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Insurance operators should embrace operational change, strategies — Babington-Ashaye

Mrs. Funmi Babington-Ashaye, President of the Chartered Insurance Institute of Nigeria, CIIN, at the 2018 Insurance Industry Consultative Council, IICC, media retreat for insurance correspondents in Ijebu-ode, Ogun State, spoke on efforts the Council is making to deepen insurance awareness.
Excerpt:

By Rosemary Onuoha

THE poor perception of insurance by the public has continued to be a challenge to operators. How can it be surmounted?

The insurance industry is today in a precarious state, due to the various unfolding dynamics, which called for change of operation and strategies by operators.

Babington-Ashaye
Babington-Ashaye

The industry would be able to stave these besetting odds and maintain an acceptable image in the eyes of the public, only if the media shows understanding and appreciation of the times that the industry is at the moment.

 

To what extent has the IICC media retreat enhanced insurance awareness?

The media retreat not only guarantees greater unity of purpose, but also forestalls dissipation of energies in different directions by the various constituent bodies towards creating awareness and positive image about the insurance industry.

The IICC was formed with the following objectives which are aimed at raising the profile of the industry as well as increase its relevance to the nation’s economic growth. The objectives include: acting as an industry voice for national matters; acting as a platform for intra industry conflict resolution; promoting the industry’s image and growth agenda; as well as to take up and assume any other role that may serve the best interest of the insurance industry.

Concerted efforts have been put in place towards the attainment of the above objectives, but I must admit that much of the grounds gained is as a result of the immense publicity that the activities of the IICC and by extension, the insurance industry has received through the efforts of members of the press.

How is the IICC collaborating with the media to increase insurance awareness?

As we all know, insurance is highly technical and its reporting can only be accurate if the media continue to partner the industry through mutual education, trust and commitment.

The IICC will continue to provide platforms for the continuous exchange of ideas with the media, especially in areas such as new and emerging industry policies, ethics and professionalism, insurance and financial literacy, etc.


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