Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Japhet Duru, has emphasized on the need for the insurance industry to transition from traditional models to more flexible and adaptive structures that resonate with younger generations.
He disclosed this at the 2026 BusinessToday Annual Conference and Exhibition on insurance and Pension held at Oriental Hotels, Lagos.
The conference themed “Youth Advantage: Redefining Insurance and Pension for a New Era,” this year’s conference focused on promoting the integration of insurance and pension practices into the everyday lives of young people.
He highlighted the importance of innovation, transparency, and value-driven offerings in driving this transformation.
“Young people today are not inherently opposed to insurance or pensions,” Dr. Duru noted.
He explained that many existing insurance and pension frameworks are built around long-term, rigid commitments, which may not align with the realities of youths navigating uncertain and evolving career paths.
He warned that failure to address this gap could hinder industry growth and leave a significant portion of the population underinsured.
Dr. Duru further underscored what distinguishes Universal Insurance Plc, noting the company’s commitment to a flexible work environment that attracts and retains young talents.
He revealed that approximately 40% of the company’s workforce comprises youths who have been instrumental in driving innovative initiatives and enhancing the company’s brand positioning.
He added that, to support and motivate its young workforce, the company invests in their professional development by sponsoring certification programmes, including examination fees and study materials, while also offering competitive remuneration aligned with performance and value delivery.
According to him, the impact of youth engagement within the organization is evident across key areas such as brand marketing, digital channels (E-Channel), and the development of innovative insurance solutions. One such product is ShopInsure, designed to provide affordable protection for small business owners.
“The future of insurance depends on how well we adapt today,” he stated. “By redefining insurance and pensions for a new era, we can empower young people to secure their financial futures while driving sustainable growth across the industry.”
