NAICOM cautions insurers on unethical behaviour

 NAICOM cautions insurers on unethical behaviour

Chuks Udo Okonta

The Commissioner for Insurance Fola Daniel has called on insurance operators to adhere to professionalism and shun unethical practices.

Daniel who spoke at the on going Chartered Insurance Institute of Nigeria (CIIN) Professional Forum in Ibadan, Oyo State, said the need for professionalism has become necessary due to challenges confronting businesses across the globe.

He noted that though the drive for professionalism has led to a noticeable increase in the number of insurance professionals, the question remains "how many of these professionals are prepared to go extra mile to make a difference without cutting corners?”

Daniel called on insurance professionals to look beyond the nomenclature of professionalism and think out of the box in line with the dynamism and changes experienced in the insurance world.

He said to make a difference; insurance professionals must demystify their business and align with global trends.

He said: "We must at all times measure the relevance of our professionalism by identifying the gabs between customers' expectation of the services to be rendered and their perceptions of the actual performance of the services."

He noted that the National Insurance Commission (NAICOM) will continue to execute its primary responsibility of regulating the market to produce professionals with the capacity to embrace the challenges of customers’ satisfaction.

President of the Institute Wole Adetimehin, called on professionals to brace up for emerging challenges facing the global economy.

He noted that professionals, ought to be adequately equip to exhibit competence which are over and beyond the possession of mere professional qualifications.

“We must continually equip ourselves to effectively play our roles as risk managers and as change agents through the positive transformation of the organisations entrusted to us.

“It is our responsibility as professionals to make insurance grow bigger in public perception through our positive roles and flawless performance," he said.

He said in recent times there are more compelling reasons why the citizenry and government should take insurance seriously, adding that Nigerians  are under daily threat from perils emanating from natural disasters such as flooding, Rainstorms as well as security risks which have affected the people negatively.

Adetimehin expressed concern over the huge costs of procuring basic and fundamental needs such as electricity, water and security by the public, adding that such burden prevents the citizens from making insurance part of their priorities, thereby making them to bear their losses without any support.