Governor Ibikunle Amosu of Ogun State has challenged insurance operators in the country to redeem the industry’s poor image in the eyes of the public, to enable them maximise the untapped potentials in the economy.
Amosun, who was presented by his Deputy, Dr. Yetunde Onanuga, at the 2016 Insurance Professionals’ Forum in Abeokuta, the State capital, over the weekend mentioned that the professionals must wake-up to make maximum the untapped investment opportunities available in the country.
The Governor believed that this would strengthen the liquidity position of the underwriters so as to enable them meet the claims of policyholders, companies whenever the need arises.
He stressed that effort would help restore public confidence in the ability of the industry to deliver and redeem its obligations to clients.
Similarly, the Ogun State Governor said that he has observed that majority of Nigerians are yet to embrace the culture of patronising insurance companies, hence, the need for the institute to engage in public education and enlightenments programmes that would enlist the interest of the people in the business.
He enjoined insurers to extend some of their programmes to the rural areas, to enable them tap the potentials at the grassroots.
“There is the need to for insurance companies to redesign their products and services in such away that would meet the need the ever-changing behavioural pattern of out people. In doing so, concerted efforts should be made to ensure that the economic environment and social behaviour of our people are integrated into the policy formulation and marketing strategy objective of the insurance companies.
“Another area which the insurance industry is yet to fully explore is the life policy and pension insurance scheme. This can really make long term funds available for profitable investment in the insurance sector. It seemed to me that lack of insurance life portfolio has made our insurance companies to be caught in the web of low investments and needless competitions with other actors in the money market.
“The only area that is popular with our insurance companies is the group life policies. With the advent of democracy, insurance companies should brace up to attract the political class to embrace the life insurance policies,” he said.
He maintained that the theme of this year’s forum: The Insurance Industry, National Economic Shift & New Business Realities, could not have been more apt, as there are more than ever before in the history of the nation, the need for diversification of the economy.
“The reality has dawn on all of us on the urgent need to diversify our economy to the non-oil sector and as major players in the economy of the country, insurance professionals must come up with robust ideas and policies that can help cushion the palpable fall in revenue in the economic process.
“Undoubtedly, as the call for the diversification of the economy is on the increase, and investors are being wooed to invest in agriculture, mining, export promotion, amongst others, this gathering through robust deliberations, must come up with possible template that would not only assure investors of the safety of their investment, but that would ensure them of insurance driven environment which will bring high yields on their investments.
“Without doubt, the prevailing social economic situation of the economy requires that the institute should attempt a critical reappraisal of some of the contemporary issues in the professional practice of insurance business in order to promote the industry forward,” he posited.
Amosu pledged that his administration would continue to remain open to all genuine collaborations from professionals, individuals and corporate organisations towards the successful implementation of its mission to rebuild the State.