Expert urges young graduates to take career in insurance
Group Managing Director (GMD), Royal Exchange Plc, Mr. Wale Banmore,
Young graduates and school leavers in Nigeria have been urged to take career in insurance in order to help the industry to grow.
Group Managing Director (GMD), Royal Exchange Plc, Mr. Wale Banmore, made the urge at the Babcock University Students Association Day recently.
Wale, while giving reasons why insurance should be considered as a first choice career, noted that the insurance market is a resilient marketplace and as a result, it can be a solid bet for those looking to enjoy a long and prosperous career.
“As you might have gleaned from my presentation today, the insurance industry is growing and needs you to help it take the quantum leap forward.
“Now is the time to get into the industry, bring your disruptive ideas, your innovations, unique skill-sets and expertise is what is required as we prepare for the next growth phase of the insurance industry in Nigeria.
“Even when natural disasters occur and claims paid in their billions, the industry has remained buoyant. Opportunities abound for Analysts (actuaries), Sales (marketers), General Management (HR, Operations, Communications), Brokers (intermediaries between insurance company and the client), Underwriters – technical back office operations,” he stated.
While trying to paint the picture of people’s perception about insurance in Nigeria and why the young graduates are needed in the industry, Wale said “Unfortunately, Insurance is normally the “Last Choice” selection for graduates – because Insurers of yesteryears have portrayed the profession in a negative light – compared to the Bankers and the rest.
“However, times are changing. Most insurance companies have been attracting the millennials, as this is a way to ensure the much needed change, innovation as well as sustainability for the industry.
“We need you to bring your fresh ideas, your innovation, your different ways of looking at challenges and together, make the industry attractive to freshers”.
Reasons for Insurance as a career choice, according to him, include
stable industry; supports for the economy; multitudes of career paths; compensations & benefits and workforce opportunity for millennials/innovators.
According to him, “In Nigeria, insurance is a N450bn sector and has immense opportunities for growth as it should really be a Trillion Naira sector and its getting there. Besides, it is a major employer of labour, especially skilled insurance professionals, amongst other fields.
“Without insurance, there would be fewer jobs, and even fewer businesses. Who here will buy a car without insurance, or visit the hospital without health insurance? We help companies remain in business.
“Many interesting career paths which cater to varied skill sets and interests abound in insurance. We have need for most of the professionals – engineers to do risk surveys, accountants to keep financial records, Information Technology to develop our software used for operations, Customer Service, etc. Opportunities also abound for independent agents, brokers, etc.
“Insurance industry offers competitive compensation packages to enable us attract and retain the best talents. With opportunities for growth and professionalism via the training arm, the Chartered Insurance Institute of Nigeria (CIIN), the prospect to grow is limitless.
