The President, Chartered Insurance Institute of Nigeria, Mr Eddie Efekoha, has urged insurance firms to restructure their operations and give priority to value addition.
He said this during the institute’s annual education seminar in Enugu, with the theme ‘Financial inclusion and insurance – issues, challenges and opportunities.’
He said the theme was specially selected to throw light on the importance of inclusion, the roles of emerging markets and the need for creativity in the offering of services by insurance stakeholders in order to grow the insurance industry.
Efekoha said, “It is common knowledge that insurance penetration is nowhere near where it should be in the country. As practitioners, we can also acknowledge that companies are doing all that they can within the tenets of the law to reach out to customers in order to create a sustained demand for insurance products.
“The question is: are our best efforts enough? What more can we do to improve our lot? Equally, insurance companies are being tasked to reorganise their operations and focus on promoting value. This will in turn increase the number of persons who embrace insurance, turning them into ambassadors no matter in what sector they actively function.”
He said the CIIN would continue to leverage all platforms to ensure the propagation of insurance education, awareness and the highest levels of professionalism were obtainable in the industry.
Efekoha noted that the institute’s creed was centered on its mandate to provide world-class manpower with the highest standard of professional and ethical training for the Nigerian and international business community.
According to him, the smallest molecule of the insurers’ operations should be clear and concise to their target audience, and their messages should reach them wherever they are.