Lagos: The National Insurance Commission (NAICOM) has emphasized the need for increased youth participation in the insurance and pension sectors to foster growth and maintain relevance in an evolving economy. Mr. Olusegun Omosehin, the Commissioner for Insurance and Chief Executive Officer of NAICOM, highlighted this initiative during the 10th Business Today Annual Conference in Lagos. The conference revolved around the theme ‘Youth Advantage: Redefining Insurance and Pensions for a New Era.’
According to News Agency of Nigeria, Omosehin, represented by Dr. Julius Odede, Head of Lagos Operations at NAICOM, stressed the essential role that the youth must play in shaping the future of these industries. He pointed out that Nigeria’s substantial youth population offers both opportunities and responsibilities for stakeholders. Omosehin noted that as technology transforms daily life and economic landscapes, young people are at the forefront, not merely as future beneficiaries but as active contributors to these changes. He highlighted the necessity of engaging this demographic strategically to expand insurance and pension penetration in the country.
Omosehin underscored the importance of using straightforward and relatable communications to attract young Nigerians, as complex messaging might deter their participation. He also discussed ongoing reforms by NAICOM aimed at enhancing consumer protection, market conduct, transparency, and innovation, stating that these efforts are crucial for building trust within the industry. However, he asserted that regulation alone is insufficient for driving growth, emphasizing the importance of awareness and education, particularly for young individuals making early financial decisions.
The conference also featured insights from Chiamaka Ugo-Obidike, Chief Strategist of MelvinAfrica, who advocated for customer-centric innovation. She stressed that involving customers in the product development process is vital to meeting their needs effectively and urged industry players to embrace open finance for seamless integration across financial platforms. Ugo-Obidike highlighted the necessity for the financial services industry to adapt quickly to cater to a youthful and increasingly digital population.
Mrs. Nkechi Naeche-Ezezobor, the convener of the conference, stated that the event was aimed at sparking the interest of young people in the insurance and pension sectors by highlighting the vast opportunities available. Additionally, Mrs. Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), praised the contributions of BusinessToday to the insurance industry’s growth over the past decade and encouraged youth engagement in ongoing industry programs.
Mr. Adebayo Arowojolu, CEO of Unitrust Insurance Company, along with other industry leaders, provided insights into the value of insurance and pension as security measures, urging the youth to embrace these sectors. Meanwhile, Mrs. Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), announced an initiative to provide free training for at least one million Nigerian youths, in collaboration with the Federal Ministry of Youth and other industry bodies. This program aims to equip young people with foundational knowledge and skills in insurance, offering a pathway to professional certification.
Overall, the conference highlighted the critical need for youth inclusion in the insurance and pension sectors as a means to drive growth and innovation, with stakeholders rallying to create an environment conducive to empowering the next generation.