CFI Hosts CIIN Council, Strengthening Collaboration for Professionalism and Industry Advancement

In a significant move to further advance Nigeria’s insurance sector, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin (CFI), hosted the Council of the Chartered Insurance Institute of Nigeria (CIIN) at his office today. Led by the CIIN President, Mrs. Yetunde Ilori, the delegation engaged in an insightful discussion on key issues facing the industry, from professionalism and knowledge gaps to public image enhancement.

Mrs. Ilori expressed profound gratitude to the CFI for his exemplary leadership at NAICOM, underscoring the impactful strides made by the Commission in advancing regulatory practices. She reaffirmed the CIIN’s commitment to a closer collaboration with NAICOM on various initiatives aimed at boosting the professionalism of the insurance industry. “Your leadership has been a beacon for us all,” Mrs. Ilori stated, highlighting the progress made in regulatory reforms and capacity building.

Responding warmly, the CFI thanked the CIIN for their visit and reiterated his commitment to fostering a strong, supportive relationship with the Institute. “We are committed to continuing to build a solid regulatory environment that supports the industry’s growth and professionalism,” he assured the CIIN President.

Mr. Omosehin also emphasized the importance of addressing knowledge gaps within the industry, calling for more focused efforts in elevating the level of expertise among insurance practitioners. He encouraged the CIIN to remain at the forefront of enhancing professionalism and maintaining high standards, which would project a positive image of the industry and solidify its standing in Nigeria’s financial landscape.

CIIN’s Role in Advancing Professionalism
The Chartered Insurance Institute of Nigeria (CIIN) has been at the forefront of enhancing professionalism within Nigeria’s insurance sector. A key example is the CIIN’s introduction of the Professional Certification Program, aimed at improving the skill set of insurance professionals across the country. This initiative not only addresses existing knowledge gaps but also aligns with global standards, ensuring that Nigerian insurance professionals are well-equipped to manage the evolving complexities of the industry. CIIN’s ongoing collaboration with regulatory bodies such as NAICOM has further strengthened the sector’s credibility.

Mrs. Ilori’s recognition of the CFI’s leadership and the shared vision for professional development reflects the ongoing partnership between NAICOM and CIIN in elevating industry standards. Their combined efforts continue to enhance the professionalism of the sector and respond to the challenges of an ever-evolving marketplace.

The Insurance Industry Development Program (IIDP)
The Insurance Industry Development Program (IIDP), launched by NAICOM in 2019, represents a concerted effort to address critical skills gaps in Nigeria’s insurance industry. This initiative targets key areas such as underwriting, claims management, and actuarial science by partnering with academic institutions and global insurance bodies. The IIDP has been a vital tool in equipping professionals with the expertise needed to meet emerging risks and challenges, while also bolstering consumer confidence in the sector.

The CFI’s focus on bridging knowledge gaps directly aligns with the objectives of the IIDP. This initiative underscores the ongoing efforts by both NAICOM and CIIN to provide comprehensive training and development programs that equip professionals with the necessary tools to maintain high standards within the industry.

NAICOM’s Consumer Protection and Education Campaign
One of the pressing issues discussed during the meeting was the need to improve the public perception of the insurance industry. In response, NAICOM launched the Consumer Protection and Education campaign in 2020 to address common misconceptions and increase public trust. By using mass media, community outreach, and collaboration with CIIN, the campaign successfully educated Nigerians on the benefits of insurance. This initiative helped to enhance consumer participation and foster a more positive image of the industry.

The CFI’s call for the CIIN to continue its efforts in promoting professionalism and improving the industry’s image ties directly to the success of this campaign. The CIIN’s collaboration with NAICOM played a pivotal role in strengthening the public’s understanding of insurance and reinforcing the industry’s role as a trusted pillar of Nigeria’s financial system.

The discussions between the CFI and the CIIN today reflect a shared commitment to the continued development of Nigeria’s insurance sector. With the combined efforts of both parties, the industry is well-positioned to address its challenges, enhance professionalism, and foster trust among consumers, ensuring sustainable growth in the years to come.