By Sola Alabadan
As part of efforts to codify the long-term aspiration of the Nigerian insurance industry within a given period of 10 years, the insurance operators have resolved to come up with a document detailing the 10-year industry-wide strategic plan.
Insurers Committee’s Vice-Chairman, Publicity Sub-Committee, Mr. Segun Omosehin, announced this to journalists at the end of the Committee’s meeting held in Lagos on Thursday.
He said all the constituent arms of the industry, comprising the insurance companies, insurance brokers, reinsurers, loss adjusters, as well as the regulator, National Insurance Commission, have been asked to nominate their members to represent them in a committee that will be saddled with the responsibility to draft the document.
According to him, “today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of 10 years.”
Omosehin, who is also the Managing Director of Old Mutual Insurance PLC, said the document will be a high level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.
“The need for a strategic plan is to enable us, as an industry, has codified strategic initiatives that will be implemented over a given period of 10 years. This will help the successive leadership that comes in so that there are no vacuum. It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin explained.
He added that the industry rebranding project will automatically become an integral element of the document.
Omosehin further stressed that “the industry’s proposed strategic document is to help each successive leader that comes in. Take Nigerian Insurers Association (NIA) for instance, if I am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan”. This, he said, will help every leader to achieve an industry-wide objective.
Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.
He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.
Omosehin informed that other decision taken at the meeting was the revise guidelines on Bancassurance.
“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.
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.