Tuesday, April 8, 2025
32 C
Lagos

‘INSURANCE FIRST Model Will Deliver 5-Point Agenda’

Mr. Tope Smart, the new chairman, Nigerian Insurers Association (NIA) has promised to deliver sustainable growth for the insurance industry in Nigeria through his 5-Point Agenda driven by INSURANCE FIRST model.

Smart said the 5-Point Agenda will drive the direction of his service to the Association for the next two years thus:

  • Protection of Interest of Member Companies  

More than ever before, I will ensure the protection of the interest of member companies.  In order to achieve this, I seek the cooperation of everyone and appeal to all of us to be united and stand together.  This way, we can take the Industry to greater heights.

  • Proper Positioning of the Insurance Industry

As I mentioned before, there is a huge gap between where we are supposed to be and where we are today.  The question is who are the agents to fill the gap?  The answer to this question is not difficult.  We are the one.  We must begin to do what is right.    How can we do this?

There are various ways.  Deployment of good technology to drive our operations, development of human capital, reaching the unreached – setting and working towards a financial inclusion target for the industry, putting in place, an excellent customer satisfaction mechanism, increase insurance awareness through many channels, build capacity for the industry are some of the ways by which we can properly position the industry.

  • Improve the Standard of Professionalism  

Many of you will agree with me that the level of professionalism in the industry is very low compared with global best practice.  The rates charged more often than not for risks presented for insurance do not correlate with such risks.  There is need to have a total departure from this practice.

  • To Put in Place a Befitting Edifice for NIA

As many of you are already aware, plans are on to build a befitting edifice for NIA. The building  when  completed shall  be called NIA Towers.  I must commend the effort of the Past Chairmen, particularly, the immediate Past Chairman of the Association for the good job he has done in this area.  The flag off of the project has already been done.  We are awaiting approval from the relevant authorities for us to commence work in earnest.

  • Deepen Insurance Penetration

In my opening remarks, I talked about the low level of insurance penetration, particularly when compared with other markets in Africa.  Presently, for a population size of about 200 million, industry penetration is less than .5%.  You will all agree with me that this is not good enough.  We must collectively work together to increase the penetration level.   In this regard, NIA will work with all arms of the industry such as Brokers, CIIN and NAICOM to achieve this.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank Budgets N130m in 4th Season of Reward4Saving Promo

Stanbic IBTC Bank, a leading financial services provider in...

STI CEO, Soyinka to Nigerians: Cultivate a Culture of Insurance

The Managing Director and Chief Executive Officer of Sovereign...

Sterling Bank Champions Cancellation of Transfer Charges

In a landmark move that sets a new benchmark...

Stanbic IBTC Bank PMI: Sharpest Rise in New Orders in 14 Months

The recovery in the Nigerian private sector gathered strength...

Barth Nnaji to Deliver The Bullion Lecture 2025

Globally acclaimed energy expert, Professor Barth Nnaji, is to...

Topics

Coscharis, Ford Partner on Life Driving Training in Nigeria

Ford Motor Company in conjunction with its dealer, Coscharis...

NCC, Lottery Commission Inaugurate Consumer Protection Committee

L-R: Banji Ojo, Head, Consumer Policy Development and Monitoring, Nigerian communications...

Stanbic IBTC Pension Managers’ FUZE 3.0 Festival: Set to Light up Lagos on Dec 21

In a spectacular celebration of Nigerian creativity and innovation,...

NEM Insurance Group Reports N19bn Profit, N16bn Claims Payment in 2023

L-R:  Managing Director/CEO, NEM Insurance Plc, Mr. Andrew Ikekhua;...

NDDC Audit Report: MIIVOC Invokes FOI Act on Malami

Following last week’s submission of the Forensic Audit Report...

Interswitch, ACI Worldwide Deepen Strategic Partnership to Revolutionise Africa’s Payments Landscape

Africa's payments ecosystem has undergone significant transformations in recent...

EBOLA: The $100m World Bank War-Chest for Stricken Countries

The World Bank Group announced an additional $100 million...

Linkage Assurance Donates Traffic Materials to FRSC

R-L: Okonlawon Adelagun, ED, Technical; Daniel Braie MD/CEO,  both...
spot_img

Related Articles

Popular Categories

spot_imgspot_img