December 23, 2024
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The Insurers Committee, inaugurated by the insurance industry’s players to work on development plans has set to reveal a 10-year industry-wide strategic plan that would allow the industry to contribute its quarter maximally to the growth of the economy.

This, was the fallout of the committee meeting held in Lagos, according to the Vice-Chairman, Publicity Sub-Committee, Segun Omosehin, who led other members of the committee, said associations in the industry have been asked to nominate members who will constitute a team that will be responsible of drafting the document for the industry’s growth.

Omosehin, noted that in their general meeting that concerns operators, professionals and regulators, we agreed on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of ten years.

Omosehin who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance Plc, said the document will be a high-level document that will have in it what the industry intends to achieve for the period.

“The need for a strategic plan in the sector is also to enable the industry has codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in to address some challenges in the sector.

It helps guide the action of leadership in terms of what we want to achieve as an industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin added.

The industry rebranding project, according to him, becomes an integral element of the document.

He said the industry’s proposed strategic document is to help each successive leader that comes in, for example, the Nigerian Insurers Association (NIA), for instance, if am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan, this, he said, will help every leader to achieve an industry-wide objective.

Omosehin said another decision taken at the meeting was the revised guidelines on Bancassurance.

“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.

Speaking in the same vein, on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Rasaaq Salami, said NAICOM as a regulator, will be part of the plan to cover the various associations in the industry.

He said different associations in the industry have been asked to come up with members that will be part of the committee that will handle the drafting of the document.

 

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