Loss adjusters seek policies to grow insurance industry

The Institute of Loss Adjusters of Nigeria has said it is important to drive the growth of the insurance industry through favourable policies and cooperation in order to harness its full potential.

The new President of the Institute of Loss Adjusters of Nigeria, Diipo Olarewaju, said this at his investiture ceremony, while presenting his acceptance speech as the 13th president of ILAN in Lagos.

He stressed the importance of collaboration between the insurance industry and state authorities to advance and integrate the industry with all relevant stakeholders and regulatory bodies.

He said, “Cooperation of all arms of the industry is very critical in moving the insurance sector forward. All arms of the sector must be willing and dedicated to carry out its functions and corporate with the others to harness the full potential of our composite industry.”

During his tenure, he said, he would build a strong relationship with all stakeholders in the industry including the National Insurance Commission.

Olanrewaju said NAICOM mandated prompt payment of adjuster’s fees, which was crucial.

He suggested that the days of inadequate loss adjusters’ reports could be left behind if all parties collaborated to improve the loss adjusting process.

There was need to strengthen the trust of those engaged in the profession and increase their employability within the industry, which would be advantageous for everyone involved, he said.

In his presentation titled ‘Making insurance customer-friendly in Nigeria’, Consulting Actuary, TAF Consulting Group, Debo Ajayi, spoke on the importance of customers in the insurance business.

He said, “That a customer-centric approach would build trust and foster loyalty among customers, who are ultimately responsible for paying premiums and driving the industry forward.”

According to Ajayi, the implementation of a customer-friendly approach in the insurance industry would not only benefit customers, but also enhance the morale of the workforce.