By Niyi Jacobs
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has called for a transformation in the insurance industry to expand market reach and increase penetration. Speaking at the Chartered Insurance Institute of Nigeria’s (CIIN) 2024 Insurance Professionals’ Forum, Omosehin emphasized the need for the industry to embrace innovation, improve corporate governance, and build trust with consumers.
The commissioner noted that the industry’s transformation is crucial in the face of rapid changes in the business environment, technological advancements, and shifting consumer preferences. He highlighted the importance of adopting effective strategies to meet current realities and maximize opportunities.
Omosehin also emphasized the Commission’s commitment to protecting policyholders, improving confidence in the industry, and strengthening supervisory capabilities. He announced the creation of a new Directorate for Innovation and Regulation and an Innovation-Hub Unit to address gaps in innovation regulation and market expansion.
The commissioner urged insurance professionals to conduct their business with integrity, build trust with consumers, and prioritize strong corporate governance practices. He emphasized the importance of cooperation and support from all stakeholders to achieve the industry’s transformation goals.
The CIIN’s 2024 Insurance Professionals’ Forum, held in Abeokuta, Ogun State, brought together industry experts and professionals to discuss strategies for expanding market reach and transforming the insurance industry. The event was themed “The Insurance Industry: Transformation Strategies towards Expanding Market Reach.”
Headline: “Insurance Commissioner Calls for Transformation in the Industry”
Subheadline: “Omosehin Emphasizes Need for Innovation, Corporate Governance, and Consumer Trust”
Summary: The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has called for a transformation in the insurance industry to expand market reach and increase penetration. He emphasized the need for innovation, improved corporate governance, and building trust with consumers.
