New NIA Chairman outlines a five-point strategic focus for insurance industry

Mr. kunle Ahmed, was yesterday unveiled to the media as the new helmsman of the Nigerian Insurance Association (NIA) in Lagos and immediately presented a five-point strategic focus of his new administration, marking his first pre-investiture media parley.

Addressing members of the Nigerian Association of Insurance and Pension Editors (NAIPE) he said, ‘‘I am delighted to stand before you today as the 26th elected Chairman of the Nigeria Insurers Association (NIA). I am deeply honoured by your presence and excited about the possibilities ahead of us as individual practitioners and collectively as an industry.

‘‘Our decision to meet with you before my investiture is deliberate. I appreciate your roles in shaping public discourse and resolutely advancing the cause of our industry. Our profession is greatly misunderstood; without you, we will achieve limited success in creating the necessary awareness that is required to improve the understanding of our policies, the principles of insurance, and the insurance profession.’’

Before unveiling his four-point strategic focus to the press, the Chairman observed the challenges that have plagued the insurance industry in recent times, ranging from inflation to security concerns, but noted that these challenges equally present the industry with unique opportunities for growth and innovation.

To turn these challenges into opportunities for the growth of the industry and the prosperity of the nation, he stated that he would focus strategically on the following areas:

Said he, ‘‘Customer-Centricity: Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance on boarding process, improve claims handling, and ensure transparency in our operations. A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood.

‘‘Digital Transformation: Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential. We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians.

‘‘Commitment to Excellence: As we embark on this journey, I want to assure you that our commitment to excellence will guide our actions. We will focus on improving our claims processes, ensuring we fulfil promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.

‘‘Advocacy and Collaboration: Engaging with government agencies to advocate for policies that support the insurance sector is essential. We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively

‘‘Education and Awareness: Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organization and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions.’’

The new Chairman however, challenged members of the press on its role in communicating the industry’s vision and initiatives, as advocating its cause will be even more crucial in this new dispensation. According to him, ‘‘Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability, he concluded.