Financial Literacy: Expert Advocates Educational Institutions, Insurers Partnership
Mr. Babatunde Fajemirokun, MD/CEO, AIICO Insurance PLC
The Managing Director/Chief Executive Officer of AIICO Insurance Plc, Mr. Babatunde Fajemirokun said education and awareness campaigns, with the active involvement of educational institutions and industry associations, can promote financial literacy and insurance awareness.
Speaking on the topic “Aligning Insurance Practices in the 21st Century to Serve Public and Private Sectors” at the 2023 WAICA Education Conference in Freetown Sierra Leone, Fajemirokun said these efforts lay the foundation for a more informed and engaged consumer base and workforce.
According to him, Education and awareness campaigns, with the active involvement of educational institutions and industry associations, can promote financial literacy and insurance awareness.
“These efforts lay the foundation for a more informed and engaged consumer base and workforce.
“The role of research and data analytics cannot be overstated. Informed decision-making, risk assessment and the identification of emerging risks and market trends are essential for insurers to remain responsive and adaptable in a rapidly changing landscape,” he posited
AIICO boss stated that despite the challenges, West Africa offers abundant opportunities for alignment, stressing that leveraging technology, such as insurtech solutions and mobile-based insurance products, can enhance efficiency and extend insurance reach.
He said “Public-private partnerships can facilitate risk mitigation efforts and knowledge-sharing, while customized insurance products, including micro insurance and agricultural insurance, can cater to the specific needs of the population.
Strengthening the regulatory and legal framework is another vital aspect of aligning insurance practices in West Africa,” he stated.
He also emphasized the need for integration of informal risk management practices into insurance solutions, saying it can be beneficial in reaching underserved populations.
West African insurance market, he said, has been experiencing notable changes in recent years, driven by evolving economic conditions, regulatory reforms and shifting consumer preferences and that understanding the key aspects of this market is essential to aligning insurance practices effectively in the 21st century.
“Insurance, as a catalyst for economic stability and growth, has the potential to transform the region, providing protection, peace of mind, and a solid foundation for a brighter future.
“West Africa’s journey toward insurance alignment is a journey toward resilience, prosperity and shared progress for all,” he said.
