Economist, Dr Muda Yusuf, Seeks Increased Budgetary Allocation For Insurance, Pension Sectors.

L- R: Managing Editor BusinessToday Communication Limited, Mrs. Nkechi Naeche- Esezobor; Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, receiving his plaque of appreciation from President of Chartered Insurance Institute of Nigeria (CIIN),Mr. Edwin Igbiti and Director, Corporate Communications & Market Development, Mr. Rassaq Salami, at the 7th BusinessToday Annual Conference, held today at Oriental Hotel Victoria Island Lagos.

The Federal Government of Nigeria has been urged to increase budgetary allocations for insurance and pension to enhance growth in the two sectors.

Governments at all levels and it’s agencies were also enjoined to always comply with relevant laws and policies for the growth of the nation’s economy.

Chief Executive Officer, Centre For The Promotion Of Private Enterprise [CPPE], Dr. Muda Yusuf, made the appeal at Business Today Annual Confernece in Lagos recently.

Speaking on the theme paper “Consumer Satisfaction In Deepening Penetration In Insurance And Pension Sectors,” Dr Yusuf said the policy on compulsory insurance is yet toof opportunities offered by the Secretary to the Government of the Federation (SFG), he highlighted compulsory insurance and compliance issues.

The economist called on governments at all levels and its agencies to comply with Group Life Insurance in line with the Pencom Act 2004.

They were also urged to comply with Employers Liability Insurance in line with the Workmen’s Compensation Act 1987; Buildings Under Construction Insurance-section 64 of the Insurance Act 2003.

Other compulsory insurance they should ensure compliance and enforcement include Occupiers liability insurance –section 65 of the Insurance Act 2003; Motor Third Party Insurance –section 68 of the Insurance Act 2003 and Health Care Professional indemnity insurance under section 45 of the NHIS Act199

He called for improvement on compliance levels saying at present, Compliance is generally very weak.

In his goodwill message, the Special Guest of Honour, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, who was represented at the occasion by the Director, Corporate Communications and Market Development, Mr. Rasaq Salami, Commended BusinessToday Communication Limited for organizing the event.

He said Nkeche, as a publisher, has come a long way, noting that she keeps improving each year.

He said the Media Industry is saturated with publishers and new publications, adding that Nkechie still finds her way because she has been able to carve a niche for herself by arresting the attention of her readers.

Speaking on the theme paper presented by Dr. Muda Yusuf, he said he was not surprised considering the caliber of the presenter.

He said from the time Dr Yusuf was in the Lagos Chamber of Commerce and Industry as the Director-General, he always had interest in insurance industry. and recalled sometimes ago when Dr Yusuf organized a forum to discuss insurance.

He said he has taken note on the part of the presentation that has to do with insurance regulator and promised to take them back to the commission for necessary action.

Noting the importance of excellent customer service in the growth of any business, he said “where there is no customer, there is no business. If you are not able to retain the ones you have, you will soon find yourself out of the market.”

“It is a good thing for you to be able to sell insurance policy for a first timer and once you miss that opportunity of giving the satisfaction the customer need, that might be the last time you will have that customer. That is why customer satisfaction
is very key to our business, especially Insurance being the business that you have to market before you sell.

“Insurance is not something that you go on the shelf and pick, it has to be marketed, and that is why customer satisfaction is very key.

On the growth so far recorded by the industry, he said what the industry has done post-pandemic is what Dr Yusuf has said in his paper which is the refocusing of the industry to meet customers satisfaction.

“Industry has taken the issue of awareness and education more seriously. We know what happened during the pandemic, the sector got its best publicity during the pandemic, and people started to see Insurance as something they actually need. That has, in a way, resulted in the upward movement of the industry performance index as shown in the statistics presented by Dr Muda Yusuf. We expect it could be better going by what the regulator has put in place. Working with operators, we want to believe that by the time we meet in a forum like this next year, we will have higher figures,” Mr Salami said.

The. Chairman of the occasion, Chairman of Boff & Company Insurance Brokers, Mr Babajide Olumide-Agbeja, represented by the MD/CEO of the. Company, Mr. Oreoluwa Olarinmoye, who commended the organizers of the event for the theme of the conference giving the importance of customer satisfaction in the growth of the two sectors.

While commending the theme paper presenter and members of the panelists, he expressed the hope that at the end of the occasion, the audience would be educated on the right strategy and ways and how to imbibe the culture of customer satisfaction.

He said customer satisfaction helps to drive and lead improvement process and ultimately enhances growth and performance, adding that customer satisfaction should be a concern for operators in the two sectors.

In her goodwill message, the Director General of the Nigerian Insurers Association (NIA) who represented the Chairman of the Association, Mr. Olusegun Omoshin, commended the management of BusinessToday Communication Limited for organizing the event and charged them to encourage themselves and look into the future with enthusiasm to do more.

“There is no other person that can encourage you than yourself, so keep encouraging yourself,” Mrs Ilori advised.

Also speaking, the President, Chartered Insurance Institute of Nigeria (CIIN), Mr Edwin Igbiti, said there is need for the two sectors to do more in order to improve performance especially in the area of service delivery to be at par with colleagues in other countries of the world.

His words “We are yet to be there. Check out our penetration rate and compare it with our peers in the market, you will realize the fact that we are lagging behind. The same Human Resources, the same leadership capacity that Ghana whose most of them had their training here have but today they have better penetration rates are what we have.”

He called on all to put on their thinking cap to ensure the growth of sectors.

“If Insurance and pension industries are not growing, the economy cannot grow therefore, Insurance and pension being a catalyst for economic growth must grow.