Attitude of insurance players towards non-mandatory training

By Henry Uche, [email protected]

When Dr Yeside Abiodun Oyetayo assumed of office as the pioneer Rector, College of Insurance and Financial Management (CIFM) on April 7, 2014, she practically had her job cut out for her.

Firstly, she needed to etch the institution, a new creation, in the hearts of stakeholders.

It required hardwork and strategic stakeholder engagement which she brought to bear.

But in all, one thing was frustrating to her- the offish attitude of insurance players towards non-mandatory trainings.

Nonetheless, she took the College to enviable heights before she bowed out in 2023.

In this interview, she speaks more on the College.

You achieved a whole in the college, what were your challenging moments?

The major challenge I faced during my tenure was the attitude of the industry towards non-mandatory training programmes. It was quite frustrating to identify skill gaps, develop training curriculum and organise workshops to aid human capital development in insurance profession, only to have a few companies nominate staff to participate. We practically pleaded with learning and development officers and HR staff to get nominations for these workshops. Ironically, results of the Skill Audit Research we conducted for the CIIN in 2021 revealed that personnel within the Nigerian insurance industry understand the importance of training in their skill acquisition and career development, but often do not get nominated for the training. Nonetheless, we do have some companies that take staff training seriously.

Your happiest moments:

Majorly, the movement of the College from the CIIN Secretariat to its campus in Oloke Torotoro in Asese, Ogun State; the commencement, successful completion, and graduation of students of the maiden Diploma in Insurance Programme in 2015; the commencement of international training workshops (ILO and GIZ) in the College with participants from different parts of Africa in July 2015; the Commissioning of the College in 2015.

Others were: Nomination as part of the entourage of the CIIN President to visit the then Vice President in Aso Rock ahead of the first Insurance Conference in Abuja; the appointment of the College as the certifying institution for Bancassurance in 2017; nomination of the College by NAICOM in 2019 to organise mandatory training for Directors of insurance companies tagged “Insurance Directors’ Conference”; numerous recognitions and accolades received for the CIFM both locally and in the African continent; selection as one of the top 50 women in insurance in Africa, and nomination in April 2023 to represent the College at the UNDP sponsored training on Climate and Disaster Risk Financing (CDRF) in Cape Town, South Africa.

The vision of the college is, ‘To Be The Insurance College of Choice in Africa’, what did you do in this regard?

First, we have been pivotal to human capital (capacity) development in insurance industry in Nigeria and Africa. Our collaboration with corporate and international organizations in our efforts to promote the college and our tangible achievements are enough proof to substantiate our efforts to achieve our vision.

Collaborations

We collaborated with: Actuary Without Boarder (AWB); African Reinsurance; African Insurance Organization (AIO); The Centre for Financial Regulation and Inclusion (CENFRI); Chartered Insurance Institute of London (CII UK); Enhancing Financial Innovation and Access (EFINA); Deutsche Gasellschaft fur Internationate Zusammenarbeit (GIZ) GmbH; Others are: ILO Impact; insurance College Kenya; ITC Uganda; Lagos Business School; Nigeria Re; Noor TAKAFUL; Unilag School and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

Projects executed

Furnishing of offices, Chalets and Students’ hall of residence, Rector’s and staff lodge; MSMEs Research Centre; reclamation of College land; registration of the College beautification of College frontage; NAICOM hall and the Lawn Tennis Court.

Academic impact

The designed the curriculum for diploma and running the programme from 2015 till 2022; Redesigned the Agency Proficiency Workshop Curriculum and Publishing the manual; Facilitation and collaboration with ILO to organize Microinsurance Workshops in Nigeria; Organized the ILO Microinsurance Certification for CIFM Trainers; Initiated Actuarial Development Program Sponsored by NAICOM; Others are: Commencement of Research programme with Skill Audit Research sponsored by CIIN; Organized MSME Research; Organized free webinar with Talent Asia Consulting and Training and Ghana Agricultural; sensitization of Actuarial Development Plan; staff and management retreat and train the trainer workshops.

Any regrets?

Honestly, I have no regrets. I came with a lot of passion and desire to make a difference. When I look back at the last nine and half years, I can only give thanks to God. I’m the trail brazing and pacesetting pioneer Rector of the College of Insurance and Financial Management to the glory of God, I am leaving a solid legacy that would endure for a very long time. As I often say, the CIFM was a project handed to me by God and that is why with all sense of humility, we have been able to build this enviable legacy- the leadership of which I am happy to hand over to my successor. It has not been a bed of roses, but I will forever thank God for this opportunity of a life- time. Our graduates from our Diploma in Insurance Programme are making waves in the industry because they are well grounded that they complete their professional examinations within a year of graduation.

Vision for the College and charge to successor

In the next five years, I see the CIFM expand the scope of its services beyond Africa and growing into the global insurance college of choice that we envisioned it to be. I have encouraged Dr. Chizoba to be dauntless and surpass my feats. And I’m optimistic she can do greater things. But all stakeholders should give her the maximum support she deserves.