Stories by Henry Uche, [email protected]
Insurance consultant and risk mangement expert, Odupe Bammeke, is the Chairman, Board of Trustees, Risk Managers Society of Nigeria (RIMSON).
He says in this interview that deliberate efforts must be made to make insurance accessible to all. He gave charge to fellows of the Chartered Insurance Institute of Nigeria (CIIN) at a recent forum, where he said that to be a fellow is the highest cadre of the profession and should not be seen as a mere title, but a call to service and a legacy that the younger generations would anchor on.
He said the key focus of fellows is bridging the gap between the service providers and consumers, increase inclusivity and penetration by making insurance accessible to all. He said when the sector gets the above right, contribution to GDP will increase, insurance would get more government attention and play the role expected in the economy.
Excerpt:
Gaps in ensuring access in insurance
There are gaps between insurance professionals and consumers, the regulator and professionals, government and professionals, then among professionals. It must be the ultimate objective of fellows of this institute to conscientiously seek to bridge these gaps by increasing access and inclusivity which is basically to deepen insurance penetration.
Fellows must understand that insurance is a business. There is need to accept that there is a business side to the profession, capital (human and cash) flows to where it receives highest returns.
Actions to bridge these gaps
First, education for everyone to understand and embrace insurance, then there should be greater interactions at varying levels. Fellows should review barriers to entry and make the profession and industry more attractive.
There should be transformative actions to make the industry and profession future ready- seeing insurance as a strategic lifestyle. It’s important to use modern technologies like Artificial Intelligence (AI). A deliberate effort must be made to make insurance accessible to all. We must pay attention to micro insurance and enhanced roles of insurance agents.
There is a great responsibility on every fellow of the institute that should not be taken lightly. Work and achievements must be continuous not for personal gain but for the profession and industry. It is a call to service and not just a prestigious title. To whom much is given much is expected.
What are the expectations and roles?
The key focus remains bridging the gap between the service providers and consumers – Increase inclusivity /penetration by making insurance accessible to all. When we get the above right, contribution to GDP will increase, insurance gets more government attention, taking its rightful place and playing role expected in the economy.
More significantly, they must prioritise research. This could be done by creation of special interest/study groups that focuses on future readiness of the particular subject area. For instance, in area of information technology/AI/cyber security, micro-insurance, consumer satisfaction index, reinsurance, legal, governance, among others. The research papers form the interest groups become feedstock for the CIIN, the regulator- NAICOM, Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB) in the development of policies and programs etc.
Each special interest group must seek to increase the knowledge of professionals within that interest group by mentoring, knowledge sharing, updating members on current trends and possible future trends.
It is important to help the younger generation navigate the journey to and through leadership by sharing experiences and providing guidiance by way of counselling and mentorship, publication of literature on specialised topics/areas of potential growth/conflict.
As corporate leaders in this industry, fellows must remember that they are custodians of ethical standards and practices. They must build and sustain trust with consumers and within professionals and review professional standards and practices to ensure future readiness of professionals.
They are also to play advisory roles to support decision making organs of the CIIN, NIA, NCRIB, NAICOM and government. As I said, being a fellow which is the highest cadre of this profession, is not a mere title, but a call to service, a call to take responsibilities and make an impact, a legacy that the younger generations would anchor on.
The quality of advice backed by the many researches of the various interest groups under the society of fellows would determine the level of growth of this industry, be you serve as a think tank for the Profession.
Fellows are leaders of the profession (whether honorary or by examination), that is why the process is rigorous. They have to lead by example in whatever they do and wherever they find themselves. They are representatives of the profession and anything they do in private, at work or public space is a reflection on the profession they profess.