Meet Orimolade, incoming CIIN president banking on Tech to transform insurance profession

When Akinjide Orimolade formally assumes office as the 53rd president and chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN), he will be bringing more than 28 years of insurance experience to one of the industry’s most influential professional bodies. More importantly, he will be taking charge at a defining moment for Nigeria’s insurance sector, as sweeping reforms, digital transformation and renewed regulatory focus reshape the industry’s future.

Currently the managing director/CEO of Stanbic IBTC Insurance Limited, Orimolade has who will be taking over from Yetunde Ilori, the 52nd President of the Institute, outlined an ambitious agenda centred on technology, compulsory insurance enforcement and institutional development. The three priorities he believes will position the Institute to play a greater role in deepening insurance penetration and strengthening professionalism across the country.

Speaking during a pre-investiture press conference in Lagos, Orimolade said he was assuming office with “profound gratitude, a deep sense of responsibility, and an unwavering commitment to advancing the insurance profession in Nigeria.”

His vision comes as the Nigerian insurance industry undergoes significant transformation under the ongoing Nigeria Insurance Industry Reform (NIIRA 2025) and Recapitalisation Programme, which seeks to strengthen insurers’ financial capacity, improve public confidence and create a more resilient industry.

“The insurance landscape is evolving rapidly,” he said. “These realities demand innovative leadership, strategic partnerships, and a clear vision.”

At the centre of Orimolade’s administration is the conviction that technology will become the biggest catalyst for insurance growth in Nigeria.

He argues that the industry can replicate the success of the telecommunications sector, where digital platforms and mobile technology have made services accessible to millions of Nigerians regardless of location.

“Technology will drive the awareness and accessibility that the insurance industry needs,” he said.

According to him, insurance products must become easier to understand, purchase and access through digital platforms if the industry hopes to significantly increase penetration.

Despite insurance being one of the most effective financial protection tools, Orimolade believes many Nigerians still see it as an unnecessary expense until they suffer financial losses.

His administration plans to leverage technology not only to simplify access to insurance but also to educate Nigerians on the value of paying relatively small premiums to avoid catastrophic financial consequences.

Another major priority will be improving compliance with Nigeria’s compulsory insurance laws. Although several classes of insurance are legally mandatory, including Group Life Insurance, Builders’ Liability Insurance, Occupiers’ Liability Insurance and insurance covering the transportation of petroleum products, compliance remains weak due to limited awareness and inadequate enforcement.

Rather than relying solely on regulators, Orimolade wants CIIN members across Nigeria to become ambassadors for insurance education.

He believes the Institute’s nationwide network provides an opportunity to educate businesses, employers, developers and the general public on the benefits of compulsory insurance while supporting efforts to improve compliance.

Greater compliance, he argues, would not only protect lives and property but also expand the industry’s contribution to economic development.

Beyond professional development and market growth, Orimolade intends to leave a lasting institutional legacy. One of the landmark projects of his administration will be the commencement of the CIIN headquarters building in Victoria Island.

Although he acknowledges the project may not be completed during his tenure, he insists every enduring institution is built through the cumulative efforts of successive leaders.

“Our founding fathers and past presidents each contributed their part,” he said. “We also have a responsibility to begin projects that future leaders can complete.”

The proposed development is expected to strengthen the Institute’s capacity as the country’s foremost insurance professional body while providing modern facilities for learning, research and professional engagement.

Orimolade’s ambitions are underpinned by a career that has traversed virtually every segment of Nigeria’s insurance industry.

A Chartered Insurer and Fellow of the Chartered Insurance Institute of Nigeria, he possesses extensive expertise in insurance marketing, underwriting, claims administration, human resource management, business development and corporate administration.

His career reflects experience in both building insurance businesses from the ground up and transforming established organisations.

Before becoming managing director/CEO of Stanbic IBTC Insurance Limited, Orimolade served as group chief executive of Law Union & Rock Insurance Plc until November 2018, where he led one of the industry’s most recognised brands.

Earlier in his career, he held senior leadership positions across several leading insurance institutions, including AIICO Insurance, where he served in executive management roles; Liberty Life as Regional Director for West Africa; Zenith Insurance as Chief Executive; Sovereign Trust Insurance; Central Insurance Company; Bullion Insurance Brokers; and Financial Assurance Company.

His academic credentials are equally rooted in the insurance profession. He earned a Bachelor of Science degree in Insurance before obtaining a Master’s degree in Marketing, both from the University of Lagos.