ADDRESS BY SIR MUFTAU OYEGUNLE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN) DURING THE OFFICIAL OPENING OF THE 2020 INSURANCE PROFESSIONALS’ FORUM ON THURSDAY 5TH NOVEMBER, 2020 AT PARK INN, ABEOKUTA, OGUN STATE.
Your Excellency, Executive Governor of Ogun State, Prince (Dr.) Dapo Abiodun MFR.
The Alake of Egbaland, His Royal Majesty, Oba Adedotun Aremu Gbadebo III.
The Commissioner for Insurance, Mr Sunday Thomas.
Past Commissioners of Insurance.
Past Presidents and other Council members of CIIN here present.
Chairman and Members, Organising Committee of the 2020 Insurance Professionals’ Forum.
Distinguished Professional Colleagues.
Gentlemen of the Press.
Ladies and Gentlemen.
I truly feel privileged to welcome distinguished professionals, captains and thought leaders of our noble profession to the 29th edition of the professionals’ forum taking place here in Abeokuta. I would like to thank you all for your support during my investiture ceremony as the 50th president of the Chartered Insurance Institute of Nigeria. Even though the event was held virtually, I was amazed at the massive turnout online and remain appreciative of the goodwill you continue to extend to me.
Distinguished colleagues, Ogun State has continuously welcomed the Institute and the Professionals’ forum participants and provide us with an enabling environment to carry out our programs here. So please permit me to thank in a special way, His Excellency, the Governor of Ogun State, Prince (Dr.) Dapo Abiodun, MFR, an advocate of growth and industrialization whose developmental strides have further propelled Ogun state on an upward trajectory. Your Excellency, on behalf of my professional colleagues, I thank you for your unwavering support and hope that we will continue to work together in promoting the growth of the Insurance industry.
As visitors to this historic city and as a professional organization built of the principles of ethics, it is only fitting that we respect tradition and pay homage to his Royal Majesty, Oba Adedotun Aremu Gbadebo III, the Alake of Egbaland who has continually supported the Forum over the years. May your continued reign bring peace and prosperity among your people.
I would like to equally welcome the Commissioner for Insurance, Mr. Sunday Thomas and appreciate him and the Commission for their continued support to the Institute and the growth of the Insurance industry. In what has been a very difficult year for us an industry and generally as citizens of Nigeria, the commission’s support has never wavered. We are grateful and hope that this support continues into the foreseeable future and beyond. My appreciation is also extended to the past commissioners of Insurance for their immense support to the Professionals Forum. Your contributions have ensured that the forum has grown considerably over the years.
This year’s theme “The Insurance Industry: Defining the future” brings to the table for extensive deliberation, the way forward for the insurance industry in a world that has been radically disrupted. We had previously acknowledged the changes that the advent of technology was gradually institutionalizing but that slow and measured process has been heavily jolted by the outbreak of the Covid-19 Pandemic. As risk managers, one might wonder that if others were not ready, the insurance industry should have structures in place to cater for any surprises; alas, the current situation is what it is. At some point during the year, it was a struggle to just stay alive. Permit me to borrow this phrase from our millennials, “It is those that are alive that will draft policy documents and pay claims”.
The Insurance Industry is going through profound change and this disruption is not just digital. Demanding customers, new competitors and constantly evolving challenges are driving the narrative for the future. No matter what technological advancement we adopt, if it does not translate to value for the customer, all the capital outlay will have been in vain. The task before us is to create entirely new set of products that inspire customer demand, anticipating and addressing customer needs and wants. These products must be simple and flexible enough for customers to evaluate, tailor and purchase through any channel. There is a need to offer holistic value proposition, one centered on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals.
Consumers have experienced highly personalized, self-directed shopping experience followed by instant fulfillment and they are looking for this same service from all service providers including insurers. Regulation and a conservative business approach have caused insurers to adjust slowly, but outside forces are now bringing to light the full effects of this transformation-in-waiting for the insurance industry. Disrupters in other climes have found new ways to evaluate risk, with tools like big data, drones and telematics. They have expanded offerings with micro-insurance, and they are finding better ways to engage with customers in an online world. They are also experimenting with block chain and the possibilities it presents for the industry. The shifts that are taking place affect every aspect of the industry value chain, which means the insurance marketplace of the future will soon look nothing like that of the past. The market place of the future will be defined by a handshake between creativity and technology in order to fulfil the needs and wants of consumers. How do we harmonize these two drivers of change?
At this forum, we will be looking at how the elements of change can influence Insurance market needs, distribution strategies and the new normal. Our spotlight will also beam on Insurance penetration in Nigeria and the real issues that are hampering its growth as well as measures that can be taken to improve the numbers. We will equally be listening to our regulator NAICOM and their perspectives on the industry’s growth potentials.
There is a critical need to promote an industry where good work life balance is fostered as this is important to the long term success of an organization. As part of our discussions at this forum, we have as part of our facilitators, a health expert who will give valuable tips on practices that will enable us live better in order to work better. These are highlights of some of the high level discussions we will be having at this forum. I hope you have come here with the intention to take back knowledge that will be implemented in your organizations for the growth of the industry.
Professional colleagues, distinguished Ladies and Gentlemen, your active participation in all the sessions of this forum remains the only way to guarantee that the efforts of the organizing committee in putting together a well packaged platform for knowledge sharing are not in vain.
Permit me to recognize and appreciate our facilitators who have been assembled to do justice to all the topics up for discussion at the 2020 Insurance Professionals’ Forum. Your reputation as fountains of knowledge guarantees that there will be thoroughly enlightening sessions for everyone present and ultimately it will be an extraordinary experience for everyone involved.
At this juncture, I would like to commend our Past President, the Chairman of the organizing committee, Mr. Bola Temowo for the effort he and the members of the committee including the secretariat have put in to ensure the success of this programme.
I have reserved the concluding part of my speech to state that, the Institute is charting a course aimed at ensuring it remains ahead of the curve in the digital era in order to remain a key contributor to the growth of the insurance industry. It is important to reiterate that the theme of my Presidency, REINFORCING PROFESSIONALISM AND ETHICS IN THE NEW ORDER is borne out of the need to establish a rolling plan which will guarantee that even in the face of current global uncertainties, the Institute will continue to meet the needs of members. We must consistently strive to improve the quality of our operations order to turn the change enveloping the Insurance industry into opportunities.
Distinguished Guests, Ladies and Gentlemen, I welcome you all once again to the 2020 Insurance Professionals’ forum and wish you all, a satisfying experience.
Thank you for being here.
Sir Muftau O. Oyegunle ACII, FIIN
President/Chairman of Council
Chartered Insurance Institute of Nigeria