Operators in the Nigerian insurance industry at a recent International Exchange Program in Hong Kong organized by the Chartered Insurance Institute of Nigeria (CIIN) came to terms that developing the services sector where insurance belongs could sustain and make the economy great, with or without other natural resources.
They also discovered that Hong Kong has paid attention to its services sector and so earns its major contribution to GDP from it. Funmi Babinhgton-Ashaye, president and chairman of Council of the CIIN who led the Nigerian delegation to the conference said the choice of Honk Kong for our exchange program was informed by a number of factors.
“Hong Kong is one of the greatest and biggest financial and trade hubs in Asia. It’s accomplishments in all spheres of human endeavour as islands clearly belie its small size. As one of the world’s leading knowledge centres, the achievements of Hong Kong in global commerce and international trade is at variance not only with its size but also provide a framework for learning and development,” she said.
She said with the most efficient and busiest maritime container port in the world, it is on record that Hong Kong dispatches one container every 4 minutes to other parts of the globe. “In 2017, its per capita income reached $46,228.13 while its 2018 ranking on the global Ease of Doing Business is 5th.
“Besides these performance statistics, it was estimated that services, which include insurance and reinsurance services, contributed 91 percent of its Gross Domestic Product in 2016.The implication of the dominance of the service sector cannot be lost on us: nations can develop without natural resources,” she stated.
The prosperity of this island is based on knowledge, its human capital. Therefore, there is a lot to learn from players in this environment so that we can positively impact our various organizations and by extension, our nation’s economy, Babington Ashaye said.
“As we strategically plan to grow our businesses, we must take our bearing from the market place. Users of our services must define what we do. We must connect with and respond promptly to their needs efficiently and effectively. Our business model must be in tune with clients’ demands and the realities of our environment. If we choose to diversify, it should be into areas of shared services which can reduce operational cost and enhance efficiency and profitability,” she posited.