Rector harps on building insurance resilience amid uncertainty
By Taiye Olayemi
Dr Chizoba Ehiogu, Rector of the College of Insurance and Financial Management, has unveiled adaptive strategies to enhance insurance companies’ resilience in times of uncertainty.
Speaking at the 2025 Business Day Insurance Conference on Wednesday in Lagos, Ehiogu stressed the importance of resilience amid weak consumer confidence, persistent inflation, and currency instability.
Addressing the theme, ‘The Business of Insurance: Building Resilience in the Face of Economic Uncertainty’, she urged insurers to explore strategic alliances.
She recommended partnerships with banks, fintech firms, and reinsurers to extend reach, share risks, boost resources, grow market share, and improve credit ratings.
Ehiogu also advised insurance firms to reassess existing portfolios frequently and adjust offerings in line with current economic realities.
“Regularly evaluate products to meet shifting needs. During hardship, offer affordable options to attract cost-conscious customers and boost policy renewals.
“Enhance customer journeys by improving digital interactions and providing personalised services tailored to individual preferences and behaviours,” she said.
She further encouraged the use of data analytics to refine products, improve engagement, foster loyalty, and enhance customer retention.
Ehiogu highlighted the role of human capital and leadership in navigating industry challenges and driving sustainable growth.
She emphasised retaining skilled employees, noting that a motivated workforce is vital for successful adaptation and long-term stability.
“Focus on employee well-being and offer incentives to reduce turnover and maintain essential skills,” she added.
She also stressed the need for resilient leadership capable of managing disruptions and swiftly addressing emerging risks.
“Strong leaders ensure agility, adaptability, and guide strategic responses to enhance market competitiveness,” Ehiogu said.
She recommended attracting top talent in technology and digital innovation through competitive packages and career development opportunities.
On financial performance, Ehiogu noted the importance of sustaining solvency and profitability amid inflation and forex volatility.
“This can be done through strict cost control, especially in claims and administrative processes.
“Streamline operations and use technology to reduce inflationary pressures while supporting profitability and efficiency,” she said.
She added that improving working capital and accelerating cash conversion would also help maintain solvency.
Mr Aminu Tukur, Vice Chairman of Noor Takaful Insurance Ltd., also addressed the event and called for deeper insurance penetration.
He noted that conventional insurance still struggles to reach the grassroots due to trust issues, religious concerns, and affordability challenges. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
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