Government Should Consider Launching A Nationwide Campaign To Educate Citizens About Importance, Benefits Of Insurance – Edwin Igbiti
Mr Edwin Igbiti CIIN President
In this interview with THE REVEALER, the President/Chairman, Governing Council, Chartered Insurance Institute of Nigeria (CIIN), Mr Edwin Igbiti, spoke on salient issues concerning the Nigerian Insurance Industry including the contributions of the immediate past Commissioner for Insurance, Mr Olorundare Sunday Thomas, to the nation’s insurance industry, on why President Bola Ahmed Tinubu appointed a new board for National Insurance Commission (NAICOM), expectations from the new board of NAICOM, expectations from the new Commissioner for Insurance and his team, as well as the need for insurers to explore opportunities in Artificial Intelligence (AI) to enhance their performances and customer experiences. Excerpts:
One would have expected the present administration to allow the erstwhile leadership of NAICOM led by Mr. Olorundare Sunday Thomas to continue for the second term. What would you say about the government’s decision appointing a new leadership for the nation’s insurance regulatory body?
The government’s decision to appoint a new leadership for NAICOM in my own point of view could fall and may indicate a desire for fresh perspectives and approaches to regulating the insurance industry. Not disputing the fact that Mr. Olorundare Sunday Thomas’s leadership had its achievements, but it’s not a surprise acknowledging that change is a constant phenomenon, the government might be seeking to inject new energy and ideas to tackle emerging challenges and drive growth in the sector.
As a professional insurer with many years of experience in the industry, and as a President of CIIN, what do you have to say concerning the new Commissioner for Insurance and the caliber of people in the new board of NAICOM?
As a professional insurer and President of CIIN, I would say that the new Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the new board members will bring wealth of experience and expertise to the table. Being that I personally have a personal relationship with him, over the years, has been tested and proved his capabilities. The Deputy Commissioner for Insurance, Technical, Mr. Usman Jankara Jimada is also an astute practitioner who has written quite a number of contents on insurance practice, this is the time for him to implement his postulations. It is a statement of fact to say that their diverse backgrounds and knowledge will be invaluable in shaping policies and regulations that promote innovation, consumer protection, and industry development.
What are your expectations from the new leadership of NAICOM with Mr. Olusegun Ayo Omosehin, as Commissioner for Insurance?
My expectations from the new leadership of NAICOM can’t be different from what we all expect but to list a few which are the core of my expectations, it will be to enhance engagement with stakeholders to address pressing issues and build trust, proactive measures to increase insurance penetration and deepen market growth, effective supervision and enforcement to ensure compliance and fair play, strategic initiatives to leverage technology and innovation for improved services, collaborative efforts to address cross-cutting issues like fraud and claims settlement. Also, is the consolidated bill, I want the commissioner to hit the ground running on that, he should ensure this is part of his biggest achievement.
How would you assess the administration of the immediate past Commissioner for Insurance?
The immediate past Commissioner for Insurance, Mr. O.S Thomas had notable achievements, to mention a few would be, implementing reforms to enhance regulatory efficiency, introducing initiatives to boost insurance awareness and inclusion, strengthening risk-based supervision and enforcement and fostering collaboration among industry stakeholders.
However, as great the achievement, there were still areas I could point out that could be improved on which includes; more effective communication and engagement with stakeholders, faster resolution of industry disputes and complaints, greater emphasis on innovation and technological adoption and also more proactive measures to address emerging challenges and risks. Which is my hope that the new administration would effectively tackle moving forward.
What are those things you would have loved the immediate past Commissioner for Insurance to do that he did not do, and those things he did that were not necessary?
Things I think the past Commissioner for Insurance could have done differently is quite a tricky one but coming from a point of general understanding of the industry I will say he could have been more consistent and timely in implementation of policies and reforms, a more robust engagement with consumers and other stakeholders, more decisive action on long-standing industry issues, greater emphasis on innovation and technological adoption, a more effective communication and collaboration with industry players, faster resolution of industry disputes and complaints and lastly a more proactive measures to address emerging challenges and risks. These are not in any way undermine his achievement but a pointer to what could have been done better so by addressing these areas, the past Commissioner could have potentially achieved more significant and left a more lasting impact on the industry.
If you are asked to advise the present government on what to do that will enhance insurance growth in Nigeria, what are the five key things you will consider paramount?
If I were to be asked to advise the present government on what to do to enhance insurance growth in Nigeria, I would consider the following five key things paramount and they would be in no particular order, Increase awareness and education, maybe by Launching a nationwide campaign to educate citizens about the importance and benefits of insurance, targeting underserved communities and leveraging digital platforms. Simplifying and streamlining regulations through reviews and simplifying existing regulations to encourage innovation, reduce compliance burdens, and foster a more competitive market.
Others are investment in technology and digital infrastructure either by or through supporting the development of digital platforms, data analytics, and other technologies to enhance policy management, claims processing, and customer engagement; expand inclusive insurance products by encouraging insurers to develop and offer affordable, tailored products addressing specific needs of low-income households, small businesses, and vulnerable groups. By focusing on these areas, the government can create a supportive environment for insurance growth, increase penetration, and promote financial inclusion in Nigeria.
How do you assess the level of adoption of Artificial Intelligence (AI) by insurers in Nigeria?
I would assess the level of adoption of Artificial Intelligence (AI) by insurers in Nigeria as being in its early stage, with a few pioneers exploring its potential. While there is growing recognition of AI’s transformative power, many insurers are still in the process of understanding its applications and benefits.
On a scale of 1-5, with 1 being “limited awareness” and 5 being “advanced adoption,” I would rate the current level of AI adoption in Nigeria’s insurance industry as a 2, “exploration and experimentation.” Some insurers are starting to explore AI-powered solutions, but widespread adoption and implementation are still limited.
However, there is a growing interest in AI-powered solutions, and some insurers are starting to explore its applications in areas like automated underwriting, claims processing, and customer service. As the industry continues to evolve, I expect to see more insurers embracing AI to enhance their operations, products, and customer experience.
In what ways can AI revolutionise customer experience/insurance experience in the Nigerian insurance industry?
I would say that AI can revolutionise customer experience in the Nigerian insurance industry through enhancement of personalized services and tailored policy offerings, streamlining claims processing and reducing settlement times which will be of great help to the Insurance branding image, providing 24/7 customer support and engagement through chatbots and virtual assistants, offering real-time policy management and self-service capabilities, enabling data-driven underwriting and risk assessment and improving fraud detection and prevention in general.
How do you see the industry in the next ten years, if AI adoption is increased
In the next ten years, I would like to envision the Nigerian insurance industry embracing AI and technology to become more efficient, customer-centric, and innovative. Insurers will leverage AI for things like; data-driven decision-making and product development, enhanced risk assessment and underwriting, automated claims processing and settlement, personalized marketing and customer engagement, improved regulatory compliance and risk management and increased adoption of digital channels and self-service platforms to mention a few.
What are those information that you think could be of significant importance to insurance growth in Nigeria?
Additional information that I feel and think could be significant to the nation’s insurance industry growth could include, encouraging more innovative and inclusive product offerings to address emerging risks and needs, building a more skilled and tech-savvy workforce to drive industry transformation, fostering greater collaboration and knowledge sharing among industry stakeholders, developing and implementing robust cybersecurity measures to protect policyholders’ data and Embracing emerging technologies like block chain and the Internet of Things to enhance efficiency and innovation.
