Experts Task CEOs/COOs of Broking Firms to Adopt Modern Business Strategies
Experts have called on the Chief Executive Officers and Chief Operating Officers of insurance Broking firms to embrace modern business strategies that will enable them to remain in business in the face of the turbulent business environment.
The call was made yesterday at the May 2023 Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee CEOs and COOs Meeting held at the Brokers House, Yaba Lagos.
Speaking on the theme paper: “Operating in a Turbulent Environment: Insurance Brokers CEOs Challenges,” Chief Business Officer, Arkounting Professional Services Limited, Dr. Olusola Olowoyeye, tasked the CEOs and COOs of insurance Broking firms to embrace change and carve a niche for themselves.
Olusola who described insurance as one of the game changers, called on all stakeholders in the sector to see themselves as partners in progress.
According to him, I believe the future of finance in this country still sits with insurance, not banking. Insurance still has a lot to do to turn this economy around. Insurance is one of the game changers.
“We are operating in a VUCA world. (VUCA means volatility, uncertainty, complexity, and ambiguity) and that is what represents a turbulent environment. What is happening to us today in Nigeria is happening everywhere in the world because we are operating in a very volatile environment. The level of uncertainties in increasing every day and we have to be prepared. We have to be ready.
Insurance is going to change the game. We are going to be the ones that will turn things around eventually,” Olusola said.
On the need for brokers to embrace new ways of doing things, he said, “We are known in this industry to be traditional. We need to start doing things differently. We need to start embracing new ways of getting things done. If we decide to continue to act with old logic, then we are not ready to respond to the kind of turbulence that is currently ravaging the world.”
Olusola listed the CEOs/COOs’ challenges to include workflow efficiency.
According to him, as insurance providers, how experienced are we looking at the industry from the underwriter to the broker to the loss adjuster? How efficiently are we able to move things? How are we engaging the economy? Issues around price competition are more important. How are we addressing VUCA? How as a business are we been able to position ourselves to be able to address VUCA?
“When I say workflow efficiency, as technology improves, and continues to change, so does the nature of the business. The study from Harvard Business Review shows that even a single digitalization of existing processes could help insurance companies deliver 65 percent reduction in cost. How well are we able to use technology to push things instead of carrying documents everywhere? How are we going to carve a niche for ourselves?
“All stakeholders in the insurance industry should commit to being a game changers in the face of this turbulence. Game changers are people or organizations that see new ways to complete a task that is more efficient than the traditional method. We need to break the barriers. These innovations open a new avenue for economic growth and transform the image of the industry. Every manager strives to become a game changer in their respective field. It is not about only the CEO. Every member of the organization must support the vision of ensuring the success of the organization.”
He encouraged the brokers to demonstrate good communication skills, analytical skills, evaluation skills, commercial acumen, and let’s probe, let’s ask questions, and let’s demonstrate skepticism in whatever we are trying to do.
Earlier in his Welcome Address, the Chairman, the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee, Mr. Ademola Olutusin, thanked those who attended the event and the sponsor of the event Guinea Insurance PLC, just as he called on the brokers to patronize the company.
He enjoined the CEOs and COOs of various insurance brokerage firms present to take full advantage of the lecture with the theme “Operating in a Turbulent Environment: Insurance CEOs’ Challenges” to enrich themselves in preparation of the challenges ahead.
He said “The target audience of this meeting is the CEOs and COOs of all insurance brokerage firms. We want you to come and share what you have been facing as challenges in the course of your operation so that we can see how we can deal with them together.
In his address, the NCRIB President, Mr. Rotimi Edu, who was represented at the occasion by the Executive Secretary/Chief Executive Officer of the Council, Mr. Tope Adaramola, underscored the fact that the brokers are operating in the turbulent environment, adding that the environment is greatly challenged by the economy, legislative and legal conscriptions, which the brokers have to contend with.
While commending the NCRIB Lagos Area Committee for choosing the theme, Mr. Adaramola enjoined the brokers to be attentive and take the best out of the event.
Other discussants at the event included Mr. Dipo Olanrewaju, the President Institute of Loss Adjusters of Nigeria (ILAN), and Mr. Oluyombo Bammeke, Managing Director, United African Insurance Brokers Limited.
They urged the CEOs/COOs to embrace new business strategies that are sustainable, economical, and growth-driven.
The management team of Guinea Insurance PLC, sponsors of the event, was led to the occasion by its Managing Director/Chief Executive Officer, Mr. Ademola Abidogun.
