Insurance professionals gathering in Abeokuta, Ogun State for this year Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria, are being set to have a spectrum that sees transformation not only in the light of digital platform that offers personalised, seamless experiences for customers, easy operations, innovative products that address the changing risk landscape but also about creating a customer-centric mindset.
This mindset Mrs Yetunde Olubunmi Ilori said in her welcome address to present and virtual attendees should focus on building trust, offering transparency, and fostering long-term relationships. She held firmly that expanding market reach involves understanding the evolving needs of customers, reaching underserved segments and providing solutions that speak directly to their concerns.
Ilori who said the theme, “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach,” aligns with the theme of her Presidency, “Igniting the Bedrock of our Envisioned Industry,” reminded the gathering “that the global landscape of insurance is shifting rapidly, driven by advances in technology, changing customer expectations, and emerging risks. The question before us is not just how we respond to these changes, but how we harness them to expand our market reach, deliver greater value and ensure sustainable growth for our industry.”
Noting the dynamic nature of development and insurance being the midwife has been at its core, always providing protection and security to individuals, families and businesses “and as we move further into the digital age, traditional methods are being challenged with emerging new avenues for innovation. To stay competitive, we must adopt transformation strategies that not only allow us to survive but also to thrive in this dynamic environment.”
Therefore, she said insurance professionals have unprecedented opportunity to reinvent the sector itself through digital transformation, offer personalised, seamless experiences for customers, simplify operations and create innovative products that address the changing risk landscape. “Whether through AI-driven underwriting, blockchain in claims management, or new models like on-demand insurance, our industry is being reshaped.”
Raising the banner crested with discipline, trust and claims settlement, Ilori declared, “One of the pillars of my EPIC agenda is professionalism, as professionals in this field, we must be disciplined. Trust is pertinent in a customer-centric atmosphere, run a business where your clients can beat their chest for you when it is time to settle claims. Our greatest advert is prompt claims settlement, transformation should begin here.”
She espoused key strategies for market expansion to embrace; first, adoption of digital technologies, this platform she explained enable firms to reach new markets and streamline. Firm on this, she said by leveraging data analytics, artificial intelligence, and mobile platforms, “we can offer more personalised and accessible insurance solutions.”
Another strategy in her frame is enhancing financial inclusion. This she said is needed to address many markets that remain underinsured. By developing micro-insurance products and collaborating with fintech and mobile banking platforms, the CIIN President is hopeful that professionals can bring affordable insurance solutions to those who need them most, helping to build resilience in communities and drive economic development.
Happing on regulatory innovation, she cleared that as the market evolves, so too must the regulatory landscape. Advocating for smart regulation that encourages innovation while ensuring consumer protection is vital to our ability to explore new business models and expand into new regions.
Another key factor CIIN Council Chairman stated is talent and culture transformation. Holding on to this encompassing view she bares her mind, “None of this will be possible without the right talent. As leaders, we must foster a culture of innovation, continuous learning, and agility. I see quite a reasonable number of young champs in this gathering, I salute MD/CEOs that have approved the nominations of some millennials to this forum, you have invested in the future of your company. The insurance professionals of tomorrow will need to be equipped with a unique blend of technical expertise, creativity, and a deep understanding of the human aspects of our business.”
Spiralling up conviction that the journey ahead is both exciting and challenging, “but it is also filled with opportunities for those willing to transform, adapt and lead. This Forum is the perfect space for us to exchange ideas, learn from one another and develop the strategies that will drive the future of our industry.”
She said the wide range of discussions and debates, present opportunity to be bold in thinking, collaborative in approach, and visionary in our goals. “Together, we can shape the future of the insurance industry—one that is inclusive, resilient, and prepared for whatever challenges and opportunities lie ahead.”
