CIIN president, Ilori charts new course for Nigeria’s insurance sector with EPIC 4-point agenda

Cynthia Ezekwe

Yetunde Ilori, the newly inaugurated president of the Chartered Insurance Institute of Nigeria (CIIN), has unveiled a comprehensive four-point agenda known as ‘EPIC’—Education, Professionalism, Institutional Recognition, and Capacity Building, to restructure the insurance sector and boost insurance penetration in Nigeria.

Speaking at a press conference in Lagos, the 52nd president of CIIN reiterated her deep commitment to the sector’s growth, noting that the EPIC   initiative will  enhance  educational programmes, foster innovation, and promote ethical practices in the Nigerian insurance industry. She added that the agenda will  strengthen the sector’s collaboration with regulators, professional bodies, and relevant stakeholders.

Ilori explained that the EPIC agenda was born out of an assessment of the insurance industry in Nigeria, stating that despite its potential, the industry faces significant challenges, including low penetration, and a lack of innovation. She explained that the   agenda aims to address these gaps by promoting digitalization, enhancing regulatory frameworks, and promoting ethical standards within the insurance industry. 

While giving a breakdown of the strategic initiative, the CIIN president explained that:

– Education (E):  Aims to bridge the knowledge gap about insurance by integrating it into school curricula and offering e-learning for CIIN members. Collaborations with established platforms will facilitate innovative and engaging learning experiences.

– Professionalism (P): Promote ethical standards and discipline within the industry to align with global standards.

– Institutional Recognition (I): Establishment of  credible awards and the annual insurance Week to showcase achievements within the industry. This will foster excellence and inspire industry professionals.

–  Capacity Building (C): Addressing capacity gaps within the CIIN, developing niche expertise, and connecting with the diaspora to share knowledge, investing in the future and providing internship opportunities to  bridge the gap between academics and practical experiences.

Ilori further disclosed that a business school model for Insurance would be created to ensure a tiered training programme modelled after business schools, stating that from entry-level to executive levels, the Institute would become the premier destination for insurance education in Nigeria.

“We will focus on discipline, maintaining the highest ethical standards is paramount. We will ensure strict adherence to our code of conduct.We embark on sensitisation where every professional will know the demands of the certificate he or she holds,’’ she added.

 Illori also  urged industry leaders and stakeholders to join forces and collaborate towards the realisation of the EPIC initiative to unlock the full potential of the insurance industry in Nigeria, and drive sustainable growth and development.