Socioeconomic Similarities, Knowledge Sharing Propelled CIIN Programme In Hong Kong, Explains Babington

By LOVETH AZODO, Lagos

The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Funmi Babington has explained that the institute’s international exchange programme held recently in Hong Kong was motivated by shared socioeconomic similarities and need for exchange of knowledge between the two countries.

The institute held an International Exchange program which theme was “Corporate Strategies for Growth” at Hong Kong between 19th – 23rd march, 2018.

The President explained the reasons for the program themed “corporate strategies for growth” in the press conference held on Monday at the CIIN building, Lagos.

According to Mrs Babington while addressing Journalists in Lagos, Hong Kong dubbed as “pear of the orient” reportedly has 98 percent of her Gross Domestic Product (GDP) represented by Marine Cargo Insurance.

” In Nigeria, 95 to 97 percent of all cargo comes directly from Hong Kong, which contributes to a rapid penetration of the Insurance product in the City.”

Speaking on the relationship between Nigeria and Hong Kong, she said, “We have so many things in common with Hong Kong. All the challenges we are having in this country they also have in Hong Kong and some of the challenges, they have been able to overcome”

“We also discussed partnership, the bancassurance and how it can work in Nigeria. They have different distribution channels that Nigeria don’t have. Apart from that we also talked about some issues that companies are having, for instance HR issues, Investment issues and also their economy is well developed when compared to Nigeria” she said.

Also speaking, Deputy President of CIIN, Mr. Eddie Efekoha, said that the Institute has engaged in some exchanges in the past but were secretly conducted and to that respect, did not get full support from members who have been in the council.

“This time around, a committee was set up to handle it and the values to be derived were actually put forward, it wasn’t really compulsory but rather put across to intending members to see the values that would be derived from this. I did not attend but I sent a colleague of mine, and got report from him. For me and the system, it was worth every Naira that was spent”.

Speaking on the Benefits of the program, Eddie said “yes, it is called International exchange. What did we exchange? They are in a better position to tell what we exchanged with them, but obviously we told them how our market is structured and the challenges we have in our market and they have told us how their market run and therefore what we can hold”.

“Some of those good sides of us they don’t have but they maximized it, I understand they have a population of 17million compared to our population of about 190 – 200 million, I also understand that they have 25000 agents selling 17 million people but how many agents do we have?

“And that is why when you look at the entourage, it was actually made up of largely membership from the NIA even though the program was clashing with the NCRIB program in the UK.”

“For those of my friends in the NIA, I think a lot of value is derived from this program, I will not encourage us on our side to look at it from a no value or jamboree, No it is not, but those that attended will say more about this” he said.