By Sola Alabadan
The Managing Director of Allianz Nigeria, Adeolu Adewumi-Zer, said there are a lot of opportunities in Africa and that the future of insurance business is in the continent.
She stated this while addressing members of the National Association of Insurance and Pension Correspondents (NAIPCO) during the association’s Annual General Meeting in Lagos recently.
While emphasising that the future is Africa, she said “if the future is Africa, the future is Nigeria. So you cannot have a strategy for Africa, if you do not take Nigeria seriously.”
She also reiterated the company’s commitment to drive insurance growth in Nigeria through innovative products, professional expertise and excellent service delivery with cutting-edge technology in order to guarantee a sustainable future and prosperity for the people.
She said Allianz Nigeria is well positioned for profitability and growth, adding that the company is here to stay in order to expand the frontiers of insurance in Nigeria and Africa at large.
With its long years of experience and expertise in technical matters in insurance, she pointed out that Allianz has what it takes to make a difference in the continent.
“We have the expertise, we have the experience, we have the technology and we have the right quality and quantity of manpower to make a difference,” she stated.
She further said the company is fully recapitalised to the tune of N18 billion as required by the National Insurance Commission (NAICOM).
According to her, “We are here to stay to drive insurance growth in Nigeria and in extension, Africa. Our strategic objective is to secure the future of our customers, the future of our employees, the future of our stakeholders and the future of the people in our communities.
She maintained that one of the strategies of Allianz is to be a preferred insurer in Nigeria, Africa and globally in line with the company’s recent joint venture collaboration with Sanlam.
“Because we know how important it is to have a partner with stamina at your side who prepares you with solid and sustainable solutions, we strive to do it right with passion and persistence.
“Allianz and Sanlam have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent. The joint venture allows Allianz to accelerate its growth by meaningfully expanding the local reach and market penetration while establishing leading positions in key growth markets. Allianz and Sanlam will leverage each other’s strengths to unlock synergies and provide clients with best-in-class, innovative insurance solutions and technical excellence, improving value creation for all their stakeholders.”
She said the joint venture will enhance their capacity and capabilities to build scale where it matters now and, in the future, with a joint approach to geographical expansion aimed at achieving a leading position in Life and General Insurance in high priority markets on the continent.
The joint venture, she said, is part of their plans to outperform the market by combining Allianz global expertise and capabilities and Sanlam deep local knowledge to provide clients best in class, innovative insurance solutions and technical excellence, leveraging broad insurance expertise and capabilities.
She said the Allianz-Sanlam joint venture agreement is a Long-term commitment that will engender positive growth in Africa.
Earlier in his opening remarks, Immediate past NAIPCO Chairman and publisher of InspenOnline, Chuks Okonta, thanked the company for their interest in the Association.
While explaining the activities as well as what the Association is offering the industry, Okonta urged Allianz management to take advantage of the Association’s products such as Management Profiling, Advert to News, and Claim profiling.
NAICOM Counsels Edo Government, Residents, To Embrace Insurance
Elumelu Charges Insurance Brokers To Lead War Against Unethical Practices
By Sola Alabadan
The Chairman of Heirs Holdings, Tony Elumelu, has charged the Nigerian Council Of Registered Insurance Brokers (NCRIB) to lead the war against unethical practices, such as: premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, that have been the bane of the nation’s insurance industry for years.
Elumelu, who gave this charge during the 60th Anniversary celebration of NCRIB in Lagos on Thursday, listed other unethical practices to include:
fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, among others.
While the National Insurance Commission (NAICOM) continues to play its role as the industry regulator, he said the NCRIB, as a body, must ensure that appropriate sanctions are imposed on any of its members found engaging in unethical practices.
He also advocated for the recapitalisation of the brokerage industry in our country, saying the minimum capital base should be increased to N50 million, noting that N5 million is not enough as capital base.
In the area of Governance, he said the industry need to enforce strict adherence to corporate governance by all NCRIB members, while weeding out non-registered and non-compliant members from its fold.
He said the non-registered brokers are the ones tarnishing the image of the broking profession and the industry at large.
Elumelu called on the insurance operators to create more awareness about insurance and showcase the value of insurance to the public, promoting participation, most especially in the retail space.
Insurance brokers, he added, need to participate fully in this drive to bridge the insurance knowledge gap if the industry is desirous to make insurance attractive to Nigerians.
As the insurance brokers have been recognised as corporate insurance specialists, he stated that “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.”
While pointing out that innovation and disruptive practices cannot occur if the operators do not broaden their thinking, he said “Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.
“This is something I task the management of the insurance companies to constantly think of in product development and deployment.”
To remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully, he further advised.
Besides, he said there is urgent need to develop the next generation of talent to serve the Nigerian insurance industry.
He emphasised that the broker community should rally and become the hub for the education and training of our youths to get qualified talent for the next phase of the industry, adding that “We need to raise the profile of our insurance professionals, make it attractive for the younger generation.”
Leadway Graduate Trainee Programme Graduates 30 Young Professionals
Leadway Assurance Company Limited has graduated 34 young professionals following their successful completion of the company’s 2022 Graduate Trainee Programme, and the successful trainees have been inducted into its diverse business portfolios.
The six-month programme equips young graduates with the relevant skill set required to thrive in the dynamic and ever-evolving workforce.
The training modules dealt with problem-solving, networking, technical and soft skills, workplace culture, digital proficiency for self-development, and professional capabilities preparing the trainees to serve in different departments across the diverse verticals of the business.
Speaking at the graduation ceremony recently, Managing Director of Leadway Assurance, Tunde Hassan-Odukale, stated that the Graduate Trainee programme aligns with the organisation’s corporate twin mandate of providing career opportunities and upskilling Nigeria’s growing young, vibrant and productive population. The programme also strengthens its workforce with the right talent pool for its ambitious growth objectives.
“Our people are the centre-point of our continued marketplace performance and at the core of the organisation’s value creation. So, it is pertinent that we house the best talents in the industry to drive our objectives within the frames of our values and in alignment with the company’s vision and leadership position in the African insurance marketplace.
The Leadway Graduate Trainee Programme is designed to achieve a sustained pool of the required elite skills and talents by initiating young, promising, dynamic, future-centric minds into a comprehensive upskilling process that tunes them towards actualising the mandate of advancing our esteemed ethos.
“We are optimistic that the skills, innovation, and creativity that this programme unleashes satisfy the expectations of our cultural, strategic and operational requirements. We are confident that the training and onboarding of these young professionals further validates our profile as a youth-oriented and future-forward organisation.
“I would like to congratulate and celebrate the 2022 Leadway Graduate Trainees. Their successful induction is a testament to the tenacity, hard work, and commitment deployed during the six-month rigorous tutelage”, he added.