The Insurers Committee, inaugurated by the insurance industry’s players to work on development plans, is set to reveal a 10-year industry-wide strategic plan that would help the industry to contribute to the growth of the economy.
This was the fallout of the committee meeting, held in Lagos, according to the Vice-Chairman, Publicity Sub-Committee, Segun Omosehin. He said associations in the industry have been asked to nominate members who would constitute the team to be responsible for drafting a document for the industry’s growth.
Omosehin noted that at their general meeting, professionals agreed on the need for an industry-wide strategic plan, a strategic document that would codify the long-term aspiration of the industry within 10 years.
Omosehin, who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance Plc, said the document would be a high-level working plan capturing what the industry intends to achieve in a decade.
“The need for a strategic plan in the sector is also to enable the industry to have codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in to address some challenges in the sector.
“It will help to guide the action of leadership in terms of what we want to achieve as an industry. It will keep us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a 10-year plan,” Omosehin added.
The industry rebranding project, according to him, becomes an integral element of the document. He said it will help successive leaders that come to run along with the broad picture and industry-wide objectives.
Omosehin said another decision taken at the meeting was the revised guidelines on Bancassurance. “We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.
Speaking in the same vein, on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Rasaaq Salami, said NAICOM as a regulator, will be part of the plan to cover the various associations in the industry.
He said different associations in the industry have been asked to come up with members that will be part of the committee that will handle the drafting of the document.