Ten Years Insurance Industry-Wide Strategic Plan Coming Soon – Committee
L-R: Samuel Oghenebrume Ogbodu, Managing Director, Sunu Assurances Nigeria; Akinjide Orimolade, Managing Director, Stanbic IBTC Insurance; Olusegun Omosehing, Rasaaq Salami, Head, Corporate Communications/Market Development, National Insurance Commission (NAICOM); Managing Director, Old Mutual Insurance Plc, Nigeria; Ademola Abidogun, Managing Director, Guinea Insurance PLC; Benedict Ugochukwu Ujoatuonu, Managing Director, Universal Insurance PLC and Yetunde Ilori, Director-General/Chief Executive Officer, Nigerian Insurers Association (NIA) all members of the Committee at the press briefing in Lagos yesterday.
Insurers Committee said it has concluded plans to give the Nigerian insurance industry a strategic document that will codify the long-term aspiration of the industry.
The decision was taken during the Insurers Committee meeting which took place in Lagos today.
Briefing journalists after the meeting, the Vice-Chairman, Publicity Sub-Committee, Mr. Segun Omosehin, said all the associations in the industry have been asked to nominate their members who will constitute a committee that will take charge of drafting the document.
According to him, today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of ten years.
Omosehin who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance PLC, said the document will be a high-level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.
“The need for a strategic plan is to enable us as an industry to have codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in so that there is no vacuum. It helps guide the action of leadership in terms of what we want to achieve as an industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin explained.
The industry rebranding project, according to him, becomes an integral element of the document.
He said the industry’s proposed strategic document is to help each successive leader that comes in, for example, the Nigerian Insurers Association (NIA), for instance, if am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan, this, he said, will help every leader to achieve an industry-wide objective.
Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.
He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.
Mr. Omosehin said another issue discussed at the meeting was the revised guidelines on Bancassurance.
“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.
