NIA Chairman unveils five-point strategic focus for insurance sector’s growth

Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed has unveiled a five-point strategic focus to transform the present national challenges into opportunities for the insurance industry’s growth.

Ahmed, who unveiled the plan at his pre-investiture media conference in Lagos, identified the strategy as Customer-Centricity, Digital Transformation, commitment to Excellence, advocacy and Collaboration, and Education and Awareness.

The NIA chairman said that as the nation navigates a complex socio-economic environment in its history, the insurance industry also finds itself at a critical juncture. The nation’s challenges—from inflation to security concerns—are significant and have increased the risk profile of individuals and organisations.

However, he stated that the challenges equally present the insurance industry with unique opportunities for growth and innovation.

He noted that to turn the challenges into opportunities for the growth of the industry and the prosperity of the country, his administration would focus strategically on Customer-Centricity, which entails enhancing customer satisfaction.

Ahmed explained that the process would involve driving programmes, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in operations.

He said, “A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood”.

Ahmed noted that the insurance sector has historically been slow to adopt digital solutions, emphasizing that moving forward, embracing digital innovation will be essential.

He stated, “We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians”.

He pledged commitment to excellence, noting that as his team embarks on the journey, commitment to excellence would guide their actions.

“We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid – N536.5 billion in 2023 – demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders,” Ahmed said.

He committed to advocacy and collaboration, stressing to engage with government agencies to advocate for policies that support the insurance sector.

“We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively,” he stated.

Speaking about education and awareness, he stressed the importance of creating awareness of insurance as vital not just for the industry growth, but for our economic development.

“We will expand our outreach initiatives, including educational programmes in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions,” Mr. Ahmed stated.

He stressed the pivotal moment the nation stands in its history, noting that with the government outlining ambitious priorities for socio-economic transformation, there is an increasing need for industries that can support this vision.

“One such industry is insurance – an often overlooked but critical player in economic development. As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated,” he posited.

Mr. Ahmed called on the media to join the NIA as it advances the cause of the sector to take its rightful place in Nigeria’s economic scheme of things.

He said, “Your role in communicating our vision and initiatives and advocating our cause will be even more crucial in this new dispensation. Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability.”

Joseph Inokotong