Insurance: Leading through Women

Proshare

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


Proshare Nigeria Pvt. Ltd.


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


Proshare Nigeria Pvt. Ltd.


Related Articles by Author

  1. Insurance Sector: Drawing Lessons From Others
  2. Insurance Sector Leadership Changes and PolicyHolders' Expectations
  3. Value Will Sell Faster And Longer
  4. Democratize Insurance, Empower Citizens With Information
  5. Has the Insurance Act 2003 Made Nigerians Poorer These Past Five Years?
  6. Insurance Is For Others, Not You
  7. Can Insurance Lead Nigeria's Economic Stabilization?
  8. Crisis of Identity Management, COVID-19 And Insurance
  9. The Stalemate of Claims Payment
  10. Is Insurance the Silent Guardian for Nigeria?
  11. Insurance Before And After The Virus
  12. Insurances You Have, Unknown to You
  13. Insurance of Stolen Properties
  14. Insurance, Loved by Accident
  15. Fires, Markets and Insurance
  16.  The Road Called Recapitalization?
  17. Making Insurance Work in Nigeria: Structural Realignment Required
  18. What's A Support System Without Insurance?
  19. 2019 - The Year of More Insurance
  20. Insurance Recapitalization: Four Reasons Why NAICOM Should Be Transparent
  21. Insurance - Good Product, Served Poorly
  22. Why Fake Insurance Thrives in Nigeria
  23. Rebuilding Trust In Insurance Relationships
  24. Insurance and Nigeria's Budget of Sustaining Growth and Job Creation
  25. Making Claims Payment the Basis Of Performance Measurement In The Insurance Sector
  26. 5 to 9 Insurance Questions for Nigeria at 59
  27. Insurance Broking: Is Diminishing Returns Setting In?
  28. An External Memo To The President: How The Insurance Sub-Sector Can Help
  29. Where Are The Insurance Amendment Bills Of 2008 And 2018?
  30. Kidnapping Insurance: Is It Hot In Nigeria?
  31. The Insurance Sub-Sector: Its Challenges As Opportunities For All
  32. Funeral Insurance - Bridging The Divide Between Culture and Financial Planning
  33. Insurance Recapitalization in Nigeria: What Policyholders Should Do Now!
  34. Nigeria: New Minimum Paid-Up Share Capital Policy For Insurance And Reinsurance Firms
  35. The Benefits of Standardizing the Insurance Industry
  36. Microinsurance And The New National Minimum Wage
  37. Insurance In Nigeria: Approaching 2020 Without Digital Solutions?
  38. PMB's Second Term and Buharinsurance
  39. Meeting The Insurance Needs Of Digital Natives

 

Proshare Nigeria Pvt. Ltd.


Related News

  1. NAICOM Should Give Top Priority to Claims And Insurance Promotion In Nigeria - Ekerete Ola Gam-Ikon
  2. Ekerete Ola Gam Ikon To Speak On NAICOM Recapitalization Extension Till 2021 Tomorrow on WebTV
  3. NAICOM Segments Capital Requirements for Insurance Companies; Extends Deadline to Sept 30th 2021
  4. Leadway Assurance Holds Virtual AGM; Pays N38.5bn Claims in 2019, as Total Assets grew to N394bn
  5. COVID-19 Pandemic Has Hit Every Industry Hard, And the Insurance Industry Is No Different
  6. EIOPA: European Insurers Face Increased Risk Exposures Due to COVID-19
  7. Old Mutual Celebrates 175 years of being the ''Certain friend in Uncertain Times''
  8. Ahead of Tomorrow on WebTV: Discussions on Post COVID-19: Repositioning Insurance In Nigeria
  9. ZENITH General Insurance's Profit Before Tax Rises By 16% to N3.67bn
  10. WAPIC Offers Health Workers 15% Premium Rebates on New Policy Uptake
  11. The Importance of Ijara Sukuk To Support Healthcare, Agriculture and Clean Energy
  12. Ahead of Tomorrow on WebTV: Discussion on COVID-19; Implications for The Nigerian Insurance Industry
  13. WAPIC Announces COVID-19 Palliatives; Offers Customers Refund on Motor Insurance Premiums
  14. COVID-19 Palliatives: Leadway Assurance gives back to Motor Insurance Clients
  15. NAICOM Mulls Extension of Recapitalization Exercise

 

 Proshare Nigeria Pvt. Ltd.

 

 

 

 

 

 

READ MORE:
Related News
SCROLL TO TOP