I have been inundated with requests for my prediction on the economic outlook for this new year. My immediate contribution is based on the clarion call that leaders should use the challenging situation as an opportunity and disruption as fuel for growth.
This year, organizations will strive for inclusive approaches both internally and externally. Leaders will work extra hard to maintain the stability of organizations. They will also work relentlessly at success, no matter how elusive this may have become.
Leaders and employees will collaborate wisely to relatively, perform at peak. They will intentionally bring to the fore the winner’s mindset and fall back on core competencies. Leaders will have no choice but to better engage with their consumers as value-adding partners.
Do you know that the beauty of the human race is in its diversity? Organizations compete and differentiate themselves in the marketplace in order to serve unique customers, each one with his own needs, preferences, priorities and personality. Innovation will make organisations remain in business and promote prosperity for their organisations, employees and the national economy.
Leadership is a voice at the table not the voice at the table. It multiples with relationships. It is influential and persuasive. It runs with clear purpose and vision which cascade down to partners and other stakeholders. Leadership inspires dialogue and well-intentioned behavioural traits, strength, energy and skills. It draws its strength from all-embracing trust, cohesion and adaptiveness. It is authentic and inspires creativity plus stretching agility.
I am a faithful ambassador of the Nigerian Insurance Industry. I am always on the go-to line to the fly the flag of this very creative, benefits-seeking value-adding and resilient industry. This industry quietly drives the progress of Nigeria by creatively completing the financial loop.
Insurance is one of the greatest inventions of man and its retail arm, the greatest employer of labour. Insurance ensures the survival, continuity and relevance of other inventions. It is a risk transfer mechanism that tangibly protects from accidental losses. It thrives on innovation. The Nigerian Insurance Industry with its uniqueness, is fast evolving into one that urgently needs the much-needed boost because of its immense potentials. It provides great employment and promising career paths for skilled Nigerians. Every profession finds relevance in the insurance industry. For instance, law, people management, engineering and the array of knowledge in medical sciences and aviation.
In the course of my career development, at the undergraduate level, I fell in love with insurance (at the University of Ife now Obafemi Awolowo University, Ile- Ife, Osun State). I have since that time been carrying the beautiful banner of this industry not only in Nigeria, but also in Liberia, Republic of Niger, among other countries.
Today in Nigeria, we have a new sheriff in charge of regulation. Segun Omosehin is an indefatigable and well-rounded professional. From his actions, there is clarity in the fact that regulation can be used as smart impetus for growth of the Nigerian Insurance Industry (and the larger economy).
He has been executing with a unique decision framework that is based on his well-rounded experience and very useful life lessons. His approach to leadership has been empathetic and garnished with good understanding of industry needs and challenges. Today, the industry is better focused on maximizing opportunities, expanding options and driving growth as well as productivity.
There is full engagement, internally and externally for dramatically improved and profitable business growth. There are realistic approaches to embedding purpose in the commitment for sustainability. He, with his team are building a healthier industry with healthier bottom line; expanded value-delivering portfolios and impressive customer experience.
The new sheriff has an unbelievable grasp of industry dynamics. He shakes the table for beneficial results with equitable solutions. Regulation must impel smart and impactful actions. Its context must be a content weapon and value-driven. It must keep the power balance and also deliver society-values. Policy, performance, practice, professionalism and implementation must be carried out across the bright lines, pragmatically leveraging the strength of the industry to move the national economy forward.
The Nigerian Insurance Industry has indeed witnessed transformative actions since the enactment of the insurance act, 22 years ago. We have had remarkable interventions to accelerate genuine penetration of values to every facet of the society. The MDRI initiatives of 2009 created fruitful awareness for compulsory liability insurance products.
We had the “no premium, no cover” regulation in 2013 and new premium motor insurance rates of 2022 that guarantees claims payment of N3-5 million for third party private and commercial vehicles.
From last year (2024), when the new management came in, efficient value-delivering innovation has been the order of the day.
Today, technology has streamlined and completely closed the communication gap between NAICOM and operators.
A recent good news for the Nigerian economy is the determined enforcement of compliance with the Nigerian content requirements on insurance. Life, assets, interests and other properties must be “domestically” insured. Also, fake and illegal issuance of insurance papers is being totally eradicated.
It is now very clear that NACOM is building on well-laid foundation to rev up and reshape the Nigerian Insurance Industry. Frameworks of smart business organisations are enjoying full application by NAICOM. The regulatory body is doing great stuff to ensure the industry fully performs its expected role of contributing meaningfully to economic growth.
We are witnessing the dynamics of high and value-delivering performance with no boundaries for regular consultations.
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