FBA Foundation advocates insurance industry transition to new normal

As the global economy and industries embrace technological transformation in the new normal, now worsened by the coronavirus pandemic (Covid-19), the Funmi Babington-Ashaye Foundation has harped on the need for insurance practitioners to embrace ideas that will enable the industry make a smooth transition to new realities.

The foundation at a recent virtual seminar titled ‘insurance in the new normal’, with industry stakeholders as participants focused on helping the new generation of insurance professionals identify challenges posed by Covid-19 and how to remain relevant in the global ecosystem.

Funmi Babington- Ashaye, the chairperson of the board of trustees of FBA Foundation, said the organisation realised the need to train the future generation of insurance professionals who are in middle-level management, young officers of insurance companies and brokerage firms and insurance students to open their mind on opportunities and challenges brought by Covid-19

Babington-Ashaye, who is also the CEO of Risk Analysts Insurance Brokers Limited, said this would assist the future leaders to come up with ideas that will help in the growth and development of the insurance industry.

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According to her, any company that refuses to adapt to changes in the new normal is faced with the danger of competitive displacement by firms more willing to evolve; the threat from Insurtechs who are already ahead of the technology curve; and also loss of business due to changing customer behaviours and expectations.

“This period has offered operators in the industry chance to build trust, brand and employee morale, Babington-Ashaye said.

The seminar witnessed a presentation from Muftau Oyegunle, president, Chartered Insurance Institute of Nigeria (CIIN); Joyce Ojemudia, president, Professional Insurance Ladies Association (PILA) and Ayo Stuffman, group CEO, VAS2NETS Technologies, and it was moderated by Maureen Ada-Leonard, the managing partner at Etinard Consulting Limited.

Oyegunle who applauded the efforts of FBA Foundation in organising the seminar for the benefit of young professionals said that mentoring is key in achieving leadership qualities because whatever career you find yourself, you need discipline.

He said that with the Covid-19 impact, a lot has changed in the way insurance business is conducted including face to face interaction, consumers now more concerned about health issues and willing to pay, connected living and smatter homes, unprecedented uncertainty and as well as the need to show empathy and care to consumers.

Muftau Oyegunle said this is the time for insurances companies and all other players in the industry to adopt multi-channel distribution platforms to key into the new normal and grow the industry.

“We have not been able to convince potential consumers on the benefits of insurance as people still pay for services with reluctance. This is the challenge that confronts us in the new normal and as practitioners, we must rise to the challenge, Oyegunle said.