Olufemi Adeyemi
During the recent 21st edition of the Insurance Professionals’ Forum, organized by the Chartered Insurance Institute of Nigeria (CIIN), Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), encouraged insurance professionals to adopt a customer-centric approach, underscored the critical role of robust corporate governance practices in ensuring the longevity of businesses within the insurance sector
The event, held at the Park-Inn Hotel in Abeokuta, Ogun State, brought together industry leaders to explore the future of the sector under the theme: “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach.”
In the keynote address presented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance, Finance, and Administration, Omosehin articulated that corporate governance transcends mere regulatory compliance; it is vital for business sustainability. He remarked, “No business entity can survive without strong corporate governance practices,” highlighting that the effectiveness of governance significantly impacts the strategic positioning and resilience of companies amid industry challenges.
Furthermore, Omosehin called on insurance professionals to maintain high ethical standards, emphasizing that consumer trust is fundamental to the growth of the industry. “The conduct of insurance practitioners in building and maintaining the trust of consumers is our primary responsibility,” he stated, asserting that integrity and transparency are crucial for enhancing insurance penetration in Nigeria.
He also pointed out NAICOM’s strategic initiatives, including its 4-year Strategic Plan (2024-2027), which is in line with the recently introduced *Nigerian Insurance Industry 10-year Transformation Roadmap.* This plan aims to protect policyholders, improve the safety and soundness of the industry, encourage innovation, and broaden insurance accessibility throughout the nation.
Omosehin urged insurance professionals to embrace a customer-focused mindset, especially in the area of claims processing. “It is essential that we prioritize our clients’ needs, ensuring they are treated with fairness, transparency, and promptness,” he emphasized.
In closing, Omosehin reaffirmed the Commission’s dedication to facilitating the industry's evolution. “Our success as an industry hinges on innovation, sustainability, and robust financial foundations,” he stated. “Through collaborative efforts and a commitment to corporate governance, we can cultivate a thriving and resilient insurance sector in Nigeria.”
The forum provided a valuable opportunity for in-depth discussions on strategies aimed at enhancing market outreach, elevating professionalism, and promoting innovation within the insurance sector.