Follow Us on Google
By Henry Uche
As volatility, uncertainty, complexity and ambiguity (VUCA) continue to reshape global business realities, smart thinking in insurance management is not optional but mandatory.
To this end, insurance and financial sector leaders are urging urgent investments in developing the next generation of risk managers capable of steering institutions through unprecedented economic turbulence.
Industry stakeholders warn that risk management is rapidly evolving beyond traditional compliance and control functions into a strategic intelligence discipline requiring digital fluency, geopolitical awareness, and advanced predictive analytics. Experts caution that organizations that fail to intentionally build strong talent pipelines risk being overwhelmed by emerging threats such as cybercrime, climate shocks, financial fraud, and regulatory disruptions.
Stakeholders across multiple platforms stressed that grooming future risk leaders must begin with deliberate reforms in education, corporate training, and mentorship systems. They advocated exposure of young professionals to real-world crisis simulations, data-driven risk modelling, and cross-sector collaboration. According to them, resilience is now a strategic asset rather than a corporate option.
Speaking at a Lagos insurance forum, former Executive Director at AXA Mansard Insurance Plc, Rashidat Adebisi, stressed the urgency for corporate institutions to rethink risk leadership development.
“It was high time corporate organizations began to look seriously into this critical aspect of their business life given the unpredictability of the time,” she said.
Adebisi announced the launch of her strategic initiative, The Re-Architecture Project, designed to reposition insurance as a critical pillar of macroeconomic stability, aligned with Nigeria’s $1 trillion economy ambition by 2030.
She argued that while Nigerian underwriting firms are racing toward recapitalization requirements, capital alone cannot drive economic transformation. “Beyond capital, it demands a total re-architecture of how financial systems interact with the informal economy, which currently accounts for over 60 per cent of employment in Africa,” she stated.
She also called for stronger industry collaboration. “It’s better we collaborate than to work in silos,” she said.
Rebranding Insurance for Public Trust
Adebisi highlighted Nigeria’s low insurance penetration rate of about 1 percent as a major concern. She said identity perception remains a major barrier to adoption.
“There is need for innovation. We can use education to go deeper, or can we just use a compelling name instead of ‘Insurance’ because people get irritated whenever they hear the word insurance,” she noted.
With 21 years of experience in institutional finance, Adebisi said Nigeria’s implementation of the National Insurance Commission reform framework, particularly the Nigerian Insurance Industry Reform Act (NIIRA) 2025, represents a watershed moment for sector transformation.
Her Re-Architecture Project aims to reposition insurance from a transactional product into what she described as the “secret sauce” of economic resilience.
“Insurance is the net that allows a nation to jump higher,” she stated. “Every decimal point in a financial model represents a business stabilised and a future secured, providing the essential foundation for macroeconomic growth.”
She added, “Nigeria is not lacking capital but invisible infrastructure — specifically trust, access, and regulatory clarity. Insurance reform represents a necessary recalibration of industry foundations while accelerating digital transformation. Those who view compliance as a burden will struggle, but those who see it as a competitive advantage will thrive.”
Other News
Building Digital Economic Inclusion
Her initiative also seeks to transform tax compliance and financial participation by repositioning tax systems as digital utilities for SMEs and informal sector operators.
She said the goal is to move informal businesses into formal financial ecosystems covering taxation, insurance protection, and credit access.
“The future of finance in Africa will not be inherited. It will be architected. It is our turn to build,” she affirmed.
She further urged policymakers and industry leaders to move beyond incremental adoption toward building interoperable financial ecosystems capable of supporting future African economic growth.
New Risk Professionals for New Threats
Other experts emphasized that success in the VUCA era will depend on cultivating a new generation of risk strategists and corporate security custodians capable of converting uncertainty into opportunity.
They called on governments, regulators, universities, and corporate boards to accelerate training programmes for enterprise risk managers, crisis prevention specialists, and threat intelligence analysts.
“The strength of tomorrow’s institutions will ultimately be measured by the quality of risk leadership groomed today,” stakeholders affirmed.
Credit-Insurance Data Integration Strengthens Financial Stability
In a related development, CRC Credit Bureau Limited recently strengthened collaboration with National Insurance Commission to integrate insurance data into Nigeria’s credit reporting ecosystem.
CRC Credit Bureau CEO Tunde Popoola said the partnership would enhance underwriting precision, fraud detection, and digital financial inclusion.
The initiative received strong regulatory backing from Commissioner for Insurance Olusegun Ayo Omosehin, who stressed that data-driven regulation would strengthen industry stability.
Both institutions agreed to develop insurance-sector databases, conduct analytics demonstrations, and launch capacity-building programmes to support industry modernization.
Benefits of Data Integration
Experts say integrating insurance data into credit systems will improve risk-based pricing, accelerate claims settlement, strengthen KYC verification, and reduce fraud.
It will also support the development of digital insurance products and expand financial access for underserved populations.
Conclusion
As global economic uncertainty intensifies, industry experts agree that Africa’s financial future will depend on strategic risk leadership, digital transformation, and collaborative policy design. As Adebisi concluded, “The future of finance in Africa will not be inherited. It will be architected.”
