L-R: Olayinka Oladunjoye, commissioner for commerce, industry, and cooperatives, Lagos State; Wole Oshin, group managing director, Custodian Investment Plc; Ibunkun Awosika, chairman, First Bank of Nigeria Limited; Funmi Babington-Ashaye, president/chairman of council, Chartered Insurance Institute of Nigeria (CIIN); Yetunde Ilori, director general, Nigerian Insurers Association(NIA); Muda Yusuf, director general, Lagos Chamber of Commerce and Industry (LCCI); Aderenle Adesina, commissioner, budget and planning, Ogun State, and Eddie Efekoha, deputy president, CIIN at the 2018 Presidential Valedictory Lecture by Funmi Babington-Ashaye held in Lagos.
PRESS RELEASE—–The nation’s insurance industry has been challenged to prepare for the next generation of consumers and talents, by embracing change and responding to the economic, social and technological needs of the insurance space.
Stakeholders who spoke at the 2018 Presidential Valedictory Lecture to mark the end of the tenure of Funmi Babington-Ashaye as the 48th President and chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) said the industry must embrace new ways of delivering its services to meet the expectation and speed of the new generation of consumers, and talents.
The lecture which was delivered by Funmi Babington-Ashaye has as its theme ‘Insurance and Generation Next- Meeting the Needs of Stakeholders’.
Ibukunle Awosika, chairman of First Bank of Nigeria Limited who chaired the event said insurance model today is not sustainable because reality is at the door and change is inevitable.
“The industry will die if does not open itself to change and embrace the new space, stating that there are a lot of disruptors that are ready to take over the business and offer the same services the insurance companies or the brokers think they are offering, she said.
She said the potential for growth is huge, as the industry is at the least of its capacity.
“There is a bit of complacency in the industry, so you might not survive the next generation if people and technology come in with the new things they have, she stated.
Babington-Ashaye, in her lecture looked the fundaments of change for the industry, charting the future for the profession, as well as key defining factors.
She said for the industry to catch-up with the generation next, players in the business must leverage technology, adopt new ways of working, repackage products, and improve products and pricing strategy, as well as data mining.
The insurance industry she further said, is at the threshold of its evolution in which developments in technology will significantly impact its products offerings, operations and the skill sets of personnel required to deliver value to the diverse stakeholders, in the near future, which will be dominated by generation next.
“Given the declining inflow of new entrants into the profession, the fear of a talent gap in rife. We need to change the wrong perception by showcasing the career opportunities that exist, the product we develop, the risks we assume and the professional advisory services we provide, Babington-Ashaye stated.
Panel discussants at the event include Wole Oshin, group managing director, Custodian Investment Plc; Yetunde Ilori, director general, Nigerian Insurers Association (NIA); Muda Yusu, director general, Lagos Chamber of Commerce and Industry and Eddie Efekoha, managing director, Consolidated Hallmark and deputy president CIIN.
They all agreed on the need for the industry to bring flexibility and varieties in their offering, open up the sector for new talents, particularly from outside insurance, and improve on remuneration to make the sector attractive for generation next, enhance perception and increase trust.
According to them, all of these will position the sector for sustainable growth and attractive for generation next.