By Bisi Bamishe
The Doyen of Insurance in Nigeria, Olola Olabode Ogunlana, has said that the Future growth of insurance industry depends on product relevance, creativity and public trust.
Ogunlana made this known at the investiture ceremony of the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, held in Lagos today.
According to the Doyen, the time had come for the sector to rethink its approach to product design and awareness, stating that insurers must introduce and promote policies that reflect the socio-economic realities of Nigerians, such as multiple birth coverage, health-related policies, and products that support small businesses and domestic workers.
Noting that insurance offerings must directly address the daily realities of individuals, families and businesses he said, “We have not focused enough on developing new products to meet the evolving needs of individuals, corporate bodies and government entities. Our priorities have been misdirected.
“Let us remember that the primary objectives of insurance in any society, especially a rapidly developing one like Nigeria, are to reduce financial austerity and to make accidental losses manageable”.
He explained, “Everyone needs a roof over their head. Insurance can provide true home ownership schemes.
Everyone needs education; we can develop educational endowment policies to support that.
This he said, would reduce dependence on government in providing social welfare, adding that with sustained innovation and awareness, the insurance industry could play a transformative role in improving the quality of life of Nigerians.
“We must develop attractive and affordable insurance packages that redirect spending toward meaningful life goals,” he said.
He assured that collaboration among industry stakeholders would be vital to the creation and sustainability of such innovative products, while also enhancing public confidence in insurance as a tool for financial security.
Ogunlana disclosed that insurance must be made as essential as other basic needs of life. “Insurance should become a household word like food, water, electricity and clothing”, he said..
“Let us help Nigerians, especially the youth, prepare for a better future through well-designed insurance solutions,” he added.
