Cynthia Ezekwe
The Chartered Insurance Institute of Nigeria (CIIN), has emphasised the importance of investing in technology for insurance companies to navigate the ever-changing insurance landscape with confidence and efficiency in 2024.
Edwin Igbiti, the CIIN president stated this in his new year message to all insurance professionals. He noted that the insurance industry has the potential to thrive in 2024, and that practitioners have the opportunity to build upon the progress made by previous generations of insurance professionals.
Igbiti highlighted the importance of technological innovation and the need for the insurance industry to adapt to changing customer needs. He stressed that insurance professionals should use technologies such as artificial intelligence, data analytics, and blockchain to streamline and improve processes, leading to better outcomes for both companies and customers.
The CIIN president noted that insurance has been a crucial part of society for centuries, providing protection against unforeseen events. He acknowledged that the insurance industry has faced challenges in recent years, including the Covid-19 pandemic, but that it has shown resilience and continued to serve the needs of the public.
“In the face of a global pandemic, we witnessed significant shifts across the insurance landscape. From health insurance to travel insurance, from business interruption to cyber security, our industry responded swiftly, aiding individuals, families, and businesses in their time of need,” he observed.
Igbiti also highlighted the growing importance of sustainability in the insurance industry, noting that insurers have a responsibility to support efforts to protect the environment and mitigate the impacts of climate change. He stressed that insurers should offer green insurance products, promote eco-friendly practices, and take steps to reduce their own environmental footprint.
The CIIN president also emphasised the need for the insurance industry to foster diversity, equity, and inclusion. He said that by embracing diversity, providing equal opportunities, and empowering individuals from all backgrounds, the industry can benefit from a wealth of perspectives and ideas, and foster innovation.
Igbiti identified provision of comprehensive coverage; offering sound risk management solutions; delivering top-notch customer service amongst others as growth drivers for the insurance sector in 2024.
