Insurance World

NAICOM, CIIN Charges Professionals To Leverage On Positive Past Experiences To Drive Future For Insurance Industry

From left: Deputy President, Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori;  President, Edwin Igbiti; Commissioner for Insurance, Sunday Thomas and the representative of the Alake of Egba Land, Jonathan Bada at the CIIN 2022 Professionals’ forum held yesterday in Abeokuta, Ogun State.

BY NKECHI NAECHE-ESEZOBOR– Issues bothering on the power of the past and the future of the Insurance Sector in Nigeria
formed the main thrust of deliberations at this year’s edition of the Insurance professionals’ forum organised by the Chartered Insurance Institute of Nigeria (CIIN) at Abeokuta. Ogun State.

At the forum which attracted who is who in the insurance industry in Nigeria, with the theme “Power of the Past: A Force for the Future of the Insurance Sector in Nigeria” the Commissioner for Insurance, Mr. Olorundare Sunday Thomas, urged operators to leverage on the positive experiences from the past to build a formidable future for insurance in Nigeria.

Cross section of participants at the event.

Addressing the professional he said “the insurance practice in Nigeria in the past has had its good, bad and ugly moments. One of such bad and ugly moments that have had significant impact on the image and perception of our industry is the issue of claims payment.

From left: President of NCRIB, Mr. Rotimi Edu; Managing Director/ CEO, Crystal Trust Insurance Brokers, Mrs. Ekeoma Ezeibe and Chairman Of NIA, Segun Omoshein at the event.

“Indeed the records and statistics of unpaid claims associated with some of our members has not been too good and must be overturned to the benefit of all stakeholders. I must quickly acknowledge and salute the efforts of those companies that are alert to their responsibility of prompt claims payment and encourage them to sustain the good practice.

Cross section of participants at the event.

“Insurance practitioners must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it.

“We must not continue to harbour elements of destruction under our roofs. The issue of non-payment of genuine claims has always put the Commission and the entire industry on the defensive when it comes to discussing insurance in every stratum of the economy. I must tell you that the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and I can assure you that we will not relent.

He urged operators to leverage on the positive experiences from the past to build a formidable future for insurance in Nigeria.

“The effort must be collective and patriotic. We must all see insurance as a profession that should be a buffer for the economy while eliminating the toga of being the weak link within the financial services sector.

“We must practice insurance with passion and resilient not just as a means of livelihood that we have to survive on but, that which every insurance professional should be proud to say “I am a party to this success,” he
He noted that the founding fathers of the CIIN did lay a solid foundation with the big dreams of berthing a world class educational Institute designed to fill the void that existed then for the baking of thorough-bred insurance professionals.

“We may want to ask ourselves in our quiet moments if these lofty dreams of the founding fathers which I can say was once achieved is being sustained.
The past 60 years of the CIIN have been eventful no doubt; the Institute has grown its membership base and achieved immensely in various aspects of insurance education development in the country, public awareness, project “catch-them-young” and others.

“We must look back and assess our achievement in the past years from professional education to ethical behavior of our members. Taking a peep into the past from where we are coming, a lot could be said to have been achieved but in another breath, we must acknowledge the fact so much is still needed to be done.”

He however, said that the Institute nay the insurance sector in Nigeria will continue to get better if only all stakeholders continue to collaborate and cooperate as professionals.

In his welcome address, the President of the Institute, Edwin Igbiti noted that the insurance industry over the years and most especially; in the last two years has operated in a VUCA environment, that has been volatile, uncertain, complex, and increasingly ambiguous.

This according to him has caused significant paradigm shifts in the way business
is conducted. Certainly, the consequences of the Covid-19 pandemic and the #ENDSARS
protest will not be forgotten so soon by the industry due to the number of claims paid.

He said it is no longer business as usual for the industry as technological innovations, demanding customers, new competitors, and constantly evolving trends are driving the changes for the future. “No matter what technological advancement we adopt, if it does not translate to value for the customer, most of our efforts are in vain.”

He said the Institute is charting a course aimed at ensuring it remains ahead of the curve in the digital era to remain a key contributor to the growth of the insurance industry, while assuring that the Institute will continue to meet the needs and aspirations of its members.

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