The Chartered Insurance Institute of Nigeria (CIIN) has called on professionals within the insurance sector to embrace transformation through technology, customer-focused strategies, and emerging risk management approaches. This challenge was issued by CIIN President, Mrs. Yetunde Ilori, during the institute’s Professionals’ Forum held in Abeokuta, Ogun State.
Speaking on the forum’s theme, “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach,” Ilori emphasized that the global insurance landscape is evolving rapidly due to advancements in technology, changing customer expectations, and the emergence of new risks.
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Ilori stated, “The question is not just how we respond to these changes, but how we harness them to expand our market reach, deliver greater value, and ensure sustainable growth for the industry.” She highlighted the importance of adopting transformation strategies to remain competitive in this dynamic environment.
The CIIN president noted that digital transformation presents an unprecedented opportunity for the insurance sector to reinvent itself. By leveraging technologies such as AI-driven underwriting, blockchain for claims management, and on-demand insurance models, the industry can provide more personalized, seamless customer experiences and develop innovative products to address the evolving risk landscape.
However, Ilori cautioned that transformation is not solely about adopting technology. It also requires creating a customer-centric mindset that fosters trust, offers transparency, and builds long-term relationships with clients. She added that prompt claims settlement is a critical factor in building customer trust and urged professionals to prioritize this aspect of service delivery.
Ilori outlined four key strategies for expanding the insurance market: adopting digital technologies, enhancing financial inclusion, embracing regulatory innovation, and focusing on talent and culture transformation. She encouraged professionals to adapt, lead, and seize the opportunities presented by these evolving trends.
The CIIN president concluded by affirming that while the journey ahead may be challenging, it is filled with potential for growth and innovation for those willing to transform the industry.
