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The Chartered Insurance Institute of Nigeria (CIIN) has emphasized the need for regulations that promote innovation and efficiency within Nigeria’s insurance sector. This was highlighted by the President and Council Chairman of CIIN, Mrs. Yetunde Ilori, during the 2024 Insurance Professionals Forum in Abeokuta, Ogun State. The event, themed “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach,” focused on strategies to modernize and expand the sector.
Ilori pointed out that as the insurance market evolves, the regulatory environment must adapt to support market growth and expansion. She stressed that regulators need to ensure not only consumer protection but also the exploration of new business models and expansion into untapped regions to foster industry growth.
“Insurance has always been about offering protection and security to individuals, families, and businesses. However, in today’s digital age, traditional methods are being challenged by innovative approaches,” Ilori said. “To remain competitive, the insurance industry must adopt transformation strategies that allow it to not only survive but thrive in this dynamic environment.”
Ilori further explained that digital transformation presents opportunities for underwriting firms to provide personalized, seamless customer experiences, simplify their operations, and develop innovative products that respond to the changing risk landscape. She highlighted the potential of technologies such as AI-driven underwriting, blockchain for claims management, and new models like on-demand insurance in reshaping the industry.
“Transformation isn’t just about adopting new technology—it’s about cultivating a customer-centric approach that builds trust, ensures transparency, and fosters long-term relationships,” she added.
The forum’s theme, Ilori noted, aligns closely with her presidency’s focus, “Igniting the Bedrock of our Envisioned Industry,” underscoring the urgency for innovation in the sector. She called on insurance professionals to maintain discipline, integrity, and trustworthiness, particularly when it comes to prompt claims settlement, which is vital in fostering a customer-centric atmosphere.
Ilori also urged operators in the industry to drive financial inclusion, embrace digital technologies, and foster a culture of continuous learning and innovation. “Together, we can shape the future of the insurance industry to be inclusive, resilient, and prepared for the challenges and opportunities ahead,” she concluded.
In his remarks at the forum, the Alake of Egbaland, Oba Adedotun Gbadebo III, commended insurance professionals for offering a financial safety net to Nigerians. Represented by Afolabi Fashanu, the Alake pledged his support for the industry while urging underwriters to be more proactive in paying claims and developing innovative, customer-focused products.
During a panel session, Victor Banjo, Director of Insurance Education at Lagos Business School, praised CIIN’s leadership in nurturing world-class talent for the global insurance industry. Banjo encouraged operators to shift their focus from merely offering products to delivering customer-centric services, which he said is crucial to deepening insurance penetration in the country.
The forum concluded with a renewed call for collaboration and innovation, with participants agreeing that smart regulations and a focus on customer satisfaction are essential for the sustainable growth of Nigeria’s insurance industry.
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