Insurance

Funmi Babington-Ashaye sets 5-point agenda to reposition insurance

From left: CIIN DG, Richard Borokini, Prof. Taiwo Osipitan, SAN watch, while CIIN President, Mrs Funmi Babington-Ashaye takes the oath of office as she assumes the presidency of the Chartered Insurance Institute of Nigeria during her Investiture in Lagos.

.To mould Institute’s workforce towards delivering action plan.

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Chuks Udo Okonta

The newly elected President of the Chartered Insurance Institute of Nigeria (CIIN) Mrs Funmi Babington-Ashaye, has said she would focus on regular advocacy; professional development; enhanced insurance awareness; continued efforts on the institute’s building and reorganisation of the secretariat during her tenure to reposition insurance practice.
She disclosed this at her investiture ceremony in Lagos, adding that the theme of her tenure as the 48th President of the Institute is, Insurance: Imperative for Education and Enlightenment.
She posited that the choice of the theme was informed by the need to confront lack of general awareness which is the greatest challenge facing insurance profession and the Industry.

She noted that people lack knowledge about Insurance and its importance in all human endeavours including business undertakings and that this manifests in poor patronage of insurance products by the public and the unwillingness to choose Insurance as a course of study by the youths.
“As an Institute, we must continue to take deliberate steps to address these issues with a view to repositioning the profession in the psyche of the people. We must build on the past efforts of our predecessors and the awareness drive of other stakeholders in the industry.

“Accordingly my tenure will make Insurance awareness and enlightenment a common issue to be driven by all stakeholders in their various domains. The only way to educate the Nigeria public is through enlightenment which is best achieved when every practitioner is made an ambassador of the Industry. I have in preparation for my tenure engaged some of my professional colleagues to transform my thoughts into achievable programmes,” she said.

She said her regime intends to drive public awareness of insurance and help to rebuild the public confidence and trust through the activities of the Chartered Insurance Institute of Nigeria, via regular advocacy and press releases on the role of insurance in the security of lives, property and wealth creation.

She said there would be formulation of competency framework for all professionals! modification of the Mandatory Continuing Professional Development (MCPD) programmes to create more opportunities for all practitioners to attain regular attendance; rejuvenation of international collaborations with similar professional bodies in order to offer the Institute and its members the opportunities to interface on global standards amongst other things.

She also pledged to sustain the distribution of Insurance Textbooks to Secondary Schools, Tertiary Institutions, States and National Libraries; engagements of Secondary School Students, undergraduates and new graduates through career fairs and provision of the required assistance for the accreditation of at least two Insurance Departments in tertiary institutions to promote the study of Insurance.

“These would be achieved with the support of all Stakeholders, particularly National Insurance Commission (NAICOM), Insurance Companies and Individual Members. Companies would be approached to adopt schools across the nation to which books would be distributed. It is believed that much would be achieved with the participation of Insurance Companies and individuals.
“Concerted efforts were made by the last three Past Presidents to resuscitatethe development of the Institute’s building on Victoria Island. Their effort represents our determination to complete the project.
“My knowledge of their endeavours makes it imperative for me to applaud them and give the firm assurance that I will continue from where they stopped. I am as committed as you are to the completion of the project. The decision of the Governing Council to adopt the Build, Operate and Transfer (BOT) model to fund the project would be vigorously pursued,” she said.

She said the 2015 KPMG report on the strategic action plan to reposition the Institute for relevance would be further implemented, adding that the lofty ideas to grow the Institute and improve the relevance of the Insurance industry would be best achieved when the Institute’s workforce is well equipped and motivated.

She noted that her presidency would mould the Institute’s workforce to deliver on the key initiative of her action plan.

The Commissioner for Insurance, Mohammed Kari, who was represented at the event by the Deputy Commissioner Technical, Sunday Thomas, urged the institute to reinvented itself, updated its curriculum to either adopt or adapt contemporary best practices for the overall benefit of the profession.

He noted that current developments in the country obviously call for collaborative effort to reposition the profession and rebrand the Institute, stressing that with the benefit of hindsight, it is apparent that no arm of the industry can do it standing alone.

Kari noted that the achievements of the CIIN over the years could not have been possible without the active support and participation of all arms of the industry. He implored every segment of the sector to continue to work together and grow the industry for the benefit of all.

“The Commission took note of the number of qualified professionals which am told have risen to 3316. However, I think it is imperative for us to ask how many of these CIIN certified and qualified members have exhibited and sustained the spirit of the profession.

“How many of us conduct our business in line with the ethics, standards and principles that guide the practice of an insurance professional. These are some concerns I felt I we should try to address especially as we usher in a new era and leadership in the Institute,” he stated.

The Chairman of the event, Mrs Onikepo Akande, said: “The Funmi I know is a goal getter and I have no doubt that she will perform beyond expectations. I accepted to be a part of this ceremony because I trust her ability to make a positive difference. Her tenure is a project that has a direction and is programmed to succeed,” she added.

She noted that she look forward to an Insurance Industry that will earn the respect insurance business enjoys in European Countries and a few other Countries in Africa, adding that it saddens her heart that Insurance does not enjoy the patronage it deserves in Nigeria and that similarly, the negligible contribution to the nations GDP should be a thing of concern to all Insurance practitioners.

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