By Henry Uche [email protected]
Mr. Edwin Igbiti is the 51st President/ Chairman in Council of Chartered Insurance Institute of Nigeria (CIIN), and former Managing Director of AIICO Insurance Plc. As he prepares his handover note for his successor in July 2024, he spoke with Daily Sun on what he achieved so far, the need to establish a dedicated actuarial programme and on what industry issues stakeholders should strive to tackle.
Why CIIN was established
The purpose was to determine the standard of knowledge and skill to be attained by a person seeking to become an insurance professional. This standard must be well-guided and fine-tuned as circumstances permit. This is an Institute that was founded in 1959 before it became chartered in 1960, and being chartered, it tends to be affiliated with the Chartered Insurance Institute of London. Therefore, being chartered means we are guided by the law on the roles of the chairman or the president. It is mainly to guide the affairs of the institute.
Graduates of insurance must get CIIN certification
They’re, of course they can practice insurance, but for you to be seen and recognised as a professional, you have to be certified by CIIN. Which means it’s the Institute that can say you are indeed a professional. The person who studied insurance can do consultancy services, but such cannot affirm.
Issues I handled
The tasks on ground can be described as being a supervisor or coordinator, putting into consideration that as an institute, we work with various committees that the Council has formed. The Council is an advisory body to the Secretariat, that guides the activities of the institute to meet members satisfaction and uphold professional ethics. That can be said to be the tasks of the President which were already on ground before I resumed office in the Institute.
Upon assuming office in 2022, I met a dedicated team of professionals, committed to the growth of the insurance industry. However, I also identified areas for improvement, including the need for infrastructural and personal development, insurance awareness at grassroot level; advocacies in the form of ‘operation catch them young’ (Insurance awareness in secondary schools), ASISA partnership with tertiary institutions that offer insurance as a course of study and digital reinforcement of the institute’s operations, but needless to say it was a dedicated team, very supportive to my agenda and through out my tenure.
As a leader, I adopted an inclusive and collaborative approach, engaging with stakeholders through regular events, gatherings, and focus committees. I also used the advantage of the already existing mentorship programme, pairing experienced professionals with new entrants to the industry and that worked for me.
Achievements
One major achievement is ensuring that our examination is standard and not compromised in any way. That is a plus for us, because it is a core reason for setting up the Institute. We have also engaged ourselves by trying to widen the scope of the examination. We now have centres beyond Nigeria’s borders such as Sierra Leone, Liberia and Gambia, amongst others. We ensure that the best and most efficient manpower is given to the market. We also give out journals (online and hard copies) to our members and the publics that could have access to them, the aim was to keep our professionals abreast of the trending issues in the market. We have also ensured that there is an outlook where we have various professional conferences that come up during my tenure, which have been upgraded.
Also is the diaspora chapter we launched, we have created a networking platform for our members in the diaspora, the Institute now has a platform where it connects with members who joined the japa syndrome to the United States of America, Canada and United Kingdom. This I think is a big win for us in this my tenure as the President.
The professionals that turned up during the last conference were over 500. Various seminars and courses have also been held in related matters. In recent times, we have adopted and updated technology devices that also have been introduced to practitioners in the market. A bespoke state-of-the-art information technology infrastructure has been delivered to the Secretariat. Being the mother of all insurance business operators, the insurance consultative platform has been in top gear to harmonise, corroborate and ensure that we all speak with one voice to achieve our purpose.
In addition, quizzes have been organised among schools in Nigeria. Through this, we give gifts to students such as laptops to ensure that we catch them young. This also helps to build their interest in insurance. Besides, we ensure that we have mentorship as career lectures have been delivered in secondary schools in Lagos.
We also recently signed a memorandum of understanding with the Actuarial Science and Insurance Students Association (ASISA) in all tertiary institutions to give them support, both intellectually and financially. Then, we have adopted secondary schools where we teach insurance as a subject. I believe this is the to preach insurance to the young ones and other financial stakeholders. Furthermore, we meet with Small and Medium Enterprise owners and preach insurance to them such as the Manufacturers Association of Nigeria, among others.
Creating awareness is what we are working on. We also want to ensure that the integrity of our exams is not compromised in any way. We have also been distributing books to secondary schools. As regards our Corporate Social Responsibility, we have provided a transformer in the street where our Secretariat is located and that has helped. In one way or the other, we supported the healthcare provision that the National Insurance Corporation of Nigeria presented to the care personnel that the then President (Muhammadu Buhari) recognised as one of the things that insurance has done.
How my predecessors performed
With all respect to my predecessors, I would say upscaling the institute membership portal through the introduction of insuresuite through which the e-membership card was launched.
Challenges
The major challenge we encountered was how to catch them young because I realise that succession is one of the difficulties the market is facing. Most of our positions are tenured, therefore, it should be with a conscious mind that every company ensures that it has a succession plan. It should be embedded in the administration, that is why technology is of essence. Tech is something that we must embrace because it is the future of insurance.
Another challenge is that our Council is aging. I am the 51st president and I will be handing over to the 52nd president of the in July. So, we must get young and dynamic people into the Council because we need to reinvent ourselves as an institute. These days, most professionals are not showing interest and we need to encourage them to show interest to guarantee our future.
Strategies
My strategies included stakeholders’ engagement and collaboration, professional development and capacity building, strategic partnerships, knowledge sharing and innovative solutions to address industry challenges. These were the tools I used to tackle most challenges and successfully made my tenure agenda a success.
I am leaving behind a stronger and a more resilient institute, with a dedicated team of professionals committed to the growth of the insurance industry and increment of our penetration in the market. I must acknowledge the efforts of the institute registrar, Mrs. Abimbola Tiamiyu and her team for a sterling performance.
CIIN provided resources, expertise and mentorship support to the College, enhancing the quality of insurance education and training by collaborating in programmes hosted by the college to enable its success.
Dearth of actuaries in the industry
It is expedient that we establish a dedicated actuarial programme, providing scholarships, mentorship and internship oppourtunities to attract and retain actuaries, because the more actuaries that are present in the pool, the more chances we have of meeting the future we seek to attain.
Impact of insurance professionals in the industry
Chartered insurers have demonstrated enhanced professionalism, expertise, and commitment to industry growth, contributing significantly to the industry’s development at large, through their personal achievements in their various companies making the profession they represent a noble one in words and action.
New NAICOM leadership
The government’s decision to appoint a new leadership for NAICOM in my own point of view may indicate a desire for a fresh approach to regulating the industry. Not disputing the fact that Mr. Olorundare Thomas’ leadership had its achievements, but it’s not a surprise acknowledging that change is a constant phenomenon, the government might be seeking to inject new energy and ideas to tackle emerging challenges and drive growth in the sector.
Thomas had notable achievements including the implemention of reforms to enhance regulatory efficiency, introducing initiatives to boost insurance awareness and inclusion, strengthening risk-based supervision and enforcement and fostering collaboration among industry stakeholders.
However, there were still areas I could point out that could be improved on which includes more effective communication and engagement with stakeholders, faster resolution of industry disputes and complaints, greater emphasis on innovation and technological adoption and also more proactive measures to address emerging challenges and risks. My hope is that the new administration would effectively tackle these issues moving forward.
Coming from a point of general understanding of the industry I will say Thomas could have been more consistent and timely in implementation of policies and reforms, a more robust engagement with consumers and other stakeholders, more decisive action on long-standing industry issues, greater emphasis on innovation and technological adoption, a more effective communication and collaboration with industry players, faster resolution of industry disputes and complaints and lastly a more proactive measures to address emerging challenges and risks. This is not in any way to undermine his achievement but a pointer to what could have been done better.
How FG can galvanise growth
The following five key things are important in aiding the growth of the industry; Increase awareness and education by launching a nationwide campaign to educate citizens about the importance and benefits of insurance; targeting underserved communities and leveraging digital platforms; simplifying and streamlining regulations through reviews and simplifying existing regulations to encourage innovation; reduce compliance burdens; and foster a more competitive market.
Others are investment in technology and digital infrastructure either by or through supporting the development of digital platforms, data analytics, and other technologies to enhance policy management, claims processing, and customer engagement; expand inclusive insurance products by encouraging insurers to develop and offer affordable, tailored products addressing specific needs of low-income households, small businesses, and vulnerable groups. By focusing on these areas, the government can create a supportive environment for insurance growth, increase penetration, and promote financial inclusion in Nigeria.
Industry in next decade
In the next 10 years, I would like to envision the Nigeria’s insurance industry embracing AI and technology to become more efficient, customer-centric and innovative. Insurers will leverage AI for things like data-driven decision-making and product development, enhanced risk assessment and underwriting, automated claims processing and settlement, personalised marketing and customer engagement, improved regulatory compliance and risk management and increased adoption of digital channels and self-service platforms to mention a few.
Regrets
I wish I had more time to implement additional initiatives, particularly in the area of technology adoption and innovation to grow our industry.
However, my happiest moments include witnessing the growth and development of insurance professionals, and the positive impact of our initiatives on the Industry.
Advice to NAICOM, stakeholders
The regulator should collaborate closely with industry stakeholders to develop and implement regulatory frameworks that support industry growth and development.
To the operators, they should invest in professional development, innovation and technology adoption to remain competitive and relevant policyholders and other stakeholders.
To the to brokers, they should emphasise professionalism, ethical conduct and customer-centricity to build trust and confidence in the industry.
Insurance agents should develop their skills, knowledge and prioritize customer needs to build a loyal client base.
For loss adjusters, I would advise they should conscientiously maintain independence, objectivity, and professionalism in their work to enhance the integrity of the claims process.
To our insurance students in different institutions of higher learning, I think it is a good thing many of our universities are offering insurance, some included Actuarial Science.
So, I urge them to vigorously pursue continuous learning, develop a strong foundation in insurance principles, and engage with industry professionals to build their network. They must know that mentorship is still a way forward. So they must embrace it purposely if they must soar in the profession.
To other stakeholders like industry watchers and observers, the media, analysts, commentators, because there are many stakeholders. There is need for collaboration, innovation, and prioritizing professionalism to drive industry growth and development and raise the insurance penetration margin.
Charges to your successor
She should build on the progress made so far and prioritize and discover the system and methods that best works for you and get the agendas which you have set to accomplish, achieved. Work with people as you continue the drive for insurance penetration, stakeholders engagement, drive innovation and technology adoption to take the industry to the next level.