In a New Year Message, Edwin Igbiti, President of the Chartered Insurance Institute of Nigeria (CIIN), outlined the key growth drivers expected to propel the insurance sector forward in 2024. Igbiti emphasized the significance of comprehensive coverage, robust risk management solutions, and exceptional customer service among the primary factors set to fuel the industry’s growth this year.
Expressing optimism for the insurance industry’s prospects in the coming year, Igbiti highlighted the potential for practitioners to build upon past achievements and pioneer innovative solutions that will shape the future landscape.
“The year 2024 holds immense promise for the insurance industry. It presents an opportunity for us to capitalize on the foundation laid by our predecessors and introduce innovative approaches that will define our future,” stated Igbiti.
Recognizing the historical role of the insurance sector in safeguarding individuals, businesses, and communities against uncertainties, Igbiti acknowledged the industry’s adaptability to changing times and its embrace of innovative practices and technologies to meet evolving client needs.
“While the past year posed unprecedented challenges, our industry demonstrated unwavering resilience. Throughout the global pandemic, we swiftly responded to shifts across various insurance segments, offering support to individuals, families, and businesses in times of crisis,” he affirmed.
Highlighting the critical role of technology, Igbiti underscored the importance of leveraging artificial intelligence, data analytics, and blockchain to streamline processes, enhance underwriting capabilities, and elevate customer experiences. He stressed that embracing these tools would empower industry players to navigate the ever-changing landscape efficiently.
Furthermore, Igbiti emphasized the importance of sustainability, urging the industry to embrace green initiatives, promote eco-friendly practices, and offer sustainable insurance solutions to protect the environment and reinforce corporate social responsibility commitments.
Advocating for diversity, equity, and inclusion within the sector, Igbiti stressed the value of a diverse workforce in fostering innovation and encouraged equal opportunities for individuals from all backgrounds.
In his commitment to advancing the industry’s collective interests, Igbiti pledged to engage with policymakers, collaborate with industry leaders, and amplify the industry’s voice at all levels.
Expressing gratitude to professionals for their dedication and support, Igbiti emphasized the collective efforts required to build a thriving and sustainable insurance landscape that serves all stakeholders.
As he prepares to pass on the baton of leadership, Igbiti urged practitioners to support his successor, embrace innovation, invest in talent, and uphold a culture of excellence within the industry.