Experts urge broader insurance upgrades beyond recapitalisation

Industry experts have said that Nigeria’s ongoing insurance recapitalisation must be matched with deliberate investments in skills, technology and market expansion to deliver real value to the economy and the public.

Speaking on the state of the industry, former President of the Chartered Insurance Institute of Nigeria, Edwin Igbiti, said the current phase calls for deep self-assessment and reinvention by insurance professionals.

“We all have to go and discover ourselves. Rediscover ourselves, judging by the narrative, the art, and the new art. Opportunities, trying to break that barrier of customer awareness,” Igbiti said, noting that the industry’s relevance has become even more critical in the current economic climate.

According to him, recapitalisation creates room for investment, but that opportunity must be used to modernise operations and expand coverage, particularly to underserved segments of the population. He said the expansion of compulsory insurance should push operators to improve their distribution channels and underwriting processes.

“With technology being the rudiment, it’s also to modernise the underwriting quicker than ever before. And also help us to solve for the masses. The underserved demography has to be covered,” he said.

Igbiti stressed that skills development is central to the industry’s future, arguing that professionals must upgrade both their technical capacity and mindset to keep pace with increasingly informed clients.

“Professionals need to enhance their skills and knowledge. We need to upskill ourselves. Because the population and the people, the clients, are also becoming more aware than ever before,” he said.