ADDRESS BY MRS. FUNMI BABINGTON-ASHAYE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA DURING THE CIIN ELDERS’ FORUM HELD ON FRIDAY 12TH JANUARY, 2018 AT METROPOLITAN CLUB, VICTORIA ISLAND, LAGOS.
1. I am very delighted to welcome our distinguished elders to the CIIN Insurance Industry Elders’ Forum. As our first formal meeting in 2018, permit me this opportunity to wish you all a happy and prosperous new year. I pray that it will be a glorious year for all of us, the Institute, Profession, Industry and the Nigerian nation.
2. As you are aware, this Forum was established to acknowledge the invaluable contributions of the founding fathers and mothers to our great institute and in particular, the pioneering roles you played in laying the solid foundations upon which the Institute, Profession and the Insurance Industry stand today. We appreciate the exemplary leadership you all exhibited in various capacities during your professionally active years which have in one way or the other led to the actualization of the objectives for establishing the Institute. I salute your foresight and sterling leadership qualities.
3. This Elders’ Forum is therefore aimed at reaffirming the Institute’s bond with Industry Elders and to assure you that we will continue to fly the banner of success you hoisted before your glorious retirements from active service. Hopefully, this Forum, which will be held every year, will also provide opportunities for our Elders not only to network but also continue to participate in the Institute’s programmes as well as make contributions that will advance the cause of the Institute and Industry. We trust and hope that you will use this platform to continue to support your Institute.
4. Since I took over the mantle of leadership six months ago, our Institute and profession have made modest progress which I would like to bring to your attention. Permit me, therefore, this opportunity to intimate you with our current pursuits as we strive towards taking the Institute to greater heights
CIIN Past Presidents, Lady Isioma Chukwuma, Mrs. Seyi Ifaturoti, Past President NCRIB, Barr (Mrs.) Laide Osijo, CIIN President, Mrs. Funmi Babington-Ashaye, CIIN Deputy President, Mr. Eddie Efekoha and CIIN Past President, Mr. Bola Temowo during the 2018 CIIN Elders’ Forum held in Lagos
5. As you are aware, the theme of my Presidency is, “Insurance- Imperative for Education and Enlightenment”. The theme was chosen to address the information gap that exists between the Insurance Profession/Industry and the insuring public. It was against this background that we decided to address this information gap through public enlightenment and education. This theme has five key pillars as follows:
❖ Regular Advocacy
❖ Enhanced Insurance Awareness
❖ Members’ Continuing Professional Development
❖ Continued Efforts On Institute’s Buildings
❖ Reorganisation of the Secretariat
5.1 REGULAR ADVOCACY
This initiative involves reaching out to key stakeholders, policy makers including top Government functionaries to persuade them to create an enabling environment for Insurance to thrive in their domains and also for them to embrace the Insurance philosophy. Pursuant to this, we have, within this first half of my presidency, paid courtesy calls on the Governors of Ogun, Oyo and Ondo States and received very reassuring and encouraging responses from these great leaders of thought. A courtesy visit to the Lagos State Governor is also presently being prospected.
5.2 ENHANCED INSURANCE AWARENESS
5.2.1 CIIN Monthly Newsletter
Without doubt, the creation of insurance awareness through enlightenment and education is one of the critical strategies for rekindling the interest of stakeholders in the Industry’s offerings. As part of the quick wins and the dire need to inform our members of happenings in the Institute, Profession and the Economy, the Council, under my leadership, launched its CIIN Monthly Newsletter. Electronic copies of the September 2017 maiden edition were emailed on 15th September, 2017 to all financial members of the Institute. I am pleased to report that the January, 2018 edition (which is the fifth edition of the E-Newsletter) will be circulated to members soon. With the E-Newsletter, many members are now more abreast of development within the Institute, profession, industry and the larger economy.
5.2.2 Catch Them Young Initiative
We have taken the insurance awareness campaign to the youths, the leaders of tomorrow. Our desire is to catch them young and imbibe in their consciousness the crucial roles insurance plays in human endeavours. As part of this initiative, the Council has developed a roadmap to drive the Institute’s proposed partnership with the National Youth Service Corps (NYSC). The pilot edition of the programme kicked-off at the Lagos state NYSC Camp during the November 2017 Orientation Exercise where a career talk was organised for the benefit of Corps members. A CIIN Enquiry and Help Desk was also on ground throughout the duration of the orientation exercise where corps members were intimated on the concept of insurance and its benefits both as a profession and as a career. Also, a four week Insurance proficiency course organized for the Youth Corps members will commence on Saturday 20th January, 2018. This initiative, which is designed to help attract young Nigerians into the insurance profession, will be replicated and sustained in other states of the Federation until it achieves a national spread.
5.2.3 Donation of Insurance Study Texts
To reinforce above measures, in September, 2017, I led a delegation of the Council to donate Insurance study texts published by our Institute to secondary schools in Abuja through the State Education Board of the Federal Capital Territory Authority. The Institute, in October, 2017, also distributed Insurance Textbooks to Secondary Schools in Oyo state through the Ministry of Education. Furthermore, complete sets of the CIIN professional course books and Insurance in PRACTICE book published by the president, were donated to tertiary institutions like The Polytechnic, Ibadan, Ondo state Government, Ogun state Government, Oyo state Government and Joseph Ayo Babalola University, Osun State during the period.
5.2.4 Establishment and Accreditation of Insurance Departments
The Institute is presently working with Babcock University, Ilisan, Ogun State towards the establishment of a degree programme in Insurance in the school. A number of meetings have been held between leadership of both bodies to discuss the requirements and the curriculum of the new BSc Insurance Programme to be run by the University. A copy of the agreed Curriculum is presently been considered by the Senate of the University and thereafter, it will subsequently be sent to the Nigerian Universities Commission for approval. We are optimistic that the degree programme in Insurance will commence with the next academic session of the University.
5.2.5 Enhanced Membership Drive
We are presently on a drive to achieve an additional 3,000 Members for the Institute within the next one year. Pursuant to this, I led a delegation of the council of CIIN to visit the Commissioner for Insurance in Abuja on the 12th of September, 2017. After our deliberations, the Commission graciously promised to issue a guideline that will compel all staff of Insurance Institutions in Nigeria to register as members of CIIN. This will go a long way in achieving our set goal.
5.2.6 Seminar for Heads of Department of Insurance
The CIIN Governing Council recently organised a seminar for Heads of Department of Insurance Institutions in Nigeria where modalities for providing support to students offering Insurance in higher Institutions and to facilitate their qualification as professional insurers, were extensively discussed.
6. MEMBERS’ CONTINUING PROFESSIONAL DEVELOPMENT
The Institute in consideration of the dynamic nature of the global Insurance business terrain, has Instituted the CIIN Breakfast Seminar for Insurance practitioners to provide the right technical support and give them insights into emerging issues in the industry and profession and how to address them which will enable practitioners to adequately meet the needs of stakeholders. An edition of the Breakfast Seminar will be held in Abuja on Tuesday, 6th March, 2018.
6.1 Executive Master’s degree in Insurance and Risk Management
Furthermore, the Institute is presently working with the University of Lagos, to introduce an Executive Master’s Degree programme in Insurance and Risk Management which will be structured like the programme of Cass Business School (CBS), UK. This will facilitate the attainment of the Chartered Institute Advanced Diploma of both UK & Nigeria. Our desire is to replicate this programme in partnership with the University of Lagos for the benefit of our members. The University of Lagos Team in conjunction with the institute and Rector of the College of Insurance & Financial Studies are presently working on the content of the proposed MSc Risk Management and Insurance Programme. Also, a series of top level meetings are been held by all the key stakeholders to fashion out the best possible modalities for the programme.
6.2 Industry Tour to Hong Kong
In line with our resolve to continually explore the possibility of alliances with technical partners with the opportunity to interface on global standards and best practices, plans have reached an advanced stage for the Institute to embark on an industry tour to Hong Kong. Final modalities for the actualization of this tour are still being worked by the Secretariat.
7. CONTINUED EFFORTS ON INSTITUTE’S HEAD OFFICE BUILDING
Considerable progress has been made in our efforts to commence the construction work on the Institute’s Victoria Island Head Office Building. I am delighted to inform you that all the necessary paperwork have been concluded, approvals have been obtained and adverts have been placed in newspapers for interested financiers and developers. We have also appointed consultants that will drive the different stages of the project. Proposals from interested financiers for the building project are presently being expected. When received, a transparent selection process will be conducted and contract awarded by the Council. We are putting in considerable efforts to make sure that these processes are expeditiously concluded.
8. RENOVATION OF THE INSTITUTE’S SECRETARIAT
The first phase of the renovation of the Institute’s Secretariat at 27, Lagos Street, Ebute-Metta was carried out under the leadership of immediate Past President, Lady Isioma Chukwuma. We have started the second phase of the renovation which involves the offices and this is due to be completed before the end of the first quarter of 2018.
As I end this address, I must convey the best wishes of the Governing Council and entire members of the Institute for good health and a longer life so that we can continue to drink from your fountain of wisdom. I thank you for taking time off rest and vacation periods to honour our humble invitation to grace this event with your distinguished presence. I wish you the best of health as you continue to enjoy the fruits of your labour.
Thank you and God bless.
MRS. FUNMI BABINGTON-ASHAYE FCII, FIIN
President/Chairman of Council
CHARTERED INSURANCE INSTITUTE OF NIGERIA
Page 5 of 7