In this interview with NIKE POPOOLA, the Director-General, Chartered Insurance Institute of Nigeria, Mr. Kolawole Ahmed, speaks on efforts to increase insurance knowledge to boost patronage in the sector
What is the CIIN doing to develop professionalism?
The institute is statutorily empowered to determine the standard of knowledge and skills to be attained by persons who wish to become registered members of the insurance profession in Nigeria. This duty entails producing insurance professionals and ensuring continuous retraining of the professionals.
The institute does this by conducting insurance professional examinations. The institute’s professional examinations, which started in 1989, are written in various centres throughout the country and The Gambia. The examination is conducted twice in a year; that is April and October.
The institute also ensures that qualified professionals continually engage in retraining and further personal development programmes that will sharpen their professionalism through the deliberate programme of Mandatory Continuing Professional Development. These programmes include an annual conference, a professionals’ forum, seminar, business outlook, collaborative and exchange programmes with other bodies and institutes, all aimed at broadening members’ horizon and keeping them abreast of developments in the insurance and financial world.
How many professionals has CIIN produced over the years?
The institute has, as of December 2013, produced 2,618 qualified professionals (associates).
What is the body doing to support the growth of micro-insurance?
The institute designs and organises programmes aimed at sensitising the industry to the benefits of micro-insurance and as a means of deepening insurance penetration at the grass roots. The institute also collaborates with the National Insurance Commission in promoting insurance education and awareness among the populace, thereby increasing the level of acceptability of insurance as a way of life.
How developed is the CIIN insurance college?
In order to ensure a smooth and orderly development, the College of Insurance and Financial Management project is divided into phases. Phases one and two consist of construction of a two-storey administrative multi-purpose block; one-storey restaurant building; five units of living chalets as well as a 50-room (all en-suite) hall of residence for students; two flats of three-bedroom senior staff quarters. Four units of additional living chalets have been completed.
The council is desirous of inaugurating the college by the second quarter of the year while academic programmes will commence thereafter. The processes leading to the appointment of a rector for the college have also been concluded and anytime from now, the first rector for the college will be unveiled.
The third and last phase of the college project, which will commence soon, will consist of an auditorium, squash/gym hall, swimming pool, lawn tennis court, landscaping and beautification.
In what way will this school help to increase the number and quality of insurance professionals in the sector?
The curriculum of the college is being designed in such a way that it will promote insurance education and professionalism in the industry. The college academic programmes will prepare students for and graduate them to take up the institute’s professional examinations with due recognition being given to their status by means of granting appropriate exemptions in the professional examinations. The college will also run short-term refresher programmes for workers in the industry in diverse technical areas as well as induction courses for recruits into the industry.
What is the qualification for admission into the college?
The basic requirements for admission into the college are: five credits including English Language and Mathematics at the West African School Certificate Examination, National Examination Council Certificate or General Certificate of Education in not more than two sittings, or any other qualifications that may be approved by the governing board of the college from time to time.
How will the introduction of insurance as a subject of study in secondary schools boost the industry?
The root of the problems in the industry is that of perception, which invariably leads to distrust and low acceptability of the insurance culture. Introduction of insurance as a course of study in secondary schools will frontally address the problems of insurance education, awareness and low perception of the role of insurance in our everyday life. It is a way of addressing the problem from the root by exposing the youth at a very early age to the knowledge and the business of insurance.
It will also encourage youths, who are exposed to the study of insurance right from the secondary school, to develop an interest in and probably take a career in insurance. It is a means of catching them young. The policy is, therefore, likely to increase the production of qualified professionals for the insurance industry and solve the problem of future manpower needs of the industry. Furthermore, students who convert and choose insurance as a career will eventually become vanguards for spreading the gospel of insurance to their families and within their communities. This will increase public awareness, refute the misconceptions about insurance as a risk transfer mechanism and invariably attract more people to embrace the insurance culture.
Has the CIIN been able to get sufficient insurance teachers for the schools?
There is an arrangement to organise workshops for selected teachers from states all over the federation at a cost to be borne by the institute. The workshop will educate the participants on the subject of insurance and the teaching method for effective learning. This select few will thereafter train their colleagues. The institute will assemble experienced professionals and educationists to achieve the desired objectives.
What are the opportunities available to insurance graduates?
The insurance industry in Nigeria is still evolving. There is a renewed interest from investors especially foreign investors in the industry. This is as a result of the enormous potential they can see in the Nigerian insurance industry and the fact that more than 90 per cent of the population has yet to embrace any form of insurance. This renewed interest can only translate to one thing for the professionals – increased job opportunities in the sector.
In addition to job opportunities in the core sector of the industry, underwriting, broking and loss adjusting, there are also openings for insurance professionals in other spheres of the economy like manufacturing, construction, telecoms, oil and gas and in the MDAs. Job opportunities also abound in secondary schools as insurance teachers and as lecturers in various insurance departments of many tertiary institutions that offer insurance as a course of study.
How can insurance be more embraced at the grass roots?
Insurance can be more embraced at the grass roots by creating more awareness about the benefits of the profession and its role in supporting business and ameliorating the suffering (financial or otherwise) of individuals, groups and companies; by promoting radio and television programmes in local dialect in order to reach a large number of people in rural areas; embarking on community-based awareness campaigns on monthly or quarterly basis with a view to dramatising the role of insurance in the event of accidents and losses. This will go a long way in attracting the attention of the grass roots.
What partnership arrangement does the CIIN have with other foreign insurance institutes?
The CIIN has maintained a cordial relationship with the Chartered Insurance Institute of UK over the years. The CII UK supported and assisted the institute in the take-off of its professional examinations in 1989. All over the years, CII UK has been providing technical and logistic support for the institute. The institute also has a good relationship with other sister institutes in the West African sub-region. The CIIN is a strong member of the Association of Professional Bodies of Nigeria. Currently, the CIIN is offering technical assistance to the insurance body in Kenya in developing their institute.
Are insurance companies doing enough in terms of human capital development?
In the areas of training and human capital development, the industry still needs to do more than what currently obtains. Given the importance and multiplier effects of human capital development to an organisation, no amount is too much to train and equip employees in the discharge of their responsibilities. Manpower development should not be the exclusive preserve of executives or top management but it should cut across all strata of a company’s workforce. Companies need to ensure that a given percentage of their staff cost is reserved for training and staff development and such funds should be applied fairly and evenly among all staff members.
What are the things the micro-insurance firms should put in place to be successful?
In order to be successful, a micro-insurance company needs to put some things in place such as recruit large number of agents to reach the target market; provide adequate training for the agents in both products knowledge and selling techniques; provide appropriate infrastructure to support the field force in terms of deployment of IT for prompt issuance of documents, record keeping and prompt processing and settlement of claims; and have sustained commitment of the management.
Micro-insurance firms should also avoid ‘shortermism’ by not considering the immediate gains of the product but the long-term benefits, which will accrue by way of deepening insurance penetration and increasing industry overall contribution to the Gross Domestic Product.
What is the way forward for the Nigerian insurance industry?
The insurance industry in Nigeria will move forward if only it can arrest the interest, confidence and patronage of the informal sector, the middle and lower cadres of the populace.
Majority of the business underwritten by the insurance companies are from the government and the industrial sector. These sectors embrace only the statutory insurance in order not to go against the law or those that are required for contractual obligations.
Efforts must be intensified to make the generality of the people know and believe in insurance as a protection against property, pecuniary or personal life losses.
Source Punch
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