Omosehin, also the Chief Executive Officer, National Insurance Commission (NAICOM), gave the advice at the opening of the 21st edition of the Insurance Professionals Forum organised by the Chartered Insurance Institute of Nigeria (CIIN).
The theme of the forum held in Abeokuta, Ogun is, “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach.
Omosehin, represented by the Deputy Commissioner, NAICOM, Mr Ekerete Gam-Ikon, said the insurance industry must also attract and retain talents, diversify its products spectrum, improve adaptability and agility.
He noted that the industry must also improve on transparency, trust and confidence in insurance, as well as invest in technology.
Omosehin added that the industry must also have institutions that competed favourably with other sectors in terms of liquidity, capitalisation and expertise.
“I want to urge us to look inward and re-appraise our professional and business ethics and conduct.
“As professionals, we must conduct our business with utmost integrity and in a manner that does not bring disrepute to the profession,” he said.
According to him, the commission is prioritising the issue of accessibility to insurance products across the country and is keen about increasing penetration.
The commissioner added that the conduct of insurance practitioners in building and maintaining consumers’ trust was a primary responsibility, and would galvanise growth and deepen penetration in the country.
Omosehin emphasised that the adoption of risk-based supervision and risk-based capital had become inevitable.
He said Nigerian insurers must compete with their counterparts across the globe and remain relevant in the management of risks of its existing and potential customers.
According to him, a strong financial base is key for industry success, while the commission has resolved to prioritise pursuit of safety and soundness of its regulated entities.
“The insurance sector must embrace innovation to meet up with the rapid market changes, changes in consumers preference, tastes and lifestyle.
“We must develop products that meets the demands of our market as innovation has taken the driving force in the financial services sector.
“This is the time for insurance professionals to make insurance count in our national discourse.
“It is time to harness every opportunity to maximise the potentials of the dynamics, demography, size of our economy and the ambitions of the government,” he said.
The commissioner said that, in the light of rapid changes in the business environment and adoption of effective strategies to meet up with current realities, NAICOM had crafted and developed its four-year strategic plan.
He said that the plan would be effective from year 2024 to 2027.
Omosehin explained that the plan took into cognisance the strategic imperatives of the industry transformation roadmap as well as the current macroeconomic realities in Nigeria as a whole.
The NAICOM boss noted that the commission had set out five priority areas for immediate implementation which included safeguarding policyholders and improving confidence in the industry, among others.
“The policy thrusts of the commission’s new administration will thrive on the above priorities, which will in turn shape the direction of regulation in the industry.
“One of the enshrined and fundamental responsibilities of the commission as a regulator is the protection of policyholders, hence NAICOM has placed significant premium on prompt settlement of all genuine claims,” he said.
Omosehin congratulated the new leadership of CIIN under the stewardship of Mrs Yetunde Ilori for a successful outing.
He also commended the immediate and past presidents of the institute for their steadfastness and dedication to its growth and development.
In her welcome address, Mrs Yetunde Ilori, President of CIIN, said the insurance sector presently faced an unprecedented opportunity to reinvent itself.
Ilori stated that through digital transformation, insurers could offer personalised, seamless experiences to its customers, simplify its operations and create innovative products that addressed the changing risk landscape.
According to her, whether through AI-driven underwriting, blockchain in claims management or new models like on-demand insurance, the industry is being reshaped.
“However, transformation is not only about technology. It is about creating a customer-centric mindset that focuses on building trust, offering transparency and fostering long-term relationships.
“Expanding our market reach involves understanding the evolving needs of our customers, reaching underserved segments and providing solutions that speak directly to their concerns,” she said.
BRANDPOWER reports that the Insurance Professionals Forum is a yearly gathering of insurers across the country organised by the CIIN.
It is an opportunity for these insurers to brainstorm on the recorded successes, challenges and opportunities ahead to move the industry forward.
