The National Insurance Commission (NAICOM) has called on the Institute of Loss Adjusters of Nigeria (ILAN) to up-scaling skills in areas of comparative advantages to explore the opportunities provided by the Africa Continental Free Trade Area ((AfCFTA) across borders in Africa.
A loss Adjuster is an insurance agent who assesses the amount of compensation that should be paid after a person has claimed on their insurance policy.
This, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, revealed in a paper delivered titled, “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters”: at the Nigerian Insurance Industry Committee on AfCFTA workshop in Lagos.
Gam-Ikon, in his paper, observed that as trade increases, Loss Adjusters would play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand.
He noted that a single, unified market of over 1.3 billion people would also require the preparedness of facilitators of business transactions to expand services to other African countries as new opportunities are also created for Loss Adjusters.
To him, the free movement of goods, services, and people could expand our nation’s operations across borders, increasing access to financial services and promoting economic development. Therefore, the enormity of the opportunities in galvanising growth can only be imagined if we don’t actively participate as an industry.”
Ola Gam-Ikon promised the commission support to empower Nigerian Loss Adjusters in the AfCFTA era, stressing that “Adjusters must step up and enhance services, professionalism, and value proposition to remain competitive.”
He said: ” We’ll provide support, but your proactive efforts will
determine your relevance”, explaining that for the players to stimulate the potential of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels.
In his response to the task ahead, the President. Institute of Loss Adjusters of Nigeria, Dipo Olarenwaju, reminded the members of the institute that as the industry continues to evolve with new technological advancements, regulatory reforms, and increasing customer expectations, it has become essential for us to redefine the approach to loss adjusting.
According to him, members of the institution must leverage digital transformation, data analytics, and artificial intelligence to improve the efficiency and accuracy of loss adjusting.
Olarenwaju stressed the need for collaboration between the insurance operators, brokers, out and adjusters to ensure we serve policyholders certifactorily from their distress… we must also uphold the highest ethical standards and professional integrity to maintain public trust in our profession,” he stated.
The president pointed that the body is ready to embrace strategies that will drive the profession forward and the insurance industry at large. “We must be reminded at all times that claim management is a key element for the improvement of the insurance industry’s public image.
We must continue to invest in capacity building, training, and knowledge sharing to equip our members with the necessary skills to navigate emerging challenges” which is a prerequisite for taking opportunities in cross-border trade transactions offered by AfCFTA.
