By LOVETH AZODO, Lagos
The new Nigerian Insurers Association Chairman, Mr. Olusegun Omosehin has said that his administration will focus on creating strategic partnerships and stakeholders’ engagement to Expand the frontiers of Insurance.
Omosehin who made the revelation at his investiture ceremony as the 25th Chairman of the Association Thursday in Lagos reeled out four key areas his administration tend to achieve his plans.
He stated that he will ensure Market Discipline, Market Development & Respect for Market Agreements, Insurance Awareness & Partnership with the Media, Human Capacity Building and Leverage Technology, Digital & Innovation.
On Market discipline, he said that his administration will ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, Implement progressive market development initiatives and agreements, Explore new areas of business collaboration to expand the market and Collaborate with the regulatory community particularly our primary regulator, NAICOM, on market impacting regulations such as Risk-Based Supervision, among others.
He noted that his administration will actively pursue the insurance awareness and publicity project under the auspices of the Insurers’ Committee.
“We invite all stakeholders in the insurance industry to join us in this journey as we seek to entrench insurance culture and expand the dragnet in line with the central theme.”
“We shall be deliberate in forging a stronger partnership with the Media to significantly improve the image of the insurance industry in Nigeria and ultimately increase insurance awareness,” he said.
On its plan to invest in Human Capacity Building he vowed that the association will embrace talent that would be beneficial to our its core objective. “We need to grow our talent pool from within and embrace openness in our industry. We shall partner in building actuarial capacity for the overall benefit of the market.”
“Today, we are faced with security challenges such as kidnapping, banditry and outright terrorism. We are also contending with the after-effects of climate change such as flooding and related risks. We will take learnings from other markets that have the requisite experience in these areas of insurance business to improve our underwriting practices in these critical areas,” he stated.
Also, he said that the association will leverage on Technology, Digital & Innovation adding that the time has come for the industry to be deliberate in investment in technology and innovation.
He added that the association will “Seek to leverage all the advantages that technology would provide in our quest to improve accessibility, affordability, adequacy, awareness and the availability of the right insurance products and services to the right customer. Embrace openness and willingness to collaborate with intra and extra-industry stakeholders (including Fintechs, Insuretechs, etc.) to drive customer centric models for penetrating the market. Upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our public”
He vowed that the association will work closely with its regulatory body NAICOM in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry.
He also called for maximum support and cooperation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM), the Nigeria Council of Registered Insurance Brokers (NCRIB); the Institute of Loss Adjusters of Nigeria (ILAN), the Chartered Insurance Institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, in achieving our goal of a prosperous insurance industry.
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