NAICOM seeks youth inclusion to drive insurance, pension growth (Page 2)

By Taiye Olayemi

The National Insurance Commission (NAICOM) has called for greater inclusion of young people in the insurance and pension sectors to enhance industry growth and relevance in a rapidly changing economy.

Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call while speaking at the 10th Business Today annual Conference in Lagos.

The theme of the conference was “Youth Advantage: Redefining Insurance and Pensions for a New Era”.

Omosehin, who was represented by Dr Julius Odede, Head of Lagos Operations at NAICOM, said the theme of the conference underscored the critical role young people must play in shaping the future of the industry.

He said that Nigeria’s large youth population presented both an opportunity and a responsibility for stakeholders in the insurance and pension sectors.

“We are living through a period of significant change. Technology is reshaping how we live and work, economies are evolving rapidly and expectations are shifting.

“At the heart of all this are young people, not just as beneficiaries of the future but as active participants shaping it.

“In our commitment to expanding insurance and pension penetration, we must be deliberate and strategic in how we engage, include and empower this vital segment of society,” he said.

Omosehin emphasised the need for simpler and more relatable communication to attract young Nigerians.

He said that overly technical messaging could discourage participation.

The NAICOM commissioner also highlighted ongoing reforms by the commission aimed at strengthening the industry through improved consumer protection, transparency and innovation.

“Our focus has been on improving consumer protection, enhancing market conduct, promoting transparency and accountability, and encouraging innovation across the sector.

“These efforts go beyond regulation; they are about building trust,” he said.

Omosehin, however, said that regulation alone would not drive growth, stressing the importance of awareness and education, especially among young people making early financial decisions.

Addressing the youths directly, he urged them to take responsibility for their financial future by embracing insurance as a tool for protection and growth.

He said, “You are not just the future of this industry, you are very much a part of its present.

“The decisions you make today will shape your future.

“I encourage you to ask questions, stay curious, seek knowledge and take responsibility for your financial decisions.

“Insurance is not just a requirement, it is a tool for protection, stability and growth.”

The Chief Strategist of MelvinAfrica, Chiamaka Ugo-Obidike, in her keynote address, emphasised the need for customer-centric innovation and integration across financial services.

She said that one of the biggest challenges in product development was designing solutions without involving the actual users.

According to her, customers must be part of the product development process to ensure solutions truly meet their needs.

Ugo-Obidike stressed the importance of data and seamless integration across financial platforms, urging industry players to embrace open finance.

She said customers should be able to access banking, insurance, pensions, and investment services within a single platform, rather than navigating multiple applications.

She said that while the financial services industry was evolving, it must move faster to keep pace with a youthful and increasingly digital population.

“Today’s customers do not want to open different apps to access their financial information. The industry must come together to make this work.

“The biggest advantage we have is the youth. If the system is not ready for them, they will move on without it,” she said.

The convener of the conference, Mrs Nkechi Naeche-Ezezobor, said the programme was designed to spur the interest of young people in the insurance and pension sectors.

She said that the initiative aimed to expose participants to the vast opportunities within the industry, while also addressing misconceptions that often discourage youth involvement.

Also speaking, Mrs Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), commended the publisher of BusinessToday, for her contributions to the growth of the insurance industry over the past decade.

Ezeibe said that the core vision of her administration was to promote “one insurance industry”, which BusinessToday aligned with by helping to propagate insurance knowledge and support industry growth.

The NCRIB president urged the youth to engage with the council and participate in ongoing programmes aimed at strengthening capacity and expanding opportunities within the industry.

Meanwhile, Mr Adebayo Arowojolu, Chief Executive Officer of Unitrust Insurance Company, explained the value of insurance and pension as a means of security.

Educating participants on the provisions of the Nigerian Insurance Reform Act (NIIRA 2025), the immediate past President of NCRIB, Mr Babatunde Oguntade, said the industry had been well capitalised and positioned for success.

“Insurance is the new oil. The provisions of NIIRA 2025 have created room for security and boosted investor confidence. As youths, you should take life seriously and embrace insurance.”

The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said that the institute had launched an initiative to provide free training for at least one million Nigerian youths.

Ilori said that the initiative was done in collaboration with the Federal Ministry of Youth and industry regulators.

According to her, the programme is also supported by Sapita Consultants.

She said that it was designed to equip young people with foundational knowledge and professional skills in insurance, while also serving as a pathway into professional certification.

Ilori encouraged students and young graduates to take advantage of the initiative.

She said that CIIN’s College of Insurance and Financial Management offered accelerated programmes that grant exemptions in professional examinations.

She said that insurance remained a relevant profession that played a critical role in economic development.(NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

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NAICOM seeks youth inclusion to drive insurance, pension growth (Page 2)