Ebere Nwoji
A renown insurer and former president, Nigerian Council of Registered Insurance Brokers, Feyi Soyewo, has said that the COVID 19 experiences had served as opportunity for a paradigm shift in the modus operandy of many businesses which in turn led to higher profitability.
Soyewo, stated this while delivering an opening remarks as the Conference Chairman at the Annual Insurance Conference organised by the National Association of Insurance And Pension Correspondents (NAIPCO).
The conference had the them: “COVID-19 Impact On Financial Inclusion; Opportunities For Insurance And Pension Sectors.”
Soyewo, who is also the Executive Chairman, Prestige Insurance Brokers ltd, noted that the COVID-19 pandemic has helped corporate institutions to retool their operational strategies, leading to higher profitability and easier ways of doing things virtually and getting results.
According to him, it was heartwarming that many individuals and business operators have taken the whole pandemic experience as an opportunity for paradigms shift in all undertakings.
He said the theme of the conference could not be more apt than now, when the entire world was heaving a sigh of relief from the ruinous impact of the pandemic.
“It makes little news that the pandemic disrupted the usual work culture and affected every facet of human endeavors ever experienced in recent history, “Soyewo said.
According to him, the financial services sector of which the insurance and pension sectors were critical players also had their fair share of the impact of the pandemic.
The Insurance brokers’ chairman noted that for the insurance industry, aside from the long cessation of work, necessitating remote working conditions, the pandemic led to the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurances.
“I want to believe that the pension sector also had its own side of the pandemic which they would be able to relate to us more explicitly at this auspicious forum. We must all come to terms with the fact that change is the only permanent thing in life and those who are resistant to change would be changed by change ultimately, “the broker said.
Soyewo commended NAIPCO for its very effective reportage of events, particularly relating to the insurance industry adding that he had watched the association grow over the years .
He noted that NAIPCO has continued to record phenomenal leap in its quest to create relevance for its members, as well as become a strong voice in issues of advocacy, particularly in the nation’s financial ecosystem.
Also speaking, NAIPCO, Chairman, Mr Chuks Okonta, said that the conference, which was in its 6th edition, was one of those avenues through which the association contributed its quotas to the growth and development of the two critical sectors it covers, which were; insurance and pension sectors.
“Today, we, as journalists, are not only watching and reporting, but participating actively in reshaping the two industries and propelling them to growth. The last two years have been extremely hard for Nigerians, Africans and the world at large due to the invasion of the deadly coronavirus pandemic across the world and Nigeria inclusive rewrites the business environment template.
“Human interface were limited, most operations went online and those who were not technologically savvy were left in the dustbin of the past, as the world matches on with full speed. Though, businesses closed shops, people died and sources of livelihood shrank as a result of the pandemic, but it opened up several opportunities in other areas of businesses that may not have been explored if not for the Covid-19. Financial sector operations become more sophisticated as Face to face interaction went into oblivion, hence, projecting the human and machine interactions, “Okonta said.
According to the NAIPCO Chairman, the development created an opportunity for both sectorial players to increase their awareness and widened their tentacle to capture this niche market.
Okonta said to this end, the association assembled experienced human capital to do justice to the theme of the conference.
He however appreciated all members of the 2021 Conference and Editorial Committees who were both instrumental to put the conference together, sponsors who made the August gathering a reality and resources persons and eminent personalities who gave their time in spite of their tight schedule.
