Loss Adjusters position as insurance industry map actionable plans for AfCFTA

The loss adjusting arm of the insurance industry has positioned itself to take advantage of opportunities offered by the African Continental Free Trade Area (AfCFTA).

The National Insurance Commission (NAICOM), in its efforts to carry all stakeholders along has assured the Institute of Loss Adjusters of its preparedness to empower them, urging the members to adopt technology to benefit from (AfCFTA).

Olusegun Omosehin, commissioner for Insurance, NAICOM spoke at a workshop with the theme: ‘Redefining Loss Adjusting For Sustainable Claims Management’, organised by the Institute of Loss Adjusters of Nigeria, in Lagos.

Omosehin, who was represented by Ekerete Ola Gam-Ikon, deputy commissioner for Insurance, Finance and Administration, noted that the workshop is a historic call to action, and urged the industry to scale up, evolve, and collaborate to seize competitive advantages and shape a brighter future.

He said, “We’ll provide support, but your proactive efforts will determine your relevance. Dear colleagues, for us to stimulate the potentials of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels, as AfCFTA encourages collaboration among African insurance Companies.

“Through these partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness.”

The commissioner added, “It is expected that the journey to a single, unified market of over 1.3 billion people will also require the preparedness of facilitators of business transactions, requiring that as we expand our services to other African countries, new opportunities are also created for Loss Adjusters.

“As trade increases, Loss Adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand. We are therefore required to focus on enhancing our knowledge and skills in areas that gives us competitive advantages and leverage on exchange of skills with international players.”

In her address, Yetunde Ilori, resident, Chartered Insurance Institute of Nigeria (CIIN), emphasised the importance of embracing Artificial Intelligence to enhance customer service and streamline operations in the insurance industry.

She underscored that AI is not a threat to jobs but a tool to improve efficiency.

Ilori also stressed the need for professionalism and innovative regulations to boost industry growth.

Ekeoma Ezeibe, chairperson Nigerian Insurance Industry – African Continental Free Trade Area Committee, implored loss adjusters to leverage all available resources to adequately prepare so as to fully harness the opportunities that would be provided by the continental agreement.