FITC/NAICOM: Reshaping Insurance industry through innovation, market growth strategies’ summit – Nairametrics

FITC, the world-class, innovation-led, and technology-driven knowledge organization which provides learning, insights, and innovation, as well as advisory services to financial institutions and other sectors in Nigeria and beyond, in partnership with the National Insurance Commission (NAICOM), will be hosting players in the Insurance sector to an industry-wide event themed ‘Accelerating Insurance Business Growth and Market Penetration: Leadership Imperatives for the Insurance Industry Post COVID-19’ scheduled to hold on September 23rd to September 24th, 2021 online and onsite at Lagos Marriott Hotel, 122 Joel Ogunnaike Street, Ikeja GRA, Lagos by 10.00am

The two-day, hybrid event will provide key industry players within and outside Africa the opportunity to share knowledge and equip insurance and reinsurance organisations and their leadership with insights and skills needed in tackling emerging realities and disruptions triggered by Covid-19 while maximizing the inherent opportunities they present.

While no one predicted the outbreak of the Covid-19 pandemic, the pandemic is still profoundly affecting both lives and livelihoods, and consumers are cutting back on discretionary expenditure, including insurance, in the face of income and market volatility. However, this impact is expected to delay rather than alter the pattern and potential of future growth. In some cases, the crisis may accelerate existing trends—notably the shift toward digital and remote channels, which has the potential to offer new opportunities to both insurers and consumers.

Business leaders with foresight are now keying into innovative ideas and possibilities that will reduce the devastating impact the pandemic wreaked on their operations.

Additionally, economic growth across the continent is actively reshaping Africa’s once historically underdeveloped insurance market, which outlines the trajectory of the African insurance market’s growth and the potential for remarkable development of the sector.

Speaking on the event, the MD/CEO, FITC, Chizor Malize noted that to successfully explore these opportunities, while navigating the disruptive environment, it has become imperative for insurance and reinsurance organizations to equip themselves to not only be prepared for these emerging realities, but to also maximise the opportunities they present.

“To achieve this, the leadership of insurance and reinsurance companies must realign their focus, enhance their technical capacities and competencies, as well as be better equipped with requisite knowledge, skills, and technical know-how to guide their organizations on the part of recovery, accelerated business growth and increased market penetration. This will no doubt enhance business operations and customer value proposition, as well as restore customers’ trust and confidence in the Insurance Industry.

Both FITC and NAICOM, the organization responsible for ensuring the effective administration, supervision, regulation, and control of insurance business in Nigeria and protection of insurance policy holders, beneficiaries and third parties to insurance contracts, believe very strongly that organizational leadership has a significant role to play in reinforcing resilience, agility and foresight imperative to reposition their organizations for future opportunities,” Malize said.

Speaking further, Malize noted that one of the objectives of the programmes is to help insurance and reinsurance organizations build an effective and efficient claims system to deliver on the needs of their customers, prioritizing digital transformation to provide a seamless experience and identifying the right tools to build organizational resilience, while successfully navigating the ever-evolving regulatory landscape.

The renowned local and international faculty billed for this programme include CEO, Insurwave, UK, David Power; Chairman, Nigeria Social Insurance Trust Fund (NSITF), Prince Austin Enajemo-Isire; Group Executive Director, Special Duties/GCRO, Dangote Industries Limited, Dr. Adenike Fajemirokun; Director, Corporate Governance, Financial Reporting Council of Nigeria (FRCN), Dr. Nelson Anumaka and Chief Executive Officer, Crown Height Consulting, USA, Dr. George Onekhena.

Others are Managing Director/CEO SCIB Insurance Brokers, President Nigeria Council of Registered Brokers, Shola Tinubu; MD/CEO, Cornerstone Insurance & Chairman, Nigeria Insurers Association, Ganiyu Musa; Associate Director, Venerate Group/Insurance Expert, Ekerete Ola Gam-Ikon; Executive Director/Chief Client Officer, AxaMansard Insurance Plc, Rashidat Adebisi and Partner/ Insurance Lead, EY, Rotimi Okpaise.

Participant will take a deep dive into some critical topics and subject matters such as examining the FRCN NCCG 2018 vis-à-vis the NAICOM, the emerging opportunities in financial inclusion, sectoral guidelines and InsurTech (Insurance Technology), building operational excellence for customer trust and market growth. Participants will also learn how to overcome the risk-averse nature of Insurance to innovate and succeed in a VUCA environment.

The industry-wide programme is targeted at executives from the insurance services sector, regulators in the insurance service sector, insurance enthusiasts, business owners, Nigerians in diaspora who intend to play in the insurance service sector, human resources executives, and other relevant stakeholders.

At a time when there is limited public awareness of the insurance sector and how it really works in Nigeria, including the immense distrust by those who are aware of it, particularly in urban areas, the FITC/NAICOM programme is timely to educate and advocate for the awareness and improvement of good business practices towards consumers.

The enormous potential that a large and growing population and economy such as Nigeria represents further establishes the need for an inclusive insurance sector. To achieve this, the regulatory, policy framework and supervisory system needs to be more supportive of inclusive insurance.

Additionally, growing international experience progressively shows that microinsurance, which is defined as insurance that is accessed by the low-income population, provided by a variety of different entities but run, in accordance with generally accepted insurance practices, is a viable business that can help to close the gap between the minority who have access to formal risk mitigation tools, and the large majority who are financially excluded.

The FITC/NAICOM industry event will provide a platform to discuss the very low penetration of insurance and other pertinent issues plaguing the sector, while increasing awareness and public confidence and trust in the sector.

Leaders in the insurance sector must be well equipped now, more than ever before, to effectively navigate these issues and the ever-evolving insurance industry landscape, and guide their organizations on the part of recovery, accelerated business growth and increased market penetration. This is what the FITC/NAICOM programme ‘Accelerating Insurance Business Growth and Market Penetration: Leadership Imperatives for the Insurance Industry Post COVID-19’aims to achieve among others.

ABOUT FITC

FITC is a world-class innovation-led knowledge and professional services firm providing cutting edge Learning, Advisory and Research Services to clients in the Financial Services and other sectors, within and outside Nigeria.

Established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector. FITC is owned by the Bankers Committee, i.e., CBN, NDIC, and all deposit money banks in Nigeria.

For four decades, FITC has been at the forefront of innovative knowledge offerings designed for an array of C-suite executives, directors of banks and other financial institutions. Leveraging on international Faculty and partnership, FITC has led the knowledge space in delivering high valued capacity building solutions for Board Directors and C-suites.

FITC is a recipient of the International Federation of Training & Development Organisations (IFTDO) ‘Change Agent in Learning and Development in Africa’ Award, 2020 Business Excellence Award (The BIZZ Award), 2020 Strategy Innovation & Change Award, The International Business Excellence (IBX) Award, among others.

ABOUT NAICOM

The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation, and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.

The mandate of the Commission as specified in the enabling law (NAICOM Act 1997) is to establish standards for the conduct of insurance business in Nigeria; approve rates of insurance premiums to be paid in respect of all classes of insurance business; ensure adequate protection of strategic Government assets and other properties; regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria and act as adviser to the Federal Government on all insurance related matters.