By Favour Nnabugwu
The nation insurance industry has been advised toleverage on the relationship the sector shared with the federal government under the President Muhammadu Buhari to boost the image using customer service delivery.
The Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed she relationship between government has never been this strengthens.
The Insurance sector in its more than 60 years history has never before this time enjoyed the closeness, romance and positive relationship with the Federal Government as we have presently under the administration of His Excellency President Muhammadu Buhari, GCFR. While insurance industry is celebrating these recent developments of support by the Federal Government”
She said that it will be a good opportunity for the insurance sector to impress in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability.
“The leadership of all arms of the insurance sector must see this opportunity as a challenge to boost the image of the sector and move positively closer with a view to increase its visibility through efficient service delivery”.
She expanciated that the issue of professionalism and business ethics must be taken seriously among members of the insurance broking fraternity and indeed the entire insurance industry.
“This will in turn improve the fragile image and perception of the sector by the populace”
” The harmonious working relationship between the NCRIB and other stakeholders is commendable and we expect that this is sustained and improved upon”
The Minister said the new NCRIB president, Rotimi Edu should the Council leadership to be a formidable partner to your Regulator the National Insurance Commission and the government in the implementation of its various policies and initiatives.
“Now to the man of the moment Barrister Rotimi Edu, congratulations to you oni your election as the 21st President and Chairman in Council of the NCRIB. In your new leadership position it will be expected that you and your council and indeed the entire Insurance Broking family will key into the various initiatives of the Federal government especially those relating to poverty allievation”
“The Federal Government is not unaware of the challenges confronting businesses including the insurance sector and it is doing so much through various initiatives and policy rearrangements to ensure stability in the system”
Also, she touched on the need for training to professionals and insurance practitioners, “The world has moved many places ahead of Africa in so many fronts in insurance practice and governance. The insurance sector is a knowledge based industry which must take issue of training of its members seriously in order to update itself with current realities across the globe.”
She emphasised, “By training and retraining we can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all inclusive and diversified channels of reaching our huge potential clients.”
The President and Chairman in Council of the NCRIB Mr Rotimi Edu, your deep knowledge about the industry, versatility and pedigree and recently a graduate of National Institute for Policy and Strategic Studies (NIPSS) which earned you Membership of the Institute (mni) certificate gives me the confidence
“I want to use medium to encourage members of the NCRIB to be open to initiatives including the adoption of relevant technologies aimed at making the insurance market robust and all inclusive especially at a time that the Commission’s cardinal objective is centered on deepening penetration and developing the market.”
She sdded, “It is worthy to say that extreme times like this require extreme measures to reach out to the nooks and crannies of the country. Partnerships and collaborations must be sustained with other stakeholders we perceive as progress partners in consumption, supply or distribution of insurance products in the country”
“The market is indeed in a dare need of serious partnership, collaboration and synergy if truly the industry want to make the required impact. The efforts been made so far by the Commission require the industry players to actively get involved.”
Ahmed noted that insurance market is so large and urged intermediaries to comb nooks and crannies, “My observation has revealed that there is huge market for insurance in every State of the Federation but lack of or inadequate presence of insurers and intermediaries may have hindered uptake of insurance in those places”
“I want to challenge the intermediaries that there is huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness”
The Minister assured the insurance industry of the current administration’s support, “I want to assure you of the commitment and support of the administration of His Excellency President Muhammadu Buhari, GCFR to the development of the insurance industry and make it a veritable instrument for national growth and developoment. The contribution of the insurance sector to the nations GDP must become significant for recognition”.