Experts from various sectors of the Nigerian economy have made a strong
case for a dynamic, innovative and robust Insurance Industry.
This was the focus of the discourse at the 2017 Insurance
September forum, which was an opportunity to review the Insurance sector and
what needs to be done to reposition it.
Convener of the forum Mr Ekerete Ola-Gam Ikon described the
platform as an avenue to engage customers who have concerns with the insurance
industry, with a view to addressing them.
According to him “ Insurance September explores how the Industry,
can be attractive to Nigerians and become more customer- centric”. He
believed it will create more room for strategic collaborations between the
Insurance industry and other related sectors of the economy.
Speaking on the investment side of the Nigerian Insurance industry
Mr Stanley Zebulon said there was need for a proper reorientation in the
sector, as there were immense opportunities for it to grow in the country. He
however noted that the issue of pricing needs to be resolved in the industry,
to make it viable.
In terms of scale, depth and capacity, Mr Dienye Peterside a
chartered marketer believed it was time for the integration of the informal
into the insurance space. Peterside shared that Nigeria should learn from
Rwanda who currently has a robust and comprehensive national insurance scheme
that is all encompassing.
Mr Peterside decried the fact that while Insurance companies in
the United States and Europe owned banks, the reverse was the case in Nigeria
with banks acquiring insurance companies.
Giving his perspective from the unfolding digital revolution , Mr
Abiodun Atobatele asserted that the Nigerian Insurance Industry, required
critical transformation to deliver valuable service to the citizens.
Analyzing the contribution to GDP in the economic sphere,
Atobatele in a comparative showed in a presentation that while Nigeria’s
insurance sector gave 0.4% in 2016, South Africa did 13%. The ICT
consultant/expert identified four ways insurance companies can embrace the
digital transformation namely; empowering employees, improving communications
channels, optimizing operations and transforming products to adapt to changes
A brand consultant Mr Charles O’Tudor in his brief remarks made a
strong case for the industry to think about customers in its branding process,
and fully adopt the innovative platforms to delivering effective service.
In her intervention Edobong Akpabio an Agripreneur called for an
improved customer service relations strategy, that will engage the customers,
sensitize them and also add value to the industry.
sharing her perspective Ini Abimbola a consultant, called on the Insurance
industry, to give consideration to micro-insurance initiatives that will target
the MSMEs in the country.