Loss Adjusters under the umbrella body of the Institute of Loss Adjusters of Nigeria (ILAN) has emphasized the need for better understanding and appreciation of their role in the success of claims handling administration in insurance business.
Reginald Egbuniwe made the call in Lagos during his investiture as the 12th President of ILAN held virtually and attended by chieftains of the industry within and outside Nigeria.
On the contemporary place of loss adjusters, Egbuniwe said ILAN need to influence contemporary thinking about insurance and claims administration to ensure that all participants in the claims cycle take proper account of the value and benefits that loss adjusting services bring to the claims process.
He said loss adjusters have a lot to offer to underwriters, the regulator, brokers and the insuring public as they deal with the challenges of emerging risks of a rapidly changing world.
“As Loss Adjusters, we have a deep understanding of information and relationships. We understand its vulnerabilities, its sensitivities and of course its long term value, and, if we do it right, I know our contributions will be acknowledged and appreciated”.
On the ongoing recapitalisation in the insurance industry, he observed that the changes in regulation sweeping through the insurance industry as regards underwriters and recapitalisation are to protect the insuring public.
Egbuniwe who leads ILAN for the next three years, said all need an insurance industry with strong players who can fulfill their contractual obligations to their clients, both the insured and service providers like us.”
Besides, he said the recapitalisation exercise was a “welcome development which was long overdue.”
He noted that some underwriting companies might find meeting up with NAICOM requirement challenging, but believes that with creative thinking, a willingness to put the industry first and a positive attitude to change, our industry and the insuring public will be better off.
Nwakibie Egbuniwe, father of the new President who remarked virtually charged members of ILAN to start to embrace the new normal of today in their delivery and operations to the insurance industry.
He said “Automation, artificial intelligence, and data are all beginning to have an influence on the industry and invariably will impact on the loss adjusting sector.”
He noted that the changes has come to stay and new development will continue to disrupt and lap on the previous set order,.
Nwakibie Egbuniwe said, “Of course, this is transformational, and we are only at that journey and the industry must embrace it,”
“The daunting challenge of matching notwithstanding, Egbuniwe said can be achieved, and the sure way to get this done, “In my opinion … to follow and catch up with the emerging changes is by maintaining and upgrading one’s skill and knowledge.”
Nwakibie further observed that the challenge is not for the new president to achieve all by himself alone, but for all to achieve, imploring them to support the president in his efforts in facing these challenges as they may affect the loss adjusting profession.
For his son Reginald, who is also the managing director, Grand Metropolitan Associates, he said, “Three years term may seem long but when you have lived to my age you realise that the term is also short and must not be wasted.”