Last Two Years Insurance Industry Operated in VUCA Environment – CIIN President
Mr. Edwin Igbi, CIIN President
The insurance industry over the years and most especially, in the last two years has operated in a VUCA environment, that is, it has been volatile, uncertain, complex, and increasingly ambiguous, the President and Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbi, has said.
Igbiti made the disclosure in his welcome address at the official opening of the 2022 Insurance Professionals’ Forum held recently in Abeokuta, Ogun State.
He said the situation has caused significant paradigm shifts in the way business is conducted, noting that the consequences of the Covid-19 pandemic and the #ENDSARS protest will not be forgotten so soon by the industry due to the number of claims paid.
“It is no longer business as usual for the industry as technological innovations, demanding customers, new competitors, and constantly evolving trends are driving the changes for the future. No matter what technological advancement we adopt, if it does not translate to value for the customer, most of our efforts are in vain. Hence, there is a need to offer holistic value propositions, one centred on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals,” CIIN boss said.
He said the theme of this year Insurance Professionals’ Forum, “Power of the Past – A Force for the Future of Insurance in Nigeria” is indeed very relevant and strategic considering the times we are in. It brings to the table the opportunity for elaborate discussions, focusing on the insurance industry of the past while chatting the way forward for the future in a world that has been drastically disrupted.”
The Forum deliberated on how the elements of the past and change can influence insurance market needs, financial inclusion, and the strategic role insurance plays in developing the economy, emphasizing 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.
While drawing the attention of the people to the socio-economic situation in Nigeria, Igbiti emphasized that the need to curb the menace of insecurity and other crimes requires that “we collaborate with all tiers of government with the aim of re-emphasising the essence of insurance as the infrastructural pillar for the growth and development of the Country.”
“I would like to restate that the recent developments in the world generally and in Nigeria particularly, demand strong partnership to move the profession and the industry forward and this can only be successfully executed collectively. The Institute has many programmes in place aimed at creating insurance awareness and training members to be world-class insurance professionals, but I cannot achieve success on my own. Hence, I want to seize this opportunity to appeal for targeted collaboration to help drive the Institute to lofty heights.
“The Institute is charting a course aimed at ensuring it remains ahead of the curve in the digital era to remain a key contributor to the growth of the insurance industry. Hence, it is vital to remind you that the theme of my Presidency remains “Building a Sustainable Legacy”, borne out of the need for continuity to sustain and build on the works of Past Presidents of the Institute as well as guarantee that despite current global uncertainties, the Institute will continue to meet the needs and aspirations of its members,” he added.
