CIIN fetes elders, covets prayers for successful insurance recapitalisation


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Chuks Udo Okonta

The Chartered Insurance Institute of Nigeria (CIIN) has poured encomium on elders of the insurance industry for laying a solid foundation on which the sector stands today, and also solicited their prayers for successful outcome of the ongoing recapitalisation.

The President of the CIIN, Eddie Efekoha, at the institute’s 2020 Elders’ Forum in Lagos, said the insurance industry has come this far, largely because of the efforts put in over the years by the elders, stressing that this is one of the major reasons why the Elders Forum remains one of the most important platforms through which the Institute seeks to acknowledge the invaluable contributions of its founding fathers and mothers.

He maintained that the roles the elders played as pioneers in laying the solid foundations upon which the Institute, and the Insurance Industry took flight, remains evergreen in the hearts of new crop of insurance operators.

“Distinguished Elders, today I stand here before you to tell you that the Industry needs your wisdom and knowledge more now than ever before. Recapitalization is a reality that we must embrace and we need all the experience you can share with us to ensure that we navigate this course for the good of the insurance industry.

From left: Deputy President Chartered Insurance Institute of Nigeria, Sir Muftau Oyegunle and Managing Director Niger Insurance Plc, Edwin. Igbiti at the event.

“Together I believe that there is no hurdle that we cannot cross. I urge you to bestow your blessings upon the industry and I hope that your prayers and best wishes will remain with us. I am optimistic that at the end of the exercise, the industry will assume its rightful place in the hierarchy of the financial services sector,” he said.

Efekoha noted that the institute is fully focused on promoting Insurance education and it is not relenting in its bid to achieve the objective. “The examinations are being made more accessible to students and the Institute is equally improving its responsiveness to meet their needs and wants.

From left: Director General, Nigerian Insurers Association, Mrs. Yetunde Ilori and Rector, College of Insurance & Financial Management, Dr. Yeside Oyetayo at the event.

“To improve the preparedness and broaden the knowledge base of candidates, we are localizing textbooks acquired from the Chartered Insurance Institute, United Kingdom in order to ensure that we raise professionals that are trained with world class standards,” he added.

He said the College of Insurance and Financial Management is growing in leaps and bounds, adding that apart from awarding degrees in Insurance to students, the College is making remarkable strides in a bid to ensure that the industry does not lack the skill and manpower requirement to improve its lot.

He stated that recently, the College concluded plans with the National Insurance Commission (NAICOM) and the Nigerian Actuarial Society to strategically produce more Actuaries for the Insurance industry, adding that this is one of the many initiatives guaranteed to boost the insurance industry as the College starts to double its little steps to become giant strides.

“To drive the narrative further, we are carrying out construction of major structures within the college. Construction work has started on the auditorium which will be fitted with state of the art equipment for the use of the Insurance industry. Equally, the Rector’s lodge and the lawn tennis court have also been completed. We urge stakeholders in the industry to utilize the facilities available in the college for personal and corporate retreats and training programmes,” he said.

From left: Edwin Igbiti and Dr. Clinton Uranta, present and former Managing Directors, Niger Insurance Plc.

He said the institute has conceived a mentorship Program for young professionals stressing that the institute has held one bootcamp already during which young professionals were imparted with nuggets to stand out and make a difference in their various vocations.

“This year we plan to hold the second edition as part of our commitment to ensuring that the Institute plays an active part in securing the future of the insurance industry. The program seeks to raise young leaders and promote inclusion within the millennial bracket in Insurance industry. As your wisdom and experience gave rise to a lot of industry leaders and stakeholders today, we are tasked to equally groom sterling leaders that will sustain the ethical practice of our noble profession?”

He conveyed the best wishes of the Governing Council and entire members of the Institute to the elders and pray for good health and a longer life for them.. “Your wealth of wisdom and experience still has a key role to play especially with the current developments in the Insurance Industry,” he added.

Former President of Nigerian Council of Registered Insurance Brokers (NCRIB) Ayodapo Shoderu, decried the eroding of professionalism in the industry and called on the CIIN to set up elders committee to look at how to return the industry to glorious times.

Osoka (r) with an elder

Former President of the Institute, Ogala Osoka, appreciated the present generation of insurers for having respect for elders and building on the foundation established by the founding fathers.

He implored the CIIN to sustain the yearly organisation of the elders forum, which he said remains an avenue for exchange of ideas.

Mrs. Anienwelu Caroline of International a Chartered a Insurance Brokers, lamented that non-professionals have hijacked insurance practice. She called on all stakeholders to work together to move the industry to lofty heights.

Salawudeen (r) with and elder

Group President/Chief Executive Officer, Standard Insurance Consultants Limited, Dr. Ahmed Salawudeen, implored insurers to do more in the area of claims payment, stressing that public confidence on Insurance could only be restored through prompt payment of claims.

According to him, the insurance industry will grow when underwriters live up to their claims responsibilities. He urged operators to esteem professionalism and execute their business based on trust which is the core of insurance operators.

Director-General of the CIIN, Richard Borokini, said the institute will ensure all the suggestions made by the elders are implemented.

According to him, the forum over the years, has provided an avenue to tap from the knowledge of the elders and abreast them of present trends in the sector.

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