• Monday, December 04, 2023
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Insurers strategise to stay afloat amid tough business environment

Insurers strategise to stay afloat amid tough business environment

Insurance professionals in Nigeria are strategising to align with new business realities as the operating environment toughens with transformation and technological innovations.

Edwin Igbiti, president/chairman of Council Chartered Insurance Institute of Nigeria (CIIN) who raised the concern at the 2023 Council Retreat of the Institute held in Lagos said the world around is changing at an unprecedented rate and so players must be prepared to meet these changes head-on.

“We need to be agile, responsive, and open to new ways of thinking and doing business.”

To foster adaptability, Igbiti encouraged a culture of continuous learning and innovation.

“We need to empower our employees to explore new ideas, take calculated risks, and embrace change.”

Igbiti stated that by fostering a culture that rewards experimentation and growth, we can ensure that our organization remains at the forefront of innovation.

Speaking on the theme of this year’s Council Retreat “Wellness code for National Leaders in the Technology Age”, he said it is a call on us as leaders to navigate the challenges of the technology age, it is crucial to prioritise our well-being.

Read also: Insurance sector penetration still low, records N312b premium Q1

He listed some wellness codes for leaders to include embracing a healthy lifestyle, prioritising mental health, building supportive relationships, promoting work-life integration, continuous Learning and growth, practicing ethical decision-making and seeking balance in technology use.

“By embracing these wellness codes, leaders can navigate the technology age while maintaining their well-being”.

Additionally, as we progress towards the future, we must keep a keen eye on emerging technologies and trends. It is vital that we remain at the forefront of technological advancements that can potentially disrupt our industry,” he advised.