New NIA President Vows To Reposition Insurance Industry

The new president of the Nigeria Insurers Association (NIA), Mr. Kunle Ahmed has promised to reposition the insurance industry and ensure proper claims management by underwriting firms in the country.

Speaking at his investiture as the 26th chairman of NIA, Ahmed said, ease of onboarding clients, provision of advisory services, and elimination, to the barest minimum, of conflicts during claims processing are some of the actions that can potentially increase customer satisfaction.

To him,”most companies are aware that there is a nexus between customer satisfaction and profitability. Companies that are making profits are also able to contribute and make social and economic impacts on their operating communities.

The insurance business is rooted in agelong principles but as insurers, we now need to reshape the insurance models to address the current needs of our clients (and potential clients) and position the industry for the future.”

Promising collaboration with industry stakeholders to grow the market, he vowed to seek innovative ways to respond to the ever-dynamic needs of its customers during his regime.

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Saying the theme of his regime is ‘Digital Disruption & Social Insurance, Re-shaping of our Traditional Models,’ he said, he will be working with all government agencies on the need to include insurance in the formulation of their policies and programmes.

“We will collaborate with all stakeholders and work with the National Assembly on the passage of the Nigeria Insurance Reform Bill. The bill from the draft exposed to the public is expected to update the laws governing the practice of insurance, repeal some other obnoxious laws currently impacting the practice of insurance negatively, and give our regulator the legal backing to enforce the compulsory insurances.”

Promising standardisation of pricing to the extent that each client is charged the price that is commensurate with their risk, he noted that detailed information about a risk including the survey and the implementation of the survey recommendations can potentially attract a pricing that is fair to all.

We will collaborate with the Chartered Insurance Institute of Nigeria (CIIN) in transforming learning within the industry and partner with various institutions to cover identified gaps in the market, he vowed.