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The Chartered Insurance Institute of Nigeria has said it will move against de-marketing by operators and improve self-regulation in the sector.
These were part of the 12 resolutions that were made at the end of its annual professional insurance forum with the theme “The insurance industry: Beyond limits” in Abeokuota, Ogun State.
Dignitaries from Ogun State Government, traditional rulers and other professionals in the insurance sector attended the forum.
Part of the resolution read, “The forum agreed that de-marketing acts by operators in any form should be dealt with as applicable.
“The forum advised all insurance operators to self-regulate, and apply necessary discipline on errant members when required, instead of waiting for the regulator to always wade in before achieving major milestones,” it added.
It stated that this resolution was applicable to the CIIN; Nigerian Insurers Association; Nigerian Council of Registered Insurance Brokers; and the Institute of Loss Adjusters of Nigeria.
The forum said operators should willingly embrace specialising in core areas of competence and continually come up with innovative ideas to improve customers’ satisfaction.
It stated that the operators should put machinery in motion that would ensure regular updates of operational data to aid making current informed decisions as and when due.
“There is a need to ensure regular training and re-training of personnel to meet up with current realities and encourage the inflow of manpower from other disciplines into the insurance industry for versatility.
“Proactive measures should be taken by the industry to ensure that no further business line is statutorily, disruptively or otherwise lost to any other sector of the economy.
“Operators to update their information technology base to global standards to operate efficiently and be properly positioned to counter the effects of disruptive technology,” it added.
The President, CIIN, Mr Eddie Efekoha, said advances in software and hardware were transforming “big data” into information that gave enough insights into the future for decision makers to take action.
He said, “As the insurance industry reaps gains from the most recent wave of automation, new technologies are significantly enhancing operational efficiencies, increasing revenue opportunities and improving customer experience.”
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