Highlighting Mrs Yetunde Olubunmi Iloris’s Transformation Agenda As CIIN President

The newly elected President of the Chartered Insurance Institute of Nigeria (CIIN) Mrs. Yetunde Olubunmi Ilori will focus on Education; Professionalism; Institutional recognition and Capacity building ‘EPIC’ as the agenda for her two years tenure, even as she promised to restructure the Institute into a Business School Model for Insurers.

Speaking at a pre-investiture press conference in Lagos, the 52nd President of CIIN highlighted the agenda for her two-year tenure and her plans for the Institute, aimed at transforming the CIIN an enhancing the Insurance growth in Nigeria.

“The theme is expected to be actualized under the agenda summarized in a four-letter acronym EPIC, which translates to awesome, spectacular, an exceptionally long and arduous task (usually difficult). ‘It can be said to be ambitious and artistic goal but I am encouraged by this saying “So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable”.

“EPIC was chosen after taking a critical look at our industry, assessing where we are and where we should be. This acronym encapsulates our commitment to Education, Professionalism, Institutional Recognition, and Capacity Building within and outside the insurance industry.

 “We will focus on enhancing our educational programmes, fostering innovation, and promoting ethical practices in the Nigerian insurance industry.

“We will also strengthen our collaborations with regulators, other professional bodies and relevant stakeholders. Steps will also be taken at sustaining success recorded by the previous presidents as well as completing previously initiated projects,” she promised.

While soliciting stakeholders’ supports to actualize her goals for the Institute she said, “I have a deep-seated desire that gave birth to the theme of my tenure “Igniting the bedrock of our envisioned industry” and I believe with all of us working together the desire can become a reality.

“We will focus on enhancing our educational programs, fostering innovation, and promoting ethical practices in the Nigerian insurance industry. We will also strengthen our collaborations with regulators, other professional bodies and relevant stakeholders. Steps will also be taken at sustaining success recorded by the previous presidents as well as completing previously initiated projects,” she added.

On evolving education through technology (e-education), she said “The world is undergoing a digital revolution, and the insurance industry is no exception. There is a critical need to bridge the knowledge gap about insurance.

“We must move beyond simple awareness campaigns and empower the public with real education. Technology is our key to: Reaching new audiences: We will leverage existing channels and institutions to deliver insurance education outside the industry. Imagine insurance as a core subject in secondary schools or a focus for training programs. This will significantly enhance insurance literacy across the nation.

“Transforming Learning within the Industry: For our members, we will embrace e-learning. Partnerships with established platforms will provide convenient and engaging learning experiences. Imagine preparing for exams with a whole new approach, one that is effective and enjoyable.

“Building Expertise through Partnerships: Executive training opportunities will be a cornerstone of our initiative. By partnering with reputable institutions, both local and international, we will offer certification programs that elevate professional skills.

“A Business School Model for Insurance: We will create a tiered training programme modelled after business schools. From entry-level to executive levels, our Institute will become the premier destination for insurance education in Nigeria.

On promoting the Highest Standards of Professionalism, she said her administration will promote the highest standards of professionalism, explaining that “The ‘P’ in EPIC stands for professionalism, the bedrock of our Institute.”

She said they will focus on discipline by maintaining the highest ethical standards which she said is paramount while ensuring strict adherence to its code of conduct.

Mrs. Ilori said her administration will embark on sensitisation, where every professional will know the demands of the certificate he or she holds.

On enhancing the Institute’s image, she said “The CIIN will be synonymous with excellence. We will actively promote the value we bring to the industry and society at large.”

On her plans to make insurance a top career choice in Nigeria, the incoming President said “We will strive to make the CIIN qualification as prestigious as those offered by the other institutes. Our goal is to make insurance the first-choice career path for talented individuals.

On the elevation of the Fellowship Programme, Mrs Ilori said “A rigorous review of the Fellowship assessment process will ensure it continues to meet the highest global standards. Upgrading Program Quality: We are committed to offering exceptional educational programs that are continuously improved to meet the evolving needs of the industry.”

She said her administration will establish a Credible Awards Programme. The annual Insurance Week, according to her “will be a highlight of our calendar showcasing the talents and achievements of institutions and individuals within our field. By instituting credible award giving events with well-defined criteria, we will celebrate excellence and inspire others to strive for greatness.”

On enhancing capacity through targeted initiatives which she said is the final pillar of EPIC, will focus on strengthening the CIIN Secretariat.“We will address any capacity gaps within the Institute itself, ensuring we have the resources to deliver on our ambitious goals.”

She said that building expertise in niche areas in certain sectors of the industry such as Marine and Aviation insurance, require specialised knowledge. “We will develop programmes to address these needs, encompassing not just underwriting but also vital areas like claims adjusting.”

On connecting the diaspora, the incoming President said Nigerian Insurance professionals abroad possess valuable knowledge, promising to create avenues for them to share their expertise with their colleagues at home.

She said her administration will invest in the future through scholarship programmes to nurture talent from colleges and universities, just as she plans to establish a Chartered Insurance Analyst (CIA) product to qualify exceptional individuals.

She stated that her administration will also provide internship opportunities to enhance exposure to the realities of the workplace which she said, is crucial, adding that “We will create internship programmes to bridge the gap between academics and practical experience.”

In conclusion she said, “EPIC is a bold vision, but I am confident that together, we can achieve remarkable things. With your support and dedication, the Chartered Insurance Institute of Nigeria will become a force for positive change in the industry. We will empower the public, elevate professional standards, and ensure our Institute is recognised as a beacon of excellence.”

Yetunde Olubunmi Ilori’s Profile

Mrs. Yetunde Ilori, the 52nd President/Chairman of Council of the Institute, exemplifies dedication, leadership, and integrity in the insurance industry.

Her significant contributions have profoundly shaped the landscape of insurance in Nigeria and beyond, making her a beacon of excellence in her field.

Mrs. Ilori began her insurance career with Trans Nigeria Assurance Company Limited in Ibadan in Year 1984, first as a place of her primary assignment during her youth service and was subsequently employed as a permanent staff of the Company.

She quickly rose to the position of Head of the Life and Pensions Department. Yetunde later headed the Claims and Reinsurance department due to her dedication and skills.

In Year 1997, she joined Crusader Insurance Plc in Lagos State, where she served as Head of Actuarial, Research & Statistics and Life Departments respectively.

In Year 2004, Yetunde transitioned to AXA Mansard Insurance Plc (formerly Guaranty Trust Assurance Plc), where her strategic leadership as Managing Director/CEO transformed the company into a leading insurance provider in Nigeria.

Under her tenure, the company’s gross premium income grew from N27million to over N13billion and it expanded into various new product lines.

Her exemplary leadership continued as the Director General/Chief Executive Officer of the Nigerian Insurers Association (NIA).

She was the First Female DG/CEO and the First Female Chairperson of the Life Committee of the African Insurance Organisation (AIO).

During her tenure as NIA DG, she oversaw the completion of the NIA’s iconic six-storey building and the implementation of the Nigerian Insurance Industry Database (NIID) Motor, Marine, Building Insurances and lately Group life assurance, and Nigerian Insurance Platform (NIIP), enhancing the credibility of insurance products in Nigeria.

Also, the manual compilation and presentation of statistical reports Digest became digitalized thereby making for ease reference and analysis.

Throughout her career, Mrs. Ilori, has held several prominent positions, including Chairperson of Life Committee of the AIO, Chairperson of the Life Offices Committee of the NIA, and Chairperson of the Planning Committee of the Insurance Industry Consultative Committee.

She has served the Institute as the Chairman, Finance and General Purposes Committee, Treasurer, Deputy President and Immediate Past Chairman of the Governing Board of the College of Insurance & Financial Management

Mrs. Ilori is a graduate of Actuarial Science from the University of Lagos, an Associate of the Chartered Insurance Institute (London), an Associate of Chartered Insurance Institute of Nigeria and a Fellow of Chartered Insurance Institute of Nigeria.

She is a product of the Advanced Management Programme from Lagos Business School, in addition to attending several training courses within and outside the Country.

Mrs. Yetunde Ilori will be formally decorated with insignia of office as the 52nd President/Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) on Tuesday, July 23, 2024, during the investiture ceremony to be organised in her honour by CIIN.