By Favour Nnabugwu
The 25th Chairman of the Nigerian Insurers Association (NIA), Mr Olusegun Ayo Omosehin has declare a four pronged agenda for the industry with the theme: Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement.
Omoshein, at his investiture ceremony in Lagos yesterday said he will focus on four (4) key strategic areas:Market Discipline, Market Development & Respect for Market Agreements
We shall ensure adherence to high ethical standards for our market which has been the pillars upon which the association was formed.
“Specifically, the NIA under my chairmanship will work with other stakeholders to: Ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies Implement progressive market development initiatives and agreements Explore new areas of business collaboration to expand the market Collaborate with the regulatory community particularly our primary regulator,”
The new chairman said “we will collaborate with all players to enforce market discipline among member companies. As a Self-Regulatory Organization (SRO), the Association works through the peer pressure to promote best practice among operators.
“We will work very hard as leaders of the Association to build trust and lead by example, so that some of the issues relating to soft market practices and general indiscipline in the market are promptly dealt with.
“We shall ensure adherence to high ethical standards for our market which has been the pillars upon which the association was formed.”
He explained that NIA under his leadership will work with other stakeholders to:ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, implement progressive market development initiatives and agreements, explore new areas of business collaboration to expand the market and collaborate with the regulatory community particularly our primary regulator, NAICOM, on market impacting regulations such as Risk-Based Supervision, among others.
He said the he will upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our public, adding that these should culminate in product and process innovation that meets our customers’ multi-dimensional needs.
“We must bear in mind that the world has evolved and so has our country. The ways and means of our economy, business environment, social fabric, norms, and communication. Whilst this provides massive opportunities for us, it also means that risk profiles have evolved. If we are to serve it adequately, we must evolve along – in our thinking, in our approach and in our intent.”
He however called for the maximum support and cooperation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM), the Nigeria Council of Registered Insurance Brokers (NCRIB); institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, in achieving our goal of a prosperous insurance industry.
He assured that his administration will work closely with NAICOM in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry.
He promised to work closely with other stakeholders including the government to maximize the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations. “We invite other trade groups to join hands with the NIA for us to have a coordinated approach to resolving issues.”
“We shall encourage members to deploy innovation to increase acceptability, accessibility, availability, adequacy and affordability of insurance products and services. Because only then can we fulfil our promise of protecting the lives and dreams of our customers.”