NIA urges insurance firms to support market de-risking

The Nigerian Insurers Association (NIA) said that the insurance industry has a role to play in de-risking critical sectors of the economy and creating a resilient economic framework as the government embarks on various economic reforms.

The new chairman of the association, Kunle Ahmed, said this at a media briefing to unveil his agenda as the 26th chairman of the NIA.

According to him, insurance has proven to be a powerful tool for stabilising economies, protecting investments and providing the financial resilience that helps the society to thrive. But for him, in Nigeria, insurance penetration remains strikingly low.

Ahmed, who is also the Managing Director of AXA Mansard Insurance Plc, said with the government outlining ambitious priorities for socio-economic transformation, there is a need for industries such as insurance to support the government’s vision.

He said: “As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated.”

Ahmed said insurance is one of the solutions that can be deployed to confront some of these challenges. “Globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments and providing the financial resilience that allows societies to thrive.

However, in his strategies to position the insurance industry for growth, he said, the association’s vision will turn the challenges into opportunities for the industry’s growth and the country’s prosperity.

“We will also focus strategically on customer-centric services, digital transformation, commitment to excellence, education and awareness, advocacy as well as collaboration, he said.

According to him, enhancing customer satisfaction will be his administration’s priority as this would involve driving programmes, initiatives and policies to simplify the insurance onboarding process, improve claims payment and ensure transparency in operations.

“A satisfied customer is not just a repeat client; they will be the best advocates of the industry. We will implement best practices that prioritise the customer journey, ensuring that our clients always feel valued and understood,” he said.

On digital transformation, he said: “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.”

Emphasising commitment to excellence, Ahmed said: “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.”