The National Insurance Commission NAICOM has advised Nigerian Loss Adjusters that penetrating into the African Continental Free Trade Area of over 1.3 billion people and the largest by country participation will require enhancing knowledge and skills in areas that give them competitive advantages and leverage on exchange of skills with international players.
The Deputy Commissioner for Insurance, Administration and Finance Mr. Ekerete Ola Gam-Ikom, gave the charge at the Nigerian Insurance Industry Committee on AfCFTA held at CITIHEIGHT Hotel Lekki, themed “Navigating New Horizons: Opportunities Unleased by AfCFTA for Insurance Loss Adjusters.” The workshop had a feed from Accra Headquarters of AfCFTA to drive opportunities created by the agreement for loss adjusters. Gam-Ikon said it now behoves on Loss Adjusters to embark on upgrading dimension in requisite knowledge for cross-border business transactions emphasising that the enormity of opportunities could galvanise growth.
Insisting that its a-two pronged approach and the Commission commitment is guaranteed, the Deputy CFI cleared, “The National Insurance Commission is committed to empowering Nigerian Loss Adjusters in the AfCFTA era. However, Adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive. We’ll provide support, but your proactive efforts will determine your relevance.”
Collaborating NAICOM position, President. Institute of Loss Adjusters of Nigeria, Diipo Olarenwaju said loss adjusting plays a critical role in the insurance ecosystem, ensuring fairness accuracy and efficiency in claims resolution. He reminds loss adjusters that as the industry continues to evolve with technological advancements, regulatory changes, and increasing customer expectations, it has become imperative for us to redefine our approach to loss adjusting.
“We must leverage digital transformation, data analytics, and artificial intelligence to improve the efficiency and accuracy of loss adjusting. Collaboration between the underwriters, brokers and adjusters to give the policyholders joy from their distress… we must uphold the highest ethical standards and professional integrity to maintain public trust in our profession,” he stated.
Olarenwaju emphasised that the body is ready to embrace strategies that will drive the profession forward and the insurance industry at large. “We must be reminded at all times that claim management is a key element for the improvement of insurance industry’s public image. We must continue to invest in capacity building, training, and knowledge sharing to equip our members with the necessary skills to navigate emerging challenges” which is a prerequisite for taking opportunities in cross border trade transactions offered by AfCFTA.
