Insurance Operators Urged to Adopt Innovation

Ebere Nwoji
Insurance sector operators have been advised to prepare for the next generation of consumers and talents by embracing changes and responding to the economic, social and technological needs in the sector.

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), stressed that 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 Babington-Ashaye had as its theme, ‘Insurance and Generation Next- Meeting the Needs of Stakeholders’.

Speaking at the event, the Chairman, First Bank of Nigeria Limited, Mrs. Ibukun Awosika, who chaired the event said insurance model today is not sustainable.

“The industry will die if it does not open itself to change and embrace the new space,” stating that there are lots 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 the potential for growth was huge, saying the industry currently operates 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 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 would significantly impact its products offerings, operations and the skill set 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 is 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.

Speakers at the event all agreed on the need for the industry to bring flexibility and varieties of 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 attract the generation next.

CIIN Inaugurates 49th President
The immediate past Chairman, Nigeria Insurers Association (NIA), Eddie Efekoha will today be inaugurated as the 49th president of the Chartered Insurance Institute of Nigeria (CIIN).
Efekoha, who is also the Managing Director, Consolidated Hallmark Insurance Plc, penultimate week handed over the baton of leadership of the umbrella body of insurance underwriters, the Nigeria Insurers Association (NIA) to Mr Tope Smart of NEM Insurance.

Addressing Journalist at hand over ceremony organised by the institute, the Chairman, investiture planning committee, Mr Sunny Adeda, said the institute prides itself in having a robust succession plan which has continued to ensure a seamless and rancour-free transition from one president to another.
He said any potential candidate to the office of the president was expected to have moved through the leadership ladder without blemish.
“The journey to the institute’s presidency engenders commitment, hard work and consistent membership of the governing council.

“Continuous membership is essential, but not adequate to make anybody the president of the institute. We ensure that such persons must be fit and proper and possess outstanding qualities as well as an uninhibited zest to serve selflessly”.

Reviewing the election, Adeda said “the election of Efekoha as the president of the institute by the governing council is an attestation to the fact that he has the outstanding qualities required of anybody to become the president of the institute.

“He therefore deserves to be celebrated for this recognition. The investiture committee which is chaired by me and 12 other members has done so much to make the celebration of Eddie Efekoha a memorable event.”

OAK Pension Grows Profit by 65%
OAK Pensions Limited said it grew its profit by 65.8 per cent, from N230.88 million in 2016, to N382.8 million in its 2017 financial year.
The Chairman of the company, Dr. Awa Ibraheem, disclosed this during the company’s 12th annual general meeting in Lagos.
While expressing OAK Pension’s commitment to serving its contributors and retirees, Ibraheem, said the company will continue to give them better returns on investment.

“Our duty is to manage the funds on behalf of the retirees and ensures the funds grow so that when they retire, they benefit more than what they contributed. Our retirees are happy with us with the rate of return on investment.”
He said that OAK Pensions tries to balance return with risk, by making sure that the interest of its retirees are well protected, and balancing the high returns with low risk.

To get closer to its stakeholders, he said that the company had extended its call centers so that its interaction with retirees will be more efficient and effective.
“We have also gone far by improving on our ICT, we have completely computerised now, and on the feedback we are getting from retirees, it is much easier for them to be served than in the past,” he said.

While observing that most of the contributors of the Contributory Pension Scheme were from the government and private sector, he said that the informal sector were actually the drivers of the economy.
“What we are doing now is to expand our informal sector department, to provide them with more facilities,” he said
adding that the company was committed to protecting the financial future of the Nigerian workers and will continue to enlighten the informal sector on the need to key into the CPS.

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