Insurance industry think-tank with Dr. Fatai Lawal

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In specific terms, how can governments help promote insurance growth and developments?

* Effective, efficient supervision and resolve broader policy challenges such as inclusive
economic developments, sustainability, climate risk and digitalisation.

* Inclusive support to the industry to enable it play a significant role in achieving
United Nations sustainable developments goals in terms of economic growth, corporate social responsibility, social inclusion, environmental protection and ensure sustainable development in the African insurance sector.

* By joining forces with insurance regulators to control the price of insurance.

* Efficient sensitisation and putting a high premium on awareness to aid growth and
development.

* Data is essential when underwriting insurance, the government needs to help the
insurance industry by providing accurate data.

* Enforcement of compulsory insurance.

What should be done in terms of regulation to accelerate insurance growth?

*Proper and effective supervision.

*Invest in insurance industries, most especially in new technologies infrastructure and more development on NAICOM’s Portal to improve regulation.

*Improve more on data and information, sharing collaborations with government
agencies/bureau of statistics, actuaries to access more insurance data.

*Putting a high premium on cyber security.

*Ensure strict compliance on accuracy of data of the insurance industry.

*Tax reduction.

What should insurance industry operators consider and esteemed in product development?

*Adequate pricing for insurance products – taking into consideration the company’s revenue and market competitiveness.

*Generating new ideas for increasing client’s satisfaction and understanding clients’ needs and requirements.

*Accumulating reinsurance support.

*Understanding customers’ requirement.

*Analyzing cost and benefits. i.e. Benefits to the insurance operators should outweigh the cost.

How should claims payments be used as a tool for business growth?

*Strictly adhere to a timeline for payment of claims after submission of all required documents.

*Manage claims with the aid of technology: companies can use blockchain technology to create standardised claims documents evaluated by underwriters in real time.

*Prompt and accurate payment of genuine claims.

*All hands must be on deck to establish fraudulent claims: using claim payments as a tool doesn’t mean insurance has to pay all claims that comes to them, some claims are fraudulent, with the aid of insuretech, companies can eliminate the chances of fraud, authenticate individual claims and safeguard against duplicate transactions.

*Training clients on how to protect and safeguard their properties by acting as if they are uninsured.

*Customers feedback and reviews on claims Payment are essential for business growth.

How should insurers use technology to on-board the uninsured population?
and

*A large data.

*Cloud computing: That is the diversity of computing services, including servers, storage, data bases, networking, software analysis and intelligence.

*IOT: Enables insurers to rely on indirect indicators such as age, address and credit worthiness of driver when setting premiums.

*Block chain Technologies: a shared immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.

How should Insurers leverage corporate social responsibility to onboard the insured?

*Implementing solutions to environmental, social and governance related risks that impede the state’s economic development.

*Through enhancement and finding practical solutions to natural disasters in the country or community with efficient implementations.

What should insurance firms do to remain visible and endear themselves to the public?

*Improved more on significant product innovation with an engagement of external partnership e.g Accessing insurance with data network as premium > Embedded insurance .

*Invest in modernizing and digitising distribution platforms and strengthening new business with simplified underwriting.

8. What should be done to grow the retail marketing strategy?

Premium payment should be made flexible e.g monthly quarterly and more.

*Underwriting should be made flexible and not rigid.

*Quicker access to claims – prompt claims settlement.

*Creating tailor-made products is another way to expand the retail business. As long as the products are consistent with the company’s overall mission and established brand image.

*Investing in modern marketing. e.g building a great website and advertising opportunities.

*Providing excellent customer service.

*Brand promotion.

What impacts would enforcement of insurance laws have on industry performance?

*Flexibility to insurers for raising more capital.

*Focus on safeguarding customers’ interest.

*Improved employment opportunities and internally generated revenue.

*Ensured financial soundness and viability of insurers, and adequate protection of investment of shareholders.

*Enforcement will enable insurance industry contribute its quota to economic growth of the country.

*It will increase premium income of the company.

*Tackle growing fake insurance business.

How should insurers grow operations through collaborations? What type of collaborations does the industry needs presently?

*Through insuretech – bancassurance; data bundle; heath insurance in collaboration with telecommunications companies.

*Easy access to customized insurance products with the help of large data and smart devices.

*Leverage tools for remote working . e.g. workflow – datamax storage.

*Introduce simpler policies in collaboration with other fintech or communications companies. e.g ability to purchase insurance with gift cards etc. data bundle (data + health insurance with low cost).

*Collaboration with NIA. NAICOM, FRSC, to enforce compulsory insurance on federal roads

Managing Director/CEO, Sterling Assurance Nigeria Limited Dr. Fatai Lawal holds B.Sc. (Hons) Insurance and MBA from the University of Lagos.

He earned a Doctor in Management with specialisation in Organisational Leadership from the University of Phoenix in 2015.

Dr. Lawal qualified as an Associate of the Chartered Insurance Institute, London in 1984 and Fellow in 1990.

He is also a Fellow of Chartered Insurance Institute of Nigeria, Fellow of Institute of Directors of Nigeria, Member Nigerian Institute of Management and Member, Chartered Institute of Personnel Management of Nigeria.

He is an alumnus of the prestigious Lagos Business School (CEPHALIC 13).

With over thirty years post qualification experience spanning across Insurance Broking, Direct Insurance, and Reinsurance, Dr. Lawal worked for Glanvill Enthoven and Continental Reinsurance, before assuming the Chief Executive position of Refuge Insurance Co. Ltd. from 1993 to 1999 and Universe Reinsurance Company Limited from 1999 to 2007.

He is presently the Managing Director/CEO of Sterling Assurance Nigeria Limited, which is a product of a successful merger of Universe Re, Sterling Assurance and Newline Insurance, from 2007 to date.Dr. Lawal, a past President of West Africa Insurance Companies Association (WAICA), and past President of Chartered Insurance Institute of Nigeria.

He is also a council member of Nigeria Insurers Association and an ambassador of the International Insurance Society Inc., USA.

He is a past Chairman and member of the Governing Board of the College of Insurance and Financial Management of Nigeria and Vice Chairman, Governing Board of West Africa Insurance Institute, Banjul, The Gambia.

He was a pioneer Director of WAICA Reinsurance Corporation, Sierra Leone F.K Lawal is widely travelled and happily married.

His company Sterling Assurance Nigeria Limited can be contacted through: http://www.sterlingassure.com