The Commissioner for Insurance and Chief Executive of the National Insurance Commission, Mr. Olusegun Ayo Omosehin recently visited the Director General of the Nigeria Governors’ Forum, Dr. Abdulateef Shittu at the NGF Secretariat in Abuja.

The Director General while welcoming the Management of NAICOM informed them that the NGF has transformed into a policy hub for State Governors and is serving as the technical and administrative arm of the Forum. He stated that the Forum consist of the 36 State Governors in the Federation while the secretariat is the administrative arm and a resource center for the Forum that renders services and policy formulation. The NGF Secretariat is a one-stop shop for any business you want to do with the States.

After an introduction of members of the teams, the CFI, Mr. Omosehin thanked the DG for the warm welcome and briefed the Secretariat on the core mandate of the National Insurance Commission which is supervising, regulating and developing the Insurance sector in Nigeria and by so doing it involves how the culture of insurance can be deepened by getting the Nation as a whole to comply with some of the compulsory Insurances as provided in our Law. He noted that at the Federal level these is been driven by Federal agencies but at the states level the Commission needs some high level of cooperation and collaboration.

He stated that the key reason the Commission was at the NGF secretariat is to discuss how a coordinated approach can be adopted in working with the states and that the collaboration must start from engaging the NGF secretariat as policy hub for State Governors. He said having been appointed recently, few months back, him and his team are trying to see how they can address some of the issues differently from the way it has been handled in the past in order to achieve a better result. He mentioned that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.

The CFI further stated the need for most of the Laws on compulsory insurances to be domesticated by the states sighting example with Lagos State. He said that the fragmented approach in dealing with the states needs to be centralised and have all the states come on board especially with respect to motor third insurance and also to prevent revenue loss for the states in terms of IGR. There is also need for awareness creation across the states on the value of insurance

The Director General thanked the CFI and express optimism that the now that the Commission has reached out, he believed that the partnership can bring a lot of positivity on deepen insurance penetration in the country.

The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review and since a delivery room assessment has already been conducted, the ball shall be kicked to start rolling immediately and a joint Committee was set to deliver on the assignment at hand.

Insurance Meets Tech (IMT) 2024, one of West Africa’s premier conferences at the intersection of insurance and technology, is excited to announce that pre-event registration officially opens on Monday, September 2, 2024. The conference is scheduled to take place on Friday, September 27, 2024, at the Balmoral Convention Center, Federal Palace Hotel, Victoria Island, Lagos

IMT 2024 will assemble an outstanding lineup of over 20 speakers, with the following headline speakers confirmed for the event.

1. Olusegun Omosehin, Commissioner for Insurance and CEO, National Insurance Commission (NAICOM).
2. Niyi Onifade, CEO, Heirs Insurance Group.
3. Abimbola Onakomaiya, President, Professional Ladies Insurance Association (PILA).
4. Adetokunbo Omotosho, CEO, Cybervergent.
5. Ayo Bankole Akintujoye, CEO, Caladium Consulting.
6. Joey Akan, Founder/CEO, Afrobeats Intelligence.

This year’s edition introduces the IMT Redefined segment, which aims to engage Millennials and Gen Z by integrating lifestyle, creativity, and Afrobeats into the insurance narrative.

This segment, hosted by Elozonam Ogbolu, a celebrated actor and content creator, will present insurance in a fresh, relatable context, showcasing its relevance as a lifestyle protection tool.

The main conference, IMT 3.0, will feature the traditional C-Suites series, hosted by Aruoture Oddiri from Arise Media Group. This two-pronged event will provide attendees with a holistic experience, blending cutting-edge industry insights with vibrant discussions on the future of insurance.

Convener, Odion Aleobua, the CEO of Modion Communications, stated, “With the launch of pre-event registration, we are setting the stage for what promises to be a groundbreaking convergence of industry leaders and innovators. This year’s conference, especially with the addition of IMT Redefined, is particularly significant as it enables us to engage a wider demographic and explore innovative ways of making insurance relevant across all sectors.”

To register for the event, please visit https://insurancemeetstech.com. For further inquiries on participating in this highly anticipated conference and youth engagement, kindly contact Odion at +234 902 222 2226 or Precious at +234 708 343 9552 or email [email protected].

About INSURANCE MEETS TECH 2024

The Insurance Meets Tech (IMT) Conference, an exclusive gathering, is a must-attend event for anyone interested in the future of insurance in West Africa.

It offers a platform for power-packed discourses, networking, and exploring the cutting-edge innovations shaping the industry, ensuring you stay ahead in this dynamic field.

The third edition of IMT introduces a unique, all-day, two-pronged event structure to be hosted simultaneously at the same venue.

This year features IMT 3.0, the traditional C-Suites series, focusing on high-level discourses, while the new segment, IMT Redefined, celebrates lifestyle, creativity, and Afrobeats.

Event 1. IMT 3.0

IMT 3.0 is one of West Africa’s premier insurance events focused on the intersection of insurance and technology. The conference is designed to foster collaboration, innovation, and growth within the insurance industry by bringing together a diverse group of stakeholders, including thought leaders, regulators, insurtech innovators, investors, and technology experts.

Event 2: IMT Redefined

IMT Redefined is a fresh and dynamic segment of the Insurance Meets Tech (IMT) platform, designed to engage younger audiences, particularly Millennials and Gen Z. Unlike the traditional C-Suites series, IMT Redefined focuses on celebrating lifestyle, creativity, and Afrobeats. It aims to inspire this demographic to see insurance as an essential lifestyle protection tool rather than just a financial product.

Key Features of the Conference:

High-Level Discussions: IMT is known for its top-tier C-level series, where industry leaders engage in power-packed discussions on the latest trends, challenges, and opportunities in the insurance and technology sectors. This provides a platform for exchanging ideas and strategies that can drive the industry forward.

Innovative Showcase: The conference highlights the latest technological advancements in the insurance industry, including digital transformation, data analytics, artificial intelligence, blockchain, and more. These innovations are showcased through presentations, panel discussions, and product demonstrations.

Networking Opportunities: IMT offers attendees a unique opportunity to network with key decision-makers, industry experts, and innovators. This networking is crucial for building partnerships, exploring new business opportunities, and gaining insights into the insurance industry’s future.

Youth Engagement: With IMT Redefined, the conference also seeks to inspire a broader range of young people to adopt insurance by incorporating elements of lifestyle and culture, making the subject more relatable and engaging to younger demographics.

Global Participation: The conference attracts a diverse group of participants from various regions, including speakers and delegates from global companies like Microsoft, Ecobank, Old Mutual West Africa, and others. This international participation underscores the global relevance of the topics discussed at IMT.

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, has shortlisted its top 15 semi-finalists for the third edition of the Heirs Insurance Essay Championship.

The top 15 participants emerged from a competitive pool of close to 5,000 entries from Junior Secondary School students across Nigeria.

All entries underwent a rigorous grading process by renowned academics, on originality, depth of analysis, and clarity of thought. Furthermore, Deloitte & Touche, a leading Audit and Quality Assurance Firm, independently reviewed the grading process to ensure objectivity.

Out of the shortlisted participants, three students will proceed to the grand finale for a concluding presentation, on an all-expense paid trip sponsored by Heirs Insurance Group, which will take place at Transcorp Hilton Abuja, in September.

Winners of the Heirs Insurance Essay Championship will receive a combined scholarship of N8 million, with the final winner’s school getting an additional N1 million donation.

The Heirs Insurance Essay Championship is part of the Corporate Social Responsibility (CSR) efforts of the group geared towards improving the quality of education of the next generation. The Championship also highlights emerging talent, while bringing parents and children closer to insurance through extended workshops on financial security.

This year’s competition witnessed creative entries from 35 states of the country, in response to the task of writing an essay titled “If I Could Invent Something New”. In appreciation and acknowledgement of the creative submissions, all participating students will receive a certificate of participation.

About Heirs Insurance Group

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

The CFI/CEO of NAICOM, Mr. Segun Omosehin recently hosted a delegation from the Nigerian Factoring Working Group in his office in Abuja. The delegation was made up of members from NEXIM Bank, CBN, GIZ and AfreximBank was led by Mr. Hope Yogo. The CFI welcomed the delegation.

The leader of the delegation Mr. Hope Yogo first congratulated the new management team of NAICOM on their appointment and expressed confidence that the new leadership will effectively deliver on their mandate. He stated that the working group, which is expected to transform into an association very soon, was formed to develop a conducive legal and regulatory infrastructure for factoring in the country.

He also stated that the main reason for their visit was to seek collaboration and partnership with the Commission and the insurance companies on their desire to engage all stakeholders in the value-chain and considering the vital role of insurance in factoring.

The CFI in his response pledged full support of the Commission to the development of Factoring in Nigeria.

The CFI/CEO of NAICOM, Mr. Segun Omosehin paid a courtesy visit to the MD/CE of Nigeria Social Insurance Trust Fund, Mr. Oluwaseun Faleye at the NSITF Hqtrs in Abuja on Wednesday August 28, 2024.

The purpose of the visit was to discuss areas of collaboration between the Commission and the NSITF to deepen insurance penetration, harnessing the benefits of both conventional and social insurance, data sharing and analytics, capacity building and training, creating awareness and advocacy, driving compliance with Insurance requirements and many more.

The two agencies agreed to set up a joint committee to drive the collaboration, harness the contribution of insurance generally to national output and also boost growth potentials of the insurance sector in Nigeria.

L-R: Sola Alo, AGM Technical Mutual Benefits Assurance Plc; Titi Akinsiku, DGM Technical Mutual Benefits Assurance Plc; Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Ltd; Ellen Offo, Head, Corporate Communications, Mutual Benefits Assurance Plc; Oluremi Fadi, Controller, Technical, Mutual Benefits Life Assurance Ltd, and Gabriel Gbadebo, AGM Technical Mutual Benefits Life Assurance Ltd after a one day workshop organised in Lagos by Mutual Benefits Group for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) on Thursday,  August 29, 2024.

Mutual Benefits Assurance Plc has called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Femi Asenuga, made the call in his opening remarks at a one-day workshop organised by the company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos themed “The Role of Insurance in National Development.”

While emphasizing the importance role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.

Asenuga who decried the low insurance penetration in Nigeria despite the country’s high population and large demographic density, called for policy changes to increase insurance uptake by Nigerians.

“We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the press, you have a major role to play in changing the narrative of insurance penetration in the country. The change is not only expected at the consumer level but also at policy making because that is where everything starts from.

“Your presence here today underscores the importance of the role of the media in shaping public understanding and driving awareness of essential economic tools, such as insurance.

“As editors, you hold the unique power to educate the public on how insurance contributes to economic resilience. Your ability to communicate the complexities of insurance in a relatable and impactful way is vital in building trust and encouraging broader participation in insurance to the general public.

“Today’s training is designed to equip you with the knowledge necessary to report on insurance in a way that inspires action. We believe that through informed reporting, you can help bridge the gap between the insurance sector and the insuring public, contribute to the economic prosperity of our nation and ultimately deepen insurance penetration in Nigeria.”

In her presentation “The Role of Insurance in National Development,” Head, Technical Department, Mutual Benefits Assurance Plc., Mrs. Titilayo Akinsiku, highlighted some of the roles insurance plays in national development.

They include, according to her, Risk Mitigation and Financial Stability; Business Continuity and Resilience; Social Welfare and Inclusivity; Risk Management and Sustainable Development as well as Investment and Capital Formation.

She noted that recent research on “the impact of insurance on economic growth in Nigeria” recommended that “Insurance policies be made mandatory for individuals and business organizations to encourage and protect investors as well as ensure sustained economic growth.

“The regulatory authorities should put in place policies to enforce transparent and efficient management of funds by insurers.

“Investors should diversify their portfolio of investments to boost returns and their ability in claims payment.

She stated further that “The role of insurance in national development is instrumental in promoting economic growth, social welfare, risk management, and resilience.

“A well-functioning insurance sector is essential for creating a stable and prosperous environment that supports sustainable development and enhances citizens’ overall quality of life.

Also speaking, the Managing Director of Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji, affirmed the important role of insurance role in national development even as he expressed concern about some bad eggs in the industry, which he said must be flushed out.

He said the industry over the years has paid so much as claims to policyholders in ensuring the financial prosperity of the people and the economic stability and development of the nation.

On fraudulent claims which he said is one of the issues affecting the industry, he said the industry is working with relevant authorities to nib it in the bud to ensure that the genuine policyholders benefit from the value of insurance.