Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) has outlined his 5-point agenda to drive sustainable growth of the insurance sector in Nigeria.
Speaking at his Media Unveiling event in Lagos yesterday, Ahmed said that globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.
“However, in Nigeria, depending on your source of data, insurance penetration remains strikingly low. We currently lag far behind African and global averages despite being one of the continent’s largest economies. To turn these challenges into opportunities for the growth of our industry and the prosperity of our nation, we will focus strategically on the following areas:”
Customer-Centricity: Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations. A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood.
Digital Transformation: Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential. We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians.
Commitment to Excellence: As we embark on this journey, I want to assure you that our commitment to excellence will guide our actions. We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.
Advocacy and Collaboration: Engaging with government agencies to advocate for policies that support the insurance sector is essential. We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively
Education and Awareness: Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions.
To achieve the strategic focus of his administration, Ahmed sought the support and co-operation of partners in the media.
“Your role in communicating our vision and initiatives and advocating our cause will be even more crucial in this new dispensation. Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability.”
