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Insurance: Leading through Women

Insurance	2121 VIEWS
Insurance
2121 VIEWS

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Friday, July 17, 2020 / 09:55 PM /By Ekerete Ola Gam-Ikon / Header Image Credit: Social Beat & EcoGraphics

Only change led by women results in transformation! Arguably so, but that statement does not remove anything from the assertion that "the only thing that is constant is change". Change has come to the Nigerian Insurance Industry in ways that were conceived but not anticipated because they have happened in quick succession, which prompts some appraisal for the future.

A few days ago, the 61-year old premier professional body, Chartered Insurance Institute of Nigeria (CIIN) welcomed Mrs. Abimbola Tiamiyu as its new Director General. She is the first woman to hold this position since 1993 when Mrs. Caludiana Brown served as Acting Registrar.

This exciting news is coming shortly after the Nigeria Insurers Association (NIA) elected Mrs. Ebele Nwachukwu as its Vice Chairman, a position that means she will be decorated as the Chairman in 2022 after the new Chairman, Mr. Ganiyu Musa passes the baton. The NIA Secretariat, you may know, is headed by the indefatigable Director General, Mrs. Yetunde Ilori.

Also, it would be necessary to remind us that the Nigerian Council of Registered Insurance Brokers (NCRIB) is currently led by Dr. (Mrs.) Bola Onigbogi who stepped in as President last year; and this is besides the Professional Insurance Ladies Association (PILA) which is, of course, headed by a new President, Mrs, Joyce Ojemudia who just came on board last May.

The list will not be complete without the mention of Mrs. Bukola Ifemade who chairs the influential Lagos Area Committee of the NCRIB, and Mrs. Yeside Oyetayo, the Rector of the College of Insurance and Financial Management, a full-fledged college set up by CIIN to undertake its training functions.

These women are jointly and severally, if you may permit me to put it that way, on one mission: to transform the insurance industry in Nigeria!

No	Insurance Institutions	Women That Lead	Position
1.	NAICOM	None	Not Applicable
2.	CIIN	Mrs. Abimbola Tiamiyu	Director General
3.	NIA	Mrs. Ebele Nwachukwu	Vice Chairman
4.	NCRIB	Dr. (Mrs.) Bola Onigbogi	President
5.	ILAN	None	Not Applicable
6.	NCRIB, Lagos Area	Mrs. Bukola Ifemade	Chairman
7.	CIFMN	Mrs. Yeside Oyetayo	Rector
8.	PILA	Mrs. Joyce Ojemudia	President

It is my fervent hope that a woman will yet emerge sooner to fill one of the two positions of Deputy Commissioner, Technical and Deputy Commissioner, Finance at the National Insurance Commission (NAICOM), where they have not been seen since 2005. This is unlike other financial regulatory institutions, like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and National Pensions Commission (PENCOM) where women have been actively contributing their knowledge and skills towards significance.

How Will They Transform Insurance?

One distinguishing attribute of women in leadership, which would be displayed by these professionals, is connecting their domain with the outside world, in this case, insurance with other socio-economic and political segments. At a time when the insurance industry in Nigeria greatly needs the attention of the Federal and State Governments, the Organized Private Sector and the Informal Sector, these women are the ones that can make the collaborations happen.

For starters, they would most likely get positive responses from the Honourable Ministers of Finance, Budget and National Planning; Humanitarian Affairs, Disaster Management and Social Development; Women Affairs and Social Development; Environment; Federal Capital Territory; Industry, Trade and Investment; and Transport, essentially because insurance would have greater impact through these Ministries.

Another attribute of these women would be the higher demonstration of empathy in relating with insurance policyholders. Increasingly, insurance is becoming accepted as a social responsibility rather than a commercial concern and requires that it is offered and sold in that sense. People are more likely to see the value and benefits of insurance when presented as a social product and by women in the lead.

Often, it has been said that the problem with insurance is not so much the product itself but the way it is packaged, promoted, distributed and served. These women, who are having exciting experiences in their respective roles, possess the right competence to get the job done.

Importantly, these women in insurance leadership positions will be able to draw knowledge and support from Nigerians (Insurance Professionals) in Diaspora who have been showing increased interest in the growth and development of the insurance industry in Nigeria. Working with the Nigerians in Diaspora Commission would be quite significant.

A Call to Action

If these women will focus on promoting insurance for the benefit of other women in different economic areas across Nigeria, we can hope to see a leap in the contribution of insurance to Nigeria's Gross Domestic Product (GDP), creation of more jobs and better protection of our wealth. Since COVID-19, a greater number of women have become involved in micro and small enterprises with focus on agriculture, logistics and healthcare and would require different types of tailor-made insurance policies. These professional insurance women are well able to deliver such suited services.

We look forward to a renaissance of insurance in Nigeria through these great women!

About The Author

Ekerete Olawoye Gam-Ikon, MNIM, CPP, is a management consultant with a specialization in Strategy and Insurance. You can contact him via e:mail olagamola@gmail.com and mobile +234-806-648-1111