This was disclosed by the President/Council Chairman of the institute, Mrs. Yetunde Ilori at the 2024 Insurance Professionals Forum, organised by the (CIIN) with the theme: “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach,” held in Abeokuta, Ogun State.
Ilori explained that as the market is evolving, the regulatory landscape must also evolve for market expansion.
According to her, industry regulators must also ensure consumer protection, saying it is vital to exploring new business models and expanding into new regions.
Ilori, who noted that insurance had always been about providing protection and security to individuals, families, and businesses, said: “As we move further into the digital age, traditional methods are being challenged with emerging new avenues for innovation.
“To stay competitive, we must adopt transformation strategies that not only allow us to survive but also to thrive in the dynamic environment.”
Ilori also said that through digital transformation, underwriting firms could offer personalised, seamless experiences for their customers, simplify their operations, and create innovative products that addressed the changing risk landscape.
“Whether through AI-driven underwriting business, blockchain in claims management, or new models like on-demand insurance, our industry is being reshaped.
“However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency, and fostering long-term relationships,” she said.
According to her, the theme of the forum cannot be more relevant or timely, as it aligned with the theme of her presidency, “Igniting the Bedrock of our envisioned industry.”
The CIIN president charged insurance professionals to be disciplined and trustworthy and run a business where customers could vouch for prompt claims settlement, being pertinent in a customer-centric atmosphere.
Ilori also urged insurance operators to deepen financial inclusion, adopt digital technologies, and foster a culture of innovation, continuous learning, and agility.
“Together, we can shape the future of the insurance industry—one that is inclusive, resilient, and prepared for whatever challenges and opportunities lie ahead,” she said.
Speaking also at the programme, the Alake of Egbaland, Oba AdedotunGbadebo III, lauded insurance practitioners for providing a financial safety net for people, while pledging to support the industry in any possible capacity.
Gbadebo, who was represented by Afolabi Fashanu, however, charged the underwriters to be more proactive and prompt in paying claims while offering more innovative products and customer-centric services to their clients.
In a panel session, the Director, Insurance Education of Lagos Business School, Victor Banjo, commended the CIIN’s leadership role in grooming world-class talents for an international industry.
Banjo charged insurance operators to shift their focus from rarely offering products to emphasizing customer-centric service delivery to deepen insurance penetration.
