EDWIN Igbiti, the President of Chartered Insurance Institute of Nigeria (CIIN) has identified provision of comprehensive coverage; offering sound risk management solutions, delivering top-notch customer service amongst others as growth drivers for insurance sector in year 2024.
Igbiti, who disclosed this in his New Year Message to all insurance professionals, said that the year 2024 holds immense promise for the insurance industry and that practitioners have the opportunity to build upon the foundation laid by their predecessors to pioneer innovative solutions that will shape the future.
He noted that throughout history, the insurance industry has played important role in safeguarding individuals, businesses and communities from uncertainties.
Igbiti said, “We have continually adapted to changing times, embracing innovative practices and technologies to meet the evolving needs of our clients.
“The challenges faced in the past year have been unprecedented, but our resilience and determination has been unwavering, and we have emerged stronger together.
“In the face of a global pandemic, we witnessed significant shifts across the insurance landscape. From health insurance to travel insurance, from business interruption to cyber security, our industry responded swiftly, aiding individuals, families, and businesses in their time of need”.
According to the CIIN President, investing in technology is paramount, as operators leverage artificial intelligence, data analytics, and blockchain to streamline processes, enhance underwriting capabilities and improve customer experiences, noting that by harnessing the power of these tools, they can navigate the ever changing landscape with confidence and efficiency.
Elaborating further, Igbiti said, “As an Industry, we must also recognise the importance of sustainability. Climate change and environmental concerns continue to impact our planet and communities.
“Embracing green initiatives, promoting eco-friendly practices and offering sustainable insurance solutions will not only protect our environment but also
reinforce our commitment to corporate social responsibility”.
He stressed that the insurance industry must continue to foster diversity, equity, and inclusion within its ranks, noting that by embracing a diverse workforce, providing equal opportunities and empowering individuals from all backgrounds, they can tap into a wealth of perspectives and foster innovation.
Igbiti stated that together, operators can build an inclusive industry that upholds the values of fairness, equality, and respect.
As President of the CIIN, he pledged to work tirelessly to advocate collective interest until the last day of his presidency and added, “I will continue to engage with policymakers, collaborate with industry leaders and ensure our industry’s voice is heard at every level. Together, we will navigate through the challenges, seize the opportunities, and strengthen the insurance industry for the benefit of all”.
He extended gratitude to professionals and practitioners for their dedication, professionalism, support and unwavering commitment to the industry. Adding that together, they will build a thriving and sustainable insurance landscape that continues to protect and serve all those who rely on their expertise.
Igbiti urged practitioners to pass the baton of support to his successor, even as they embrace innovation, invest in their talented workforce and foster a culture of excellence.
