By Rosemary Iwunze
Chairman of Prestige Insurance Brokers Ltd, Mr. Feyisayo Soyewo has said that the COVID-19 pandemic has helped corporate institutions to retool their operational strategies, leading to higher profitability and easier ways of doing things virtually and getting results.
Soyewo stated this while delivering an opening remark as the Chairman of the 6th National Insurance and Pension Correspondents, NAIPCO, Conference with the theme: COVID-19 Impact on Financial Inclusion; Opportunities for Insurance and Pension Sectors.
He said that it was heartwarming that many individuals and operators have taken the whole pandemic experience as an opportunity for a paradigm shift in all undertakings.
Soyewo said: “The theme of the conference cannot be more apt than now, when the entire world is just heaving a sigh of relief from the ruinous impact of the pandemic. It makes little news that the pandemic disrupted the usual work culture and affected every facet of human endeavour ever experienced in recent history.”
According to him, the financial services sector of which the insurance and pensions are critical players also had their fair share of the impact of the pandemic.
The chairman noted that for the insurance industry, aside from the long cessation of work, necessitating remote working conditions, the pandemic led to the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurances.
“We must all come to terms with the fact that change is the only permanent thing in life and those who are resistant to change would be changed by change ultimately,” he said.
The Chairman of NAIPCO, Mr. Chuks Okonta said that the conference, which is in its 6th edition, is one of those avenues the association is contributing its quotas to the growth and development of the two critical sectors it covers, which are; insurance and pension sectors.