New NIA Chairman, Kunle Ahmed, Unveils Five-Point Agenda For His Administration
L-R: Mr Lanre Ojuola, Director of Operations, Nigerian Insurers Association (NIA); Mrs Bola Odukale, Director-General, NIA; Mr. Kunle Ahmed, Chairman, NIA; Mr Akinjide Orimolade, NIA Council member and Mr Babatunde Fajemirokun, Honorary Treasurer, NIA, during NIA Chairman’s pre-investiture media parley in Lagos on Wednesday, October 23, 2024.
The newly elected Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, has unveiled a five-point agenda for his administration.
Speaking at a pre-investiture media parley in Lagos today, Ahmed highlighted the strategic focus of his two-year administration to include Customer-Centricity; Digital Transformation; Commitment to Excellence; Advocacy, Collaboration and Education and Awareness.
Kunle Ahmed who is also the Managing Director/CEO, AXA Mansard Insurance, said his administration will turn the nation’s challenges ranging from inflation to security concerns which have led to increased risk profile of individuals and organizations to opportunities.
He said the recent increase in the Foreign Direct Investment (FDI) to $3.3 million in first quarter of 2024 presents a greater opportunity for the market, adding that his administration will harness the momentum for the good of the industry.
“These challenges equally present our industry with unique opportunities for growth and innovation. The recent increase in Foreign Direct Investment, which reached $3.3 million in Q1 2024, signals a renewed interest in our market. This is a moment for us to harness this momentum and reshape our industry for the future.
“To turn these challenges into opportunities for the growth of our industry and the prosperity of our nation, we will focus strategically on the following areas:
“Customer-Centricity: Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance on boarding 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.
“Digital Transformation: Our sector has historically been slow to adopt digital solutions. 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.
“Commitment to Excellence: As we embark on this journey, I want to assure you that our commitment to excellence will guide our 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.
“Advocacy and Collaboration: Engaging with government agencies to advocate for policies that support the insurance sector is essential. We 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.
“Education and Awareness: Raising awareness about the importance of insurance is vital not just for our 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.
While soliciting media support, he said “Ladies and Gentlemen of the Press, our nation stands at a pivotal moment in its history. 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.
“I am using this opportunity to call on you to join us at the NIA as we advance the cause of our sector to take its rightful place in Nigeria’s economic scheme of things.
“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.”
