The chairman of United Bank for Africa (UBA), Tony Elumelu has tasked the insurance industry to improve the contributions of the sector to the country’s economy by rebuilding public confidence and enhancing professionalism.
Elumelu, who spoke at the Nigerian Council of Registered Insurance Brokers’ (NCRIB) 60th-anniversary celebration noted that currently, the industry’s contribution to the national Gross Domestic Product (GDP) is tiny compared to the potential of the sector.
According to Global financial Digest, he tasked practitioners to embrace professionalism and improve the reputation of the industry by always honouring their promises to customers in order to boost the image of the industry and increase confidence.
Elumelu, who is the chairman of Heirs Holdings, which recently launched an insurance company, urged the industry to embrace technology fully so as to remain relevant in the economy.
He also counselled the NCRIB to work towards positioning its members properly for digital integration, mediating between the insuring public and the underwriters digitally.
He reiterated the need for practitioners to “strive to achieve the highest levels of professionalism and dedication in delivering excellent service to the public, who rely on us to provide them with comfort.
“We as an industry need to enforce strict adherence to corporate governance by all NCRIB members.
“While NAICOM continues to play its guiding role as the industry regulator, NCRIB must ensure that appropriate sanctions are imposed on any of its members found using unethical practices.
“The NCRIB and other insurance industry bodies should collaborate more, to deepen insurance penetration in Nigeria,” Elumelu said.
He asked the NCRIB to play a key role in government advocacy for pro-insurance laws and policies.
According to him, the insurance industry can benefit from innovation across all aspects of our services.
“For this to happen, there is the need to reward and incentivise innovation across the industry. Set up industry annual innovation awards,” he said.
But he warned that “innovation and disruptive practices cannot occur if we do not broaden our thinking and creativity.
“We need to raise the profile of our insurance professionals, make the profession attractive for the younger generation – to be a broker should be an inspirational choice.
“There is need to capture our young (ones) in the insurance habits from cradle to grave.
“And there is an urgency to develop the next generation of talent to serve the Nigerian insurance industry.”
