Insurance market must change strategies to manage disruption effect of pandemic-CIIN boss

The president and chairman of council of the Chartered Insurance Institute of Nigeria (CIIN), Sir Muftau Oyegunle, has challenge the insurance industry to adopt strategies to manage disruption effect of Covid-19 pandemic.

In his acceptance speech on the occasion of his investiture as the 50^th president of the Institute in Lagos, he said although we are at the mercy of covid-19 pandemic, we need to change strategies to the new normal.

According to him we must adapt our strategies and change our ways of doing business for survival. He said “I have come at a time we need to change our strategies to the new normal. Our reactions to these disruptions will determine our position today and in the future. These disruptions are here and it has come with new challenges that call for the reinforcement of our professional calling.

Current development in the world calls for our collaborative efforts to reinforce professionalism. The Nigerian economy in general and the Insurance Industry is not immune from the vagaries of the social and economic disruptions caused by the pandemic. The resultant harsh business environment has become a threat which we must collectively confront for survival.
The theme of my presidency is therefore borne out of the conviction that we can achieve greater successes for our industry and profession if we reinforce professionalism and ethics in reaction to the new order.

The theme and focus of my tenure will be REINFORCING PROFESSIONALISM AND ETHICS IN THE NEW ORDER. The choice of the theme is borne out of the need to establish a rolling plan which will guarantee that even in the face of current global uncertainties, the Institute will continue to meet the needs of members.
Against this background, we are going to explore the potentials of this approach by focusing on a six point agenda.

1.​Digital Transformation of the Institute.
2.​Reinforcement of the Relevance of Professionalism.
3.​Re-energizing the Institute’s Administrative Structure.
4.​Insurance Awareness and Youth Mentorship Initiatives.
5.​Infrastructural Development.
6.​Advocacy and Collaboration with various Associations in the Private Sector.
The special circumstance of today’s ceremony will not allow me to go into the full details of the six point agenda. This will be done in my conversation with the members immediately after this event. The summary of my action plan is therefore presented as follows,

1.​Digital Transformation of the Institute:
a.​Completion of the Institute’s computerization projects.
b.​Continuation of the E-library project.
c.​Commencement of E-Examinations.

2.​Reinforcement of the Relevance of Professionalism:
a.​Survey and Bridging the Gap of the Technical Skills of Insurance Professionals.
b.​Harnessing the Knowledge of Insurance Senior Professionals.
c.​Commencement of Technical Research for the Insurance Industry.

3.​Re-energizing the Institute’s Administrative Structure:
a.​Collation of the Regulations and Procedures of the Governing Council.
b.​Realignment of the Committees of the Council and their Functions
c.​Manpower Review and Training.
d.​Setting new Service Delivery Benchmarks.

4.​Insurance Awareness and Youth Mentorship Initiatives:
a.​Upscaling Distribution of Insurance Textbooks to Secondary Schools.
b.​Donation of Insurance Course books to Insurance Department in Tertiary Institutions.
c.​Consolidating Youth Empowerment and Mentorship Initiatives.

5.​Infrastructural Development:
a.​Completion of the College of Insurance and Financial Management’s Auditorium.
b.​Moving the Victoria Island Project to habitable stage.

6.​Advocacy and Collaboration with various Associations in the Private Sector.