In this interview with NIKE POPOOLA,
the Director-General, Chartered Insurance Institute of Nigeria, Mr.
Kolawole Ahmed, speaks on efforts to increase insurance knowledge to
boost patronage in the sector
What is the CIIN doing to develop professionalism?
The institute is statutorily empowered to
determine the standard of knowledge and skills to be attained by
persons who wish to become registered members of the insurance
profession in Nigeria. This duty entails producing insurance
professionals and ensuring continuous retraining of the professionals.
The institute does this by conducting
insurance professional examinations. The institute’s professional
examinations, which started in 1989, are written in various centres
throughout the country and The Gambia. The examination is conducted
twice in a year; that is April and October.
The institute also ensures that qualified
professionals continually engage in retraining and further personal
development programmes that will sharpen their professionalism through
the deliberate programme of Mandatory Continuing Professional
Development. These programmes include an annual conference, a
professionals’ forum, seminar, business outlook, collaborative and
exchange programmes with other bodies and institutes, all aimed at
broadening members’ horizon and keeping them abreast of developments in
the insurance and financial world.
How many professionals has CIIN produced over the years?
The institute has, as of December 2013, produced 2,618 qualified professionals (associates).
What is the body doing to support the growth of micro-insurance?
The institute designs and organises
programmes aimed at sensitising the industry to the benefits of
micro-insurance and as a means of deepening insurance penetration at the
grass roots. The institute also collaborates with the National
Insurance Commission in promoting insurance education and awareness
among the populace, thereby increasing the level of acceptability of
insurance as a way of life.
How developed is the CIIN insurance college?
In order to ensure a smooth and orderly
development, the College of Insurance and Financial Management project
is divided into phases. Phases one and two consist of construction of a
two-storey administrative multi-purpose block; one-storey restaurant
building; five units of living chalets as well as a 50-room (all
en-suite) hall of residence for students; two flats of three-bedroom
senior staff quarters. Four units of additional living chalets have been
completed.
The council is desirous of inaugurating
the college by the second quarter of the year while academic programmes
will commence thereafter. The processes leading to the appointment of a
rector for the college have also been concluded and anytime from now,
the first rector for the college will be unveiled.
The third and last phase of the college
project, which will commence soon, will consist of an auditorium,
squash/gym hall, swimming pool, lawn tennis court, landscaping and
beautification.
In what way will this school help to increase the number and quality of insurance professionals in the sector?
The curriculum of the college is being
designed in such a way that it will promote insurance education and
professionalism in the industry. The college academic programmes will
prepare students for and graduate them to take up the institute’s
professional examinations with due recognition being given to their
status by means of granting appropriate exemptions in the professional
examinations. The college will also run short-term refresher programmes
for workers in the industry in diverse technical areas as well as
induction courses for recruits into the industry.
What is the qualification for admission into the college?
The basic requirements for admission into
the college are: five credits including English Language and
Mathematics at the West African School Certificate Examination, National
Examination Council Certificate or General Certificate of Education in
not more than two sittings, or any other qualifications that may be
approved by the governing board of the college from time to time.
How will the introduction of insurance as a subject of study in secondary schools boost the industry?
The root of the problems in the industry
is that of perception, which invariably leads to distrust and low
acceptability of the insurance culture. Introduction of insurance as a
course of study in secondary schools will frontally address the problems
of insurance education, awareness and low perception of the role of
insurance in our everyday life. It is a way of addressing the problem
from the root by exposing the youth at a very early age to the knowledge
and the business of insurance.
It will also encourage youths, who are
exposed to the study of insurance right from the secondary school, to
develop an interest in and probably take a career in insurance. It is a
means of catching them young. The policy is, therefore, likely to
increase the production of qualified professionals for the insurance
industry and solve the problem of future manpower needs of the industry.
Furthermore, students who convert and choose insurance as a career will
eventually become vanguards for spreading the gospel of insurance to
their families and within their communities. This will increase public
awareness, refute the misconceptions about insurance as a risk transfer
mechanism and invariably attract more people to embrace the insurance
culture.
Has the CIIN been able to get sufficient insurance teachers for the schools?
There is an arrangement to organise
workshops for selected teachers from states all over the federation at a
cost to be borne by the institute. The workshop will educate the
participants on the subject of insurance and the teaching method for
effective learning. This select few will thereafter train their
colleagues. The institute will assemble experienced professionals and
educationists to achieve the desired objectives.
What are the opportunities available to insurance graduates?
The insurance industry in Nigeria is
still evolving. There is a renewed interest from investors especially
foreign investors in the industry. This is as a result of the enormous
potential they can see in the Nigerian insurance industry and the fact
that more than 90 per cent of the population has yet to embrace any form
of insurance. This renewed interest can only translate to one thing for
the professionals – increased job opportunities in the sector.
In addition to job opportunities in the
core sector of the industry, underwriting, broking and loss adjusting,
there are also openings for insurance professionals in other spheres of
the economy like manufacturing, construction, telecoms, oil and gas and
in the MDAs. Job opportunities also abound in secondary schools as
insurance teachers and as lecturers in various insurance departments of
many tertiary institutions that offer insurance as a course of study.
How can insurance be more embraced at the grass roots?
Insurance can be more embraced at the
grass roots by creating more awareness about the benefits of the
profession and its role in supporting business and ameliorating the
suffering (financial or otherwise) of individuals, groups and companies;
by promoting radio and television programmes in local dialect in order
to reach a large number of people in rural areas; embarking on
community-based awareness campaigns on monthly or quarterly basis with a
view to dramatising the role of insurance in the event of accidents and
losses. This will go a long way in attracting the attention of the
grass roots.
What partnership arrangement does the CIIN have with other foreign insurance institutes?
The CIIN has maintained a cordial
relationship with the Chartered Insurance Institute of UK over the
years. The CII UK supported and assisted the institute in the take-off
of its professional examinations in 1989. All over the years, CII UK has
been providing technical and logistic support for the institute. The
institute also has a good relationship with other sister institutes in
the West African sub-region. The CIIN is a strong member of the
Association of Professional Bodies of Nigeria. Currently, the CIIN is
offering technical assistance to the insurance body in Kenya in
developing their institute.
Are insurance companies doing enough in terms of human capital development?
In the areas of training and human
capital development, the industry still needs to do more than what
currently obtains. Given the importance and multiplier effects of human
capital development to an organisation, no amount is too much to train
and equip employees in the discharge of their responsibilities. Manpower
development should not be the exclusive preserve of executives or top
management but it should cut across all strata of a company’s workforce.
Companies need to ensure that a given percentage of their staff cost is
reserved for training and staff development and such funds should be
applied fairly and evenly among all staff members.
What are the things the micro-insurance firms should put in place to be successful?
In order to be successful, a
micro-insurance company needs to put some things in place such as
recruit large number of agents to reach the target market; provide
adequate training for the agents in both products knowledge and selling
techniques; provide appropriate infrastructure to support the field
force in terms of deployment of IT for prompt issuance of documents,
record keeping and prompt processing and settlement of claims; and have
sustained commitment of the management.
Micro-insurance firms should also avoid
‘shortermism’ by not considering the immediate gains of the product but
the long-term benefits, which will accrue by way of deepening insurance
penetration and increasing industry overall contribution to the Gross
Domestic Product.
What is the way forward for the Nigerian insurance industry?
The insurance industry in Nigeria will
move forward if only it can arrest the interest, confidence and
patronage of the informal sector, the middle and lower cadres of the
populace.
Majority of the business underwritten by
the insurance companies are from the government and the industrial
sector. These sectors embrace only the statutory insurance in order not
to go against the law or those that are required for contractual
obligations.
Efforts must be intensified to make the
generality of the people know and believe in insurance as a protection
against property, pecuniary or personal life losses.
Source Punchng.com