Leading thought leaders and C-Suite Executives from corporate organisations such as Microsoft Nigeria, Ecobank, Old Mutual, and AXA Mansard have confirmed participation in the upcoming Insurance Meets Tech (IMT) Conference 2022, scheduled to hold on September 29th, 2022, in Lagos.
Insurance Meets Tech Conference 2022 is a multi-sector discourse platform that converges leaders in the insurance and tech industries to foster strategic partnerships hinged on technological innovations and the deepening of Nigeria’s insurance penetration.
IMT 2022 is designed to evolve a marketplace of not only public and private sector players but also to showcase ideas, innovations, and policies that can be pivotal in advancing the business of insurance in Africa. It will be a one-of-its-kind summit, highlighting the issues in product development, access improvement, process optimisation, payment and reconciliations, customer services delivery, and engagement whilst showcasing various tech solutions to attract potential stakeholders across the ecosystem.
IMT 2022 has already been favourably received by leading players in Nigeria’s insurance, finance, and tech ecosystems, with top executives such as the Managing Director, Ecobank, Jubril Mobolaji Ahmed; Group Chief Executive Officer, aYo Holdings Ltd (South Africa), Marius Botha; Country Manager, Microsoft Nigeria, Ola Williams; CEO, AXA Mansard, Kunle Ahmed; CEO, ETAP, Ibraheem Babalola; Managing Director Endeavor Nigeria, Tosin Faniro Dada; Founder & CEO, Caladium Consulting, Ayo Bankole Akintujoye, amongst others, confirmed their participation.
Speaking on the significance of this conference, the Convener, Odion Aleobua, Chief Executive Officer, Modion Communications, expressed optimism about the impact of the conference, citing that it enables industry leaders in insurance and tech to much-needed collaborative deliberations aimed at bolstering the Nigerian insurance ecosystem and deepening its penetration.
“Nigeria’s insurance industry is ranked 62nd globally, a figure in extreme contrast with the nation’s population and economic size. As a result, the unfortunate reality of insurance in Nigeria is that its penetration rate is so low that less than 2% of all Nigerian adults, which only amounts to 4 million of its total population, have insurance coverage.
“Having consulted for the insurance industry for over a decade, we understand that the low uptake of insurance in Nigeria can be disrupted through technological innovation that will bolster access, customer engagement, customer onboarding and convenient adoption of insurance policies in the country.
“This is where the incorporation of tech and insurance comes to play. We believe that just as there has been a disruptive turnaround in enabling access to banking services, through the exponential growth in digital technology and mobile telephony in Nigeria, with fintech enabling financial inclusion, insurtech can do the same for insurance. It is on this conviction that we built the rationale for convening Insurance Meets Tech 2022 conference”, he added.
IMT 2022 is expected to feature a special presentation from Microsoft Nigeria to the industry, while the Group Chief Executive Officer, aYo Holdings Ltd (South Africa), Marius Botha, whose organisation has presence in five African countries, will share learnings on how tech has enabled their growth and adoption across the continent.
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.