Nigerian insurers have stated their readiness to support individuals and businesses during this period of economic uncertainty, particularly as inflation increases the risk profile in the economy.
Kunle Ahmed, the newly elected chairman of the Nigerian Insurers Association (NIA), who announced this during his media unveiling in Lagos on Wednesday, said, “Our nation’s challenges from inflation to security concerns are significant and have increased the risk profile of individuals and organizations.”
Ahmed, who is the 26th chairman of NIA and managing director of AXA Mansard Insurance Plc, said with the government outlining ambitious priorities for socio-economic transformation, there was an increasing need for industries to support this vision, and one such industry is insurance.
He said, “As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated.”
Ahmed said insurance was one of the solutions that can be deployed to confront some of these challenges. “Globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.”
Read also: NAICOM cautions on inflation as insurers navigate macroeconomic environment
On his strategies to position the insurance industry for growth, the NIA helmsman, said his vision was to turn these challenges into opportunities for the growth of the industry and the prosperity of the nation.
“We will focus strategically on customer-centricity services, digital transformation, commitment to excellence, education and awareness, advocacy and collaboration, he said.
According to him, enhancing customer satisfaction will be his administration’s priority. This will involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations. “A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritise the customer journey, ensuring that our clients always feel valued and understood.”
On digital transformation, he said, “Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential. We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians.”
Emphasising commitment to excellence, Ahmed said, “As we embark on this journey, I want to assure you that our commitment to excellence will guide our actions. We will focus on improving our claims processes, ensuring we fulfil promises and exceed expectations.”
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