“My chairmanship will be defined by collaboration, not competition; by deepening public understanding, not industry jargon; and building bridges across the entire financial services landscape.”
This is the prism the in-coming 27th chairman of Nigerian Insurers Association NIA, Mrs Ebelechukwu Nwachukwu, wants to be viewed from as she steers the objectives of the Association for another two years.
Ebelechukwu who is also the MD/CEO, REX Insurance Plc, said her mission would be to present in upgraded dimension these three power points collaboration, understanding, and public trust.
Coming anew on the issue of deepening insurance penetration through collaboration, Mrs Nwachukwu said, “We have long spoken about our low penetration rate. The new Act gives us the capital strength to innovate. But capital alone is not enough. We need partnerships – with banks, fintechs, microfinance institutions, and even non-financial platforms.”
She believes the presence of the MD/CE of Fidelity Bank as Chairman of her investiture is a deliberate signal. “I will pursue strategic alliances with banks and other financial institutions to distribute insurance products, leverage digital channels, and reach the millions of Nigerians and small businesses that have been left out. This is how we will move insurance from a niche product to a mass market essential.”
Another space where she intends to make landmark is creating a better understanding of insurance. She admits that “Trust deficits exist largely because people do not understand what insurance truly offers… We will simplify claims, clarify policy language, and share real stories of insurance at work, protecting families and businesses. Because when people understand insurance, they trust it. And when they trust it, they buy it.”
Venturing on the third block which is advising government and assisting members with compliance, the soon to be NIA Chairman said, “I will ensure that the NIA serves as a credible, constructive partner to regulators, providing technical input, flagging implementation challenges, and advocating for policies that support a healthy, competitive industry.
Featured Picture: L-R Mrs Ebelechukwu Nwachukwu, next NIA Chairman, Mr. Babatunde Fajemirokun, AIICO Insurance MD, NIA honorary treasurer/LOC Investiture, and Mr Olamide Olajolo, MD Coronation Insurance at the press briefing today at the Insurance House Victoria Island, Lagos.
