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By Henry Uche
The Association of Registered Insurance Agents of Nigeria (ARIAN) has lamented that dearth of investment in technology has impeded the insurance industry from fully maximizing the potentialities inherent in Nigeria’s population.
At its 2022 annual conference held in Lagos recently, the president of the Association, Kazeem Odewunmi, also affirmed that the insurance agency network in Nigeria could provide employment opportunities for no fewer than 500,000 graduates yearly.
According to him, the theme of the conference, “Insurance Penetration, A Determinant To Economic Growth: Agency As A Catalyst” was very symbolic and strategic in line with the massive transformation going on in the industry.
“The insurance industry has attracted more foreign direct investment into the country more than any other sector. Nigeria population stood at more than 200m. 60 per cent of this are below 65years with over 105m working class. Obviously Nigeria has massive potential for insurance business growth. No wonder several foreign insurance companies are making inroad to Nigeria.
“Howbeit, Insurance companies in Nigeria have not been able to leverage on this massive market because of low investment in technology,”
Odewunmi stressed that the Association’s strategic objective was to drive insurance penetration in accordance with NAICOM Market Development and Restructuring Initiative- MDRI.
He added that apart from job creation for teeming unemployment youth, the sector could mop up investable funds for national growth, development and sustenance. “Insurance is key for job and wealth creation and mopping up funds for economic development, on our part, we are going to empower our members through Marketing Automation because we believe we need technology to access more clients and market,” he maintained.
