Operators in the financial sector have urged the insurance industry to prepare for the next generation of consumers and talents by embracing change and responding to the economic, social and technological needs of the insurance space.
They spoke during a valedictory lecture to mark the end of the tenure of Funmi Babington-Ashaye as the 48th president and chairman of council of the Chartered Insurance Institute of Nigeria.
The lecture which was delivered by Babington-Ashaye had its theme as ‘Insurance and generation next — meeting the needs of stakeholders’ and it was well attended by stakeholders in the financial sector.
The Chairman, First Bank of Nigeria Limited, Ibukunle Awosika, who was the chairperson on the occasion, said the industry must embrace new ways of delivering its services to meet the expectation and needs of the new generation of consumers and talents.
She said the current insurance model was not sustainable because the reality was at the door and change was inevitable.
“There is a bit of complacency in the industry, so you might not survive the next generation if people and technology come in with the new things they have,” she stated.
In her lecture, Babington-Ashaye said that for the industry to catch up with the next generation, players in the business must leverage technology, adopt new ways of working, repackage products, and improve products and pricing strategy, as well as data mining.
“Given the declining inflow of new entrants into the profession, the fear of a talent gap is rife. We need to change the wrong perception by showcasing the career opportunities that exist, the product we develop, the risks we assume and the professional advisory services we provide,” Babington-Ashaye stated.
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