The President, Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, on Thursday advocated for smart regulation that encouraged innovation in the insurance industry.
Ilori made the call while delivering a welcome address at the 2024 Insurance Professionals Forum organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta.
The theme for the forum is, “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach.
She said that as the market evolved, so the regulatory landscape must also evolve.
According to her, regulators of the industry must also ensure consumer protection, saying it is vital to being able to explore new business models and expand into new regions.
Ilori explained that insurance, at its core, had always been about providing protection and security to individuals, families and businesses.
“As we move further into the digital age, traditional methods are being challenged with emerging new avenues for innovation.
“To stay competitive, we must adopt transformation strategies that not only allow us to survive but also to thrive in this dynamic environment,” she said.
According to her, the insurance sector presently faces an unprecedented opportunity to reinvent itself.
Ilori noted that through digital transformation, insurers could offer personalised, seamless experiences for its customers; simplify its operations and create innovative products that addressed the changing risk landscape.
“Whether through AI-driven underwriting, blockchain in claims management, or new models like on-demand insurance, our industry is being reshaped.
“However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency and fostering long-term relationships,” she said .
According to her, the theme of the forum cannot be more relevant or timely, as it aligns with the theme of her presidency, “Igniting the Bedrock of our Envisioned Industry”.
The CIIN president charged insurance professionals to be disciplined, trustworthy and run a business where clients could vouch for them of prompt claims settlement, being pertinent in a customer-centric atmosphere.
Ilori also advised the insurers to enhance financial inclusion, adopt digital technologies, foster a culture of innovation, continuous learning and agility to expand the insurance market.
“Together, we can shape the future of the insurance industry—one that is inclusive, resilient, and prepared for whatever challenges and opportunities lie ahead,” she said.
In his goodwill message, the Alake of Egbaland, Oba Adedotun Gbadebo III, lauded insurance practitioners for providing the financial safety net for people, while pledging to support the industry in any possible capacities.
Gbadebo, represented by Mr Afolabi Fashanu, however charged the underwriters to be more proactive and prompt in paying claims, while offering more innovative products and customer-centric services to their clients.
In a panel session, Mr Victor Banjo, Director, Insurance Education of Lagos Business School, commended the CIIN’s leadership role in grooming world-class talents for an international industry.
Banjo charged insurance operators to shift their focus from rarely offering products, to placing emphasis on customer-centric service delivery to deepen insurance penetration.
He said: “Traditionally, the insurance industry has been product-centric with strong emphasis on risk management and financial protection.
“However, this approach often leads to a disconnect between insurers and the clients.
According to him, customer-centrism is important to improve customer satisfaction, increase loyalty and retention, boost higher revenue and profitability, as well as build trust and reputation,”he said. (NAN)
