To attain the needed growth the nation’s insurance industry, operating firms must build capabilities, competencies and nurture next generation of leaders. In this interview with Ope Osiyemi, managing director, EdgeEdwards, Company Limited in this interview with Modestus Anaesoronye shares her thoughts on growth driving factors in the insurance industry.
With your interaction and relationship with the Nigerian insurance market, what would be your assessment of the industry?
I believe that insurance in Nigeria has gained traction within the eco-system when compared to some 10 years ago and that I clearly acknowledge and celebrate with thanks to the forerunners. However, ahead of us is a huge milestone and impacts to be made.
Foundations have been laid over the years; and now is the time to reshape and solidify this foundation for sustainable industry and long-term consistent positive impact on the economy.
To achieve this, we will need to embrace a new way of thinking, let’s go of the silo approach and transition to an inside-out approach that will transform the industry to the point where an industry of bold thinking and collaborative culture is a given lifestyle of Insurance in Nigeria.
We need to deliberately and in a structured manner build capabilities, relevant competencies and nurture next generations of insurance leaders to innovatively tackle and provide impacting solutions to social and economic complexities of this century and that to come. Also, I see the need to create a synergized insurance eco-system from an inside-out perspective which will snowball a collaborative and sustainable industry.
Insurance is strategic to social and economic development no doubt, but for the people and economy to benefit from its great relevance: Every player and stakeholder will have to think and work in a collaborative manner not in isolation to successfully clinch the buy-in of every Nigerian and its yet to be born citizens in accepting insurance as a given part of their daily lives and exploring the boundless of opportunities insurance offers.
These collaborations and deliberate approach will propel, renew, inspire more compelling vision, sustainable structure and position the industry to incontestable position of relevance within the economy and continent.
So I’d say welcome to a paradigm shift that will cause a positive epidemic, which will cascade down across the sector and ultimately impact the experience of the economy beyond borders.
Let’s say bye to “my insurance company” proposition and welcome to “insurance the company” proposition.
Where do you think work can be done to stimulate growth in the industry?
Research and Innovation will! Beyond a one-time big bang, innovative breakthrough, we will see innovation as an embedded culture and values within the system. With that as a constant driver, current and future challenges will be easily solved and continuous relevance of the sector felt by the people and the eco-system. Now that said, information technologies beyond social media will play a key role: so from data, predictive modeling, mobile technology, cloud computing will clearly impact the dynamics of the industry.
Whatever these innovations are, be it within the value chain or across the supply chain, I believe technology solutions will help drive delivery. Again, that clearly shows what to expect in terms of the dynamics and mix of talents and skill set that will be expected within the sector.
Again, I will say deliberate capacity building and attracting unconventional talents will be instrumental to stimulating growth. Therefore the emergence and influx of innovators and market disruptors should be expected and welcomed.
Business models will require modification if we are to see a serious growth stimulation and impact rendering sector. Innovation will sweep across every area within the sector.
The question then is, how ready and truly prepared are we?
Collaborations from a value driven perspective will be instrumental.
What does EdgeEdwards have to offer the insurance industry in Nigeria?
EdgeEdwards Company Limited is an integrated African global brand delivering innovative sustainable solutions to insurance sector in Nigeria and Africa.
Through our various brands we are helping redefine insurance.
We offer Process re-engineering, Products and Services delivery in Nigeria insurance industry. We are helping Initiate, Build and Nurture a new breed of globally competitive insurance workforce with purposeful and sustainable mindset that will redefine and guarantee continuity in the industry across the continent. And through generations, we are creating enabling platforms in connecting buyers and insurance originators together across the Africa continent.
Where do you see investment opportunities in the Nigeria insurance sector?
We see investment opportunities in the Nigeria insurance sector across every value and supply chain. You only need to look deep with an innovative mind and you’d discover endless possibilities abounds.
Quite interesting and exciting is, the emergence of insurance servicing niche industry springing up. Now that should tell us that Insurance is a moving opportunity blazing goldmine. Just look deep within you’d find it.