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Chuks Udo Okonta
The Chairman of Nigerian Insurers Association (NIA) Kunle Ahmed, has unveiled 5-point strategic focus that will drive the turning of the present national challenges into opportunities for insurance industry’s growth.
He unveiled the strategic focus today at his Pre-investiture Media Conference in Lagos, identifying them as; Customer-Centricity; Digital Transformation; Commitment to Excellence; Advocacy and Collaboration and Education and Awareness.
The 26th elected Chairman of Nigeria Insurers Association submitted that as we navigate a complex socio-economic environment in our country today, the insurance industry also finds itself at a critical juncture, adding that the nation’s challenges— from inflation to security concerns—are significant and have increased the risk profile of individuals and organisations.
He noted that however, these challenges equally present the insurance industry with unique opportunities for growth and innovation.
According to him, to turn these challenges into opportunities for the growth of the industry and the prosperity of the nation, his administration would focus strategically on Customer-Centricity, which entails enhancing customer satisfaction, which would be a priority.
He said this would involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations. “A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood,” he posited.
On digital transformation, he said the sector has historically been slow to adopt digital solutions, stressing that moving forward, embracing digital innovation will be essential. “We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians,” he said.
Continuing he said there would be
commitment to excellence, noting that as his team embarks on the journey, he wants to assure that their commitment to excellence will guide their actions. “We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders,” he said.
On advocacy and collaboration, he said engaging with government agencies to advocate for policies that support the insurance sector is essential. 0We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively, he said.
On education and awareness, he said raising awareness about the importance of insurance is vital not just for the industry growth, but for our economic development.
“We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organization and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions,” he said.
He maintained that the nation stands at a pivotal moment in its history, noting that with the government outlining ambitious priorities for socio-economic transformation, there is an increasing need for industries that can support this vision.
“One such industry is insurance—an often overlooked but critical player in economic development. As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated,” he posited.
He called on the media to join the NIA as it advance the cause of the sector to take its rightful place in Nigeria’s economic scheme of things.
Imploring the media, he said: “Your role in communicating our vision and initiatives and advocating our cause will be even more crucial in this new dispensation. Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability.”
