By Henri Uche, Lagos
With the aim of enhancing the relevance of insurance for greater accessibility and placing it at the forefront of the financial industry, insurance industry players are seeking synergy between operators, regulators, agents and brokers, policyholders, adjusters, underwriters and others. cost-effectively support the sector for the benefit of everyone in the value chain.
At the Insurance Industry Parley 1.0, organized by the Chartered Insurance Institute of Nigeria (CIIN) recently in Lagos, stakeholders lamented that the sector is struggling to gain significant acceptability by most Nigerians, unlike the banking sector. who came to stay.
Looking at the outlook for the insurance industry from the perspective of regulators/policy makers, insurers, customers/policyholders, agents and brokers, among others, experts believe that critical players need to thoroughly introspect and uncover practices which have been hostile to the industry and stop them immediately, and at the same time start practicing what their counterparts in developed countries are doing and which is making them soar in the insurance profession.
They noted that the lack of trust in insurers by Nigerians even among potential policyholders is one of the issues plaguing the sector over a period hence the need for cross-pollution and fertilization cross-fertilization of ideas to tackle emerging issues and trends. destroying the sector should be a top priority for all critical players in the sector.
With the theme “Sustainable Insurance: Issues and Trends”, they argued that the early pioneers of the insurance industry missed the opportunity to make the industry strong, acceptable and indispensable before the people, hence the need to review the strategy to recover the oldest position. .
Speaking at the event, Managing Director of FairDeal Public Adjusters Ltd, Ralph Opara, felt that the insurance industry seems to be the crying child in the financial industry compared to the banking industry.
Opara recalled wistfully that the insurance industry in the 1970s had more money than the banking industry and could lend to others. “In the 1970s agents would come to Royal Exchange Assurance to get funds to support the banking industry. If the insurance was serious, then they would have bought all the banks. But today banking is booming while insurance is struggling because insurance didn’t strike when the iron was hot and that’s because we didn’t have entrepreneurial managers . Abroad, most banks are owned by insurance companies,” he said.
On the way forward to reclaim his leadership position, he said: “We cannot answer it because financial and monetary policies are made by the banks, and of course they would patronize their own. Today, you can’t function without a bank account, but you can do without an insurance policy, but insurance remains the heart of any business, no business survives without it, and if it doesn’t there is no business, there would be no economy,” he said. .
Similarly, Deputy Managing Director of Hogg Robinson Nigeria Ltd, Saheed Egbeyemi, indicated that for the insurance industry to soar, its stakeholders at all levels must look back, analyze the status quo and be able to plan his future.
“If we want to stay in business, then all stakeholders need to come together, especially operators, and strategize. There is a future for the insurance industry, but we have to follow the chops,” he charged.