Banking On The Future: Youths, Pension & Insurance Penetration’, experts drawn from the aforementioned sectors as well as risk management professionals, analysts and industry watchers envisioned the future of insurance and Pension sector in Nigeria in relation to Nigeria Youths and acceptability.
Represented by the Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi, the Commissioner in a keynote remark urged Operators to look into the future needs of insurance products and services while making plans today, taking decisions and designing policies.
“I commend Business today for driving this conversations which will inform policies, encourage innovation, and expand financial penetration. Through such engagements, we can empower the next generation with the tools and knowledge necessary for long-term financial security.
He highlighted the crucial role of financial inclusion in empowering the younger generation, “As the future depends on how we engage and equip our youth, it’s essential to prioritize their exposure and relevance in the financial sector. To achieve this, the Commission is focusing on building trust and driving innovation to cater to the evolving needs of our growing young population.
“By this, we encourage insurance industry to ensure that insurance products and services are tailored to meet the unique requirements of younger generations, promoting financial inclusion, stability and greater adoption of digital insurance solutions”
By emphasizing youth engagement and promoting financial literacy, he believes that, there is a huge opportunity to unlock the potential for growth and development in the insurance sector. This, he confirmed would contribute to the overall economic prosperity of Nigeria, as the insurance industry plays a vital role in mobilizing long-term savings, financing infrastructure projects, and promoting risk management.
“As a Commission, we are committed to building trust and driving innovation which will pave the way for a more inclusive, resilient and sustainable financial system, where the needs of the young generation are at the forefront” he added.
In a paper presentation, the MD/CEO of Marble Capital Limited, Dr. Akeem Oyewale, explored the readiness and roles of Nigerian youths in relation to financial security and survival in a volatile, uncertain, complex and ambiguous economic environment.
According to him, there would be a general shift and wealth transfer in the nearest future, thus; young people need to be incorporated into insurance, pension, financial and pension education for their economic security. To him, most young people are not prepared for financial uncertainty, hence the need to channel their energies to the right direction.
Oyewale decried dearth of awareness and financial literacy saying “youths need to know the value of having pension and insurance, not only for themselves, but for the entire economy and the next generation. However, they need to trust the system. This is where NAICOM and operators come in. It’s been an issue for long. So we must change this narrative”
The lead paper presenter notified that vagaries and vicissitudes of life are inevitable, but most young people are either ignorant of it or have resorted to their faith, hence the need to fill in the knowledge gap. “There is need to demystify negative narratives. We must debunk wrong perceptions if we must make headway”
He advised corporates to adopt the push marketing strategy to reach out to the uncovered markets, not forgetting the use of digital channels. While advocating that Pension and Insurance should be a discipline young people should study from primary to university level, he implored Insurers to deploy workplace incentives and initiatives to encourage policyholders.
“There are a lot to do to take Insurance and pension sectors to enviable heights. Young people should be carried along now because of what awaits us tomorrow.
