With a new helmsman, Olusegun Omosehin, Nigeria Insurers Association hopes to carve a niche and new trajectory in insurance business in Nigeria, writes Ebere Nwoji.
For Olusegun Omosehin, the new Chairman, Nigeria Insurers Association (NIA), his migration into the insurance world after his university education could be likened to the case of the famous African literary icon and author of the widely read book, “Things fall Apart,” the late Professor Chinua Achebe. Achebe’s original plan was to make a career in medical profession but was suddenly taken by destiny to the world of literary writing, which eventually brought him to lime light, as a great author.
Such was the case of Omosehin, who after his university education as a political scientist desired to pursue a career in foreign affairs services but the unseen hand of God incidentally crossed him over to insurance world where he has today gained so much popularity and made such indelible marks to the extent of attaining the height of Chairman of Nigeria Insurers Association (NIA), the umbrella body of both international and indigenous insurance underwriting firms in Nigeria.
Omosehin was in the month of August this year among all the helmsmen of all the insurance and reinsurance firms in Nigeria elected the Chairman of NIA.
Altogether there are 65 insurance and reinsurance firms in Nigeria comprising of 13 life insurance firms,14 composite firms,27 General Insurance firms, four Takaful insurance firms and six Micro Insurance firms.
By his current position as NIA Chairman, Omosehin is to henceforth stir the ship of these institutions and is in control of decisions that affect their business together with other council members of the association.
By this position Omosehin’s name and photograph has been included in the archives of prominent insurers such as the father of insurance, Professor Joe Irukwu, Oglala Osoka, Ven. Ladino Ajayi, Bala Banjo, Oye Hassan Odukhale, Tope Smart and other notable figures in Nigeria Insurance industry who have attained this exalted position in the past.
Also by this new position, Omosehin after the Commissioner for Insurance and Chief Executive officer of the insurance regulatory body, the National Insurance Commission (NAICOM) Mr. Sunday Olorundare Thomas, is the next in line when it comes to custodian of information and authority in insurance matters in Nigeria and beyond.
From the tune of his speech at his investors ceremony as the 25th Chairman of NIA, Omosehin seems to have quite understood the worth of his position when he said: ”first let me appreciate my colleagues in the governing council and all CEOs of member companies for the confidence reposed in me as expressed in my election as the 25th chairman of our noble association .It is a rare privilege and a great honor to lead the association particularly this time in our history as a nation .I do not take it for granted.”
Omosehin’s journey to the insurance world started way back in June 1993 when he took up job in Crusader Insurance from where he developed passion for insurance and enrolled for insurance professional examination and qualified in just two sittings to become an associate of the chartered Insurance institute of Nigeria in 1996.
He enrolled for a conversion programme in Economics in 1997, the post Graduate Diploma in Manpower economics and planning where he bagged an MSC in Economics in 1999 from the University of Lagos.
In addition to various courses he attended locally and internationally, including the advanced management programmed at the Lagos Business School and Oxford Advanced Leadership and management programme at the university of Oxford United Kingdom .With these qualifications
Omosehin successfully built a robust career in insurance.
Today he stands out as one of the few multidisciplinary professionals in the insurance industry.
Aside his work experience in Crusader Insurance, he worked for nine years in different capacities at Custodian and Allied Insurance and attended the Divisional Head Operations position before he left in 2003 to join Admiral Insurance Company limited as the Managing Director.
Within one year of his leadership of the company, the company, which had 22 years of recorded was automatically returned to profitability track.
He later joined AIICO and was made the Managing Director AIICO General Insurance.
He left AIICO to become the Managing Director of Mutual Benefit Insurance in 2020.
A member of governing council of the Chartered Insurance Institute of Nigeria Omosehin is currently the Managing Director of Old Mutual Nigeria.
Taking over the leadership baton of NIA from the erstwhile chairman Mr. Ganiyu Musa, Omosehin commanded the confidence of the entire insurance industry to emerge the NIA chairman at this critical time when, according to him the country is caught between the impact of myriads of global issues prominent among which are supply chain disruptions, post COVID-19 adjustments, talent and workplace evolution, climate change and locally social-political and economic down turn, escalating security challenges, inflationary pressure, volatile foreign exchange rate and impact of catastrophic events such as flood.
In his view, the outcome of these risks are heavy on individual lives, businesses and future of the industry.
His emergence as the 25th Chairman of the insurance underwriter at the wave of all these business threatening developments, points to the level of confidence reposed on him by his fellow managers in the risk bearing industry.
Indeed, positioning Omosehin as the captain of the risk bearing insurance sector speaks to the fact that he is conversant with the terrain even in dicey situation the country is and can navigate their ship to a safe ground.
Already in his inaugural speech, he has shown signs of competence by seeing the current situation as opportunity for more business instead of focusing only on the risk factors.
He said, “However, in the mist of these are new opportunities both globally and locally open to us in infrastructure, healthcare, technology, agriculture, mining, power, education and human capital management all with the potential to disrupt the trajectory of our lives and business forever.
He urged his fellow insurers to take advantage of the opportunities, which according to him has never been available at this scale and magnitude in decades to redefine and reposition themselves as partners for the prosperity of the country.
Omosehin, also urged the insurers to be deliberate in technological investment and innovations in order to leverage on the advantages to improve on accessibility, affordability, adequacy, awareness and availability of insurance products.
He said the insurers had the tools to do this noting that in the new business world thrown up by the COVID-19 pandemic and its like challenges, insurers’ roles were clearly defined but are yet to be occupied.
“By embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide the buffer required for the economy to thrive not impending by clinging on to the past”, he charged.
He challenged the insurers to remember that the change they sought for should begin with them as an industry as he urged them to realise that the current challenges would require thinking different and extraneous to what created the current challenges.
“Our ability to self -regulate and be bold and courageous in enforcing our market conducts is vital, we must take our rightful place amongst the pillars of economic growth and development in Nigeria”; Omosehin said.
He urged the insurers to take advantage of technology to design affordable and adequate insurance products and services and make such available to the right customers.
He advised the insurers to embrace openness and willingness to collaborate with intra and extra-industry stakeholders including fintechs, insuretechs among others to drive customer centric models for penetrating the market.
He also urged them to upgrade the digital capabilities of the NIA secretariat to meet and respond to the growing demands of the public.
“All these should culminate in product and process innovation that meets our customer’ multi- dimensional needs. We must bear in mind that the world has evolved and so has our country the ways and means of our economy, business environment, social fabric and communication. While this provides massive opportunities for us it also means that risk profiles have evolved”, he noted.
Speaking on the economy, the new NIA Chairman, noted that inflation was a global situation currently plaguing both developed and developing economies noting that even the US had seen two consecutive quarters of economic contraction and that the volatility facing most countries due to the strengthening of US dollar and other factors remain troubling.
He however said in the mist of these, there were opportunities both globally and locally in infrastructure, healthcare, technology and human capital management all with the potential to disrupt trajectory of lives and businesses.
On the impact his administration would make in the industry, Omosehin said NIA under his chairmanship would ensure enforcement of compulsory insurances, implement progressive market development initiatives and agreement, explore new areas of business collaboration to expand the market as well as collaborate with the regulatory community particularly NIA as the primary regulator.
