By Funmi Ogundare
The Group Managing Director, Regency Alliance Insurance PLC, Mr. Olubiyi Oladipupo Otegbeye, has admonished students to take advantage of opportunities the insurance industry has to offer, saying that there are immense potential to grow the market as financial literacy increases.
Otegbeye, who gave the advice recently at the maiden edition of the town and gown interaction series of the Mass Communication Department, Anchor University, Ayobo, Lagos, said the insurance industry in Nigeria is still growing and developing, however, it only contributes 0.7 per cent towards Gross Domestic Product (GDP).
“This is very low compared to other markets such as South Africa with penetration levels of around 15 per cent.”
In his presentation titled ‘Branding as a Catalyst for Insurance Penetration in Nigeria’, he said the average premium per capita for Africa was $63.7 in 2018, relative to the world average of $645 and advanced markets at $3579.
According to him, “the above numbers indicate the low level of development in the African insurance market, but also the immense potential to grow the market for those willing to take the leap.”
He said regulatory developments such as tax reforms and the emergence of new risks may present disruptions to businesses, but also present opportunities for those insurers who can turn these changes to their competitive advantage and reposition their businesses for the future.
He advised the students to always plan for the future from the classrooms, saying that what they learn must be applied when they are on the job.
“For your career, you must start right from the classroom. Class works, too are skills. You just need to grow your potential. You have everything it takes to be the best. There is no limit to the knowledge you can get here,” he said.
The Brand Manager, Mr. Kayode Tejumola, urged the students willing to pursue a career in the insurance industry or any other sector to consider changing the dynamics a bit if they hope to gain traction in the insurance industry.
He called on students to identify role models in the industry they wish to play in their careers as this will help them gain the needed experience.
The Vice-Chancellor of the university, Prof. Joseph Afolayan, commended the organisers for putting the event together, adding that the gown should never compete with the town, nor should it be at war with it.
He said the main duty of the academic community is to provide sustainable solutions to the problems of the local industry and the globe.
“We are also collaborating with institutions and industries around the world; our focus is to create synergies between us and the real world. This will benefit not just Anchor University, but our students as well from the experience, while we provide need-specific solutions in return,” he said.
The VC described branding as one important topic that every business and business manager should understand.
“The battle to captivate the public has become deeply tensed as the world goes deeper into the breathtaking advent of the new media. Creativity and innovation are expected of everyone in exhibiting their products and services. However, this will only succeed with a good grab of brand communications and management.”
