Insurers See Growth Opportunities In Nigeria Despite Economic Woes

From left:  Mr. Lanre Ojuola, Director, Nigerian Insurers Association (NIA); Mrs Bola Odukale, Director General, NIA; Mr. Kunle Ahmed, Chairman, NIA; Mr. Jide, Chairman, Publicity sub-Committee of the 26th Chairman, NIA investiture, and Mr. Babatunde Fajemirokun, Chairman, Finance sub-Committee during the media unveiling of Mr. Kunle Ahmed, the 26th Chairman of the Association, held yesterday at Insurers House, in Victoria Island, Lagos.

BY NKECHI NAECHE- ESEZOBOR–The Nigerian Insurers Association, (NIA), has said that the challenges currently facing the nation, present the insurance industry with unique opportunities for growth and innovation.

The Chairman of the Association, Mr. Kunle Ahmed, disclosed this during a media conference in Lagos, that the industry will focus on turning these challenges into opportunities for the growth of the insurance industry and the prosperity of the nation.

He noted that his tenure will focus on
customer-centricity, digital transformation, advocacy and collaboration, as well as education and awareness.

On customer satisfaction, he said the association would target programmes, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in the industry’s operations.

The NIA chairman acknowledged the industry has been slow in adopting digital solutions, but noted the association plans “to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience.”
“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.”

On government agencies engagement he said “We will work diligently to ensure that insurance is integrated into national development plans.

“In view of the fact that raising awareness about the importance of insurance is vital not just for the industry growth, but also for economic development.

“We will expand our outreach initiatives, including educational programmes in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits”.