The coming of Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers Association (NIA) heralds a new era in the history and life of the country’s underwriting industry.
His coming elicit strength, progress and oneness, and showing why friends and colleagues came out in mass to grace and ensure success of his investiture ceremony on Thursday 3rd November 2022.
His antecedents having played key roles in the industry, both at the Chartered Insurance Institute of Nigeria (CIIN), where he is a council member, the NIA and his long-time relationship with the insurance brokers, while serving as CEO of many underwriting firms makes his ascendance of this position a home coming.
He has therefore carefully captured this welcome in the theme of his chairmanship, ‘Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement’.
Olusegun Omosehin said coming to this position offers him an opportunity to re-appraise the state of the industry and chart a new course for it, while moving intently from its brand image towards a brand identity; and to strengthen it and to position the industry to contribute more impactfully towards the cultural and socio-economic development of the nation.
“As Insurers, together with our other counterparts in the financial services sector, we must be the catalyst that serve as the guard-rails protecting the delivery of the future of Nigeria by supporting the innovative process in this new and changing world to deliver our prosperity.”
He said by embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide the buffer required for the economy to thrive, not impeding it by clinging on to the past.
Please remember that the change we seek must start with us as an industry. Resolving the current challenges will require thinking different and extraneous to what created these current challenges in the first place. Our ability to self-regulate and be bold and courageous in enforcing our market conducts is vital if we must take our rightful place amongst the pillars of economic growth and development in Nigeria, Omosehin said.
According to him, operators must understand the importance of protecting her collective dreams and aspirations and positioning itself appropriately to earn the trust of our nation.
“A lot of work has been done in this regard by successive leadership of the Association leading to national recognition for our industry, but much more is still required to be done. This will be trust earned through our demonstration of capacity, competence, integrity, and conscientiousness.”
Under this broad theme, omosehin said he would focus on the four key strategic areas: Market Discipline, Market Development & Respect for Market Agreements; Insurance Awareness & Partnership with the Media; Human Capacity Building; and Leverage Technology, Digital & Innovation.
“During my tenure, we will collaborate with all players to enforce market discipline among member companies. As a Self-Regulatory Organization (SRO), the Association works through the peer pressure to promote best practice among operators. We will work very hard as leaders of the Association to build trust and lead by example, so that some of the issues relating to soft market practices and general indiscipline in the market are promptly dealt with. We shall ensure adherence to high ethical standards for our market, which has been the pillars upon which the association was formed.”
He said, “NIA under my leadership will work with other stakeholders to ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, implement progressive market development initiatives and agreements, explore new areas of business collaboration to expand the market, collaborate with the regulatory community particularly our primary regulator, NAICOM, on market impacting regulations such as Risk-Based Supervision, among others.”
Olusegun Omosehin had his early education at United Anglican Primary School, Abe-alala and thereafter proceeded to C&S Academy, Ugbo-nla, both in Ilaje Local Government Area, Ondo State.
Fired by the zeal and determination to succeed, he got admission into the then Ondo State University, now known as Ekiti State University, Ado-Ekiti and graduated with a Bachelor of Science degree in Political Science (Second Class honours, Upper Division) in 1990.
Soon after his National Youth Service (NYSC) at Ikot-Ekpene, Akwa Ibom State 1990/1991, he proceeded to the University of Lagos, for his post graduate studies where he obtained a Master of International Law and Diplomacy (MILD) degree in 1992.
His desire to pursue a career (his dream career) in the Foreign Service did not materialize following the recruitment embargo in the Nigerian Foreign Service that year. But this development was like the unseen hand which led him to the insurance profession.
Olusegun joined the Nigerian insurance industry in June 1993 through the assistance of Prince Jamiu Adio Saka, then a General Manager with Crusader Insurance Nigeria Plc, who coincidentally was also his course mate at the graduate school, University of Lagos.
This marked the beginning of what later turned out to be a very robust and successful career for Olusegun in the insurance industry.
With sheer determination and passion for his new profession, he enrolled for the insurance professional examinations in 1995 and qualified as an Associate of the Chartered Insurance Institute of Nigeria (CIIN) in 1996, a feat he achieved in only two seatings.
Notwithstanding these academic and professional achievements, Olusegun continued in his quest for knowledge and with a vision of being one of the captains of the Nigerian Financial services sector, he enrolled for a conversion programme in Economics in 1997, the Post Graduate Diploma in Manpower Economics & Planning, where he bagged an M.Sc. in Economics in 1999, from the University of Lagos.
He has attended several courses both locally and internationally including the Advanced Management Programme (AMP-13) at the Lagos Business School (LBS) now Pan African University in 2001; as well as the Oxford Advanced Leadership and Management Programme (OALMP) at the Said Business School, University of Oxford, United Kingdom, among others.
Olusegun stands out as one of the few multi-disciplinary professionals in the insurance industry.
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Before joining Old Mutual Nigeria Life Assurance Company Limited, in January 2020, Olusegun worked for about 9 years in different capacities at Custodian and Allied Insurance Plc; until he left in 2003 as the Divisional Head of Operations to join Admiral Insurance Company Limited as the Managing Director of the company where he led a transformation team that turned around, a 22-year-old loss making business into profitability within the first year.
After a four-year stint and following its merger with Crusader Insurance Nigeria Plc during the 2007 insurance consolidation exercise. He left the Crusader Group in March 2007 to AIICO Insurance Plc and was appointed the Managing Director/CEO of AIICO General Insurance Company Limited, the then general insurance arm of AIICO Insurance Plc.
It is on record that Olusegun engineered and led the transformation agenda for the Group in 2007 and reset a clear path to profitability for the business. He however, left the company in September 2009.
He joined Mutual Benefits Assurance Plc in 2010 as the Managing Director/Chief Executive Officer and ran the company for about 10 years, and with his wealth of experience transformed and positioned Mutual Benefits Assurance Plc as a major player in the Nigerian insurance market particularly in the Oil and Gas segment.
In this rich, exciting journey of life, he has crossed the part of many people and means many things to many people.
To his friends and colleagues, he exemplifies trust, integrity, honesty, and all that defines true friendship and camaraderie.
He is a Member of the Governing Council for the Chartered Insurance Institute of Nigeria (CIIN) and the current Chairman of the Education Committee of the institute. He is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN); a Fellow of the Institute of Directors (FIoD); a Fellow of the Nigerian Institute of Management; and a Member of the Nigerian Society of International Law. He loves reading and his major recreation is golfing. He is a member of Ikoyi Club 1938 and Ikeja Golf Club.
