Nigeria: 'Challenges Facing Insurance Industry are Enormous'

Mr. Adeyemo Adejumo, President and Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), says the challenges facing the insurance industry and the financial services industry at present are enormous.

Speaking during the golden jubilee anniversary luncheon of the institute in Lagos, Adejumo pointed out that these challenges are hindering the need for greater efforts in the area of human capital development.

He said "No doubt, the stakes are becoming higher, especially with the enormity of challenges facing the Insurance and financial services Industry today. These challenges obviate the need for greater efforts in the area of human capital development, requiring skills recreation and the redefinition of expertise through sustained insurance education."

The institute, he noted, would not rest on its oars in ensuring that the insurance workforce continue to receive the best learning experiences in the dynamic business environment of today.

He also assured that the institute's professional examinations will continue to reflect the developments in the business and practice of insurance through regular and sustained syllabus review, adding that "This is the only way we can make our qualifiers relevant in the scheme of things and ensure that they perform as global professionals."

With the successful recapitalisation and consolidation exercise in the insurance industry, he said the existing companies require professionals whose perceptions match the big pictures of the new stakeholding equation.

Thee CIIN boss stressed that these companies require professionals and managers who should be able to key into the mission and vision of the investors, recreate their skills and expertise to cope with the new market realities and exercise adequate technical depth and managerial controls over the emerging mega businesses.

The professionals must also be able to redefine their roles and responsibilities in the new financial stakeholding matrix, as well as engender appropriate market intelligence requisite for creating and sustaining more value in service delivery and corporate wealth creation, he added.

Despite the obvious developmental challenges, he stated that the institute has emerged a strong and virile body, with successes in virtually all departments of its corporate endeavors.

The bouquet of successes, according to him, include insurance industry leader in human capital growth and development, successful conduct of professional examinations since 1989 and acquisition of the Charter in 1993; the enabling law which grants statutory responsibilities to the institute, including determination of the skills and knowledge required for professional and ethical practice of Insurance business in Nigeria.

Other achievements are the acquisition of its own secretariat building at 27, Lagos Street in 1999 and commissioning of the construction of the 20-storey building at Victoria Island in 2009.

The CIIN has also been able to continuously review the syllabuses of the professional examinations, conduct of professional examination twice a year and achieve sustained students' growth, as well as converting the annual induction ceremony to a full-fledged graduation and awards ceremony.

Adejumo further highlighted other achievements of the CIIN as the establishment of the College of Insurance and Financial Management, computerization of the CIIN secretariat and installation of internet facilities.

He further listed the sustenance of a network of CIIN branches for mobilization of members across the nation, development of ties with other Institutes in the country especially CIBN and ICAN, culminating in the organization of a joint National conference in 2006, as well as the bilateral ties with CII (UK), the Insurance Institute of South Africa, the Insurance Institute of India etc.

He reiterated that the Governing Council of the CIIN is rededicating itself to the continued actualization of all the goals and objectives of the institute, in the firm belief that a lot more could still be achieved.

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