Insurance loss adjusters need to seize the competitive advantages in the African Continental Free Trade Area (AfCFTA), stakeholders have said.
They spoke at the Nigerian Insurance Industry Committee on AfCFTA workshop by the Institute of Loss Adjusters of Nigeria (ILAN) in Lagos.
Deputy Commissioner for Insurance, Finance and Administration, National Insurance Commission (NAICOM), Mr. Ekerete Ola Gam-Ikon said AfCFTA offers Nigeria and its insurance industry a game-changer for growth, prosperity, and market expansion.
Speaking on the theme: “Navigating new horizons: Opportunities unleashed by AfCFTA for Insurance loss adjusters” is apt and presents a forum to discuss the landscape of our continent, opportunities of a free trade area with attendant potentials for investment, expansion of our horizons, innovations and integration.
He said: “It is expected that the journey to a single, unified market of over 1.3 billion people will also require the preparedness of facilitators of business transactions, requiring that as we expand our services to other African countries, new opportunities are also created for loss adjusters. As trade increases, loss adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand. We are therefore required to focus on enhancing our knowledge and skills in areas that give us competitive advantages and leverage on exchange of skills with international players.
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“The free movement of goods, services, and people could expand our nation’s operations across borders, increasing access to financial services and promoting economic development. Therefore, the enormity of the opportunities in galvanising growth can only be imagined if we don’t actively participate as an industry. NAICOM is committed to empowering loss adjusters in the AfCFTA era.
“However, adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive. We’ll provide support, but your proactive efforts will determine your relevance. For us to stimulate the potential of AfCFTA in the industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels. AfCFTA encourages collaboration among African insurance companies.Through these partnerships, Nigerian loss adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness.’’
Chairperson, Nigerian Insurance Industry – African Continental Free Trade Area Committee, Mrs. Ekeoma Ezeibe urged loss adjusters to leverage resources to prepare to harness the opportunities that would be provided by the continental agreement.
President, Chartered Insurance Institute of Nigeria (CIIN) Mrs. Yetunde Ilori appealed to elders in the profession to ensure knowledge transfer to the younger generation.
She stated that the opening of the business space through AfCFTA would engender tough competition, which only skilled personnel could survive.
ILAN President, Pastor Oladipo Olanrewaju emphasised that loss adjusting plays a critical role in the insurance ecosystem, ensuring fairness, accuracy, and efficiency in claims resolution.
“As the industry continues to evolve with technological advancements, regulatory changes, and increasing customer expectations, it has become imperative for us to redefine our approach to loss adjusting. This conference serves as a platform to discuss innovations, best practices, and strategies that will drive our profession forward and the insurance industry.
“Sustainable claim management requires us to embrace technology, enhance professional standards, and foster collaboration among all stakeholders in the insurance value chain. We must leverage digital transformation, data analytics, and artificial intelligence to improve the efficiency and accuracy of loss adjusting. Collaboration between the underwriters, brokers and adjusters give the policyholders joy from their distress. Additionally, we must uphold the highest ethical standards and professional integrity to maintain public trust in our profession.”
On the future of loss adjusting, Olanrewaju said: “As we look ahead, the role of loss adjusters will become even more pivotal in ensuring the sustainability of the industry. We must be reminded that claim management is a key element for the improvement of the insurance industry’s public image. We must continue to invest in capacity building, training, and knowledge sharing to equip our members with the necessary skills to navigate emerging challenges.
“ILAN remains committed to advocating for policies that strengthen the industry and create an enabling environment for loss adjusters to thrive.’’