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
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