Continental Reinsurance has reiterated need for leadership capacity development in insurance.
At the firm’s CEO Breakfast in Lagos attended by insurance chiefs, Keynote Speaker, Dr. Akin Oparison, spoke on how leaders could revitalise their leadership brand.
In his presentation: ‘Leadership Is Common Sense’, Oparison said: “Leadership entails, not leaning on the inherent power of your role, but translating the power into influence by using the power to drive your purpose.”
Speaking on trust in underwriting, he said the industry is an engine for growth and can be more impactful than it is.
He said: “In Nigeria, we have the lowest penetration in Africa, and the informal sector is untouched by this industry, not because they don’t need the services but they are telling themselves, at great cost and pain, they can do without you.
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Chair of Nigerian Insurers Association, Kunle Ahmed, urged participants to be innovative with technology to remain relevant in their market.
Group Managing Director of Continental Re, Lawrence Nazare, said insurance penetration is a distribution issue, and there’s need to address a larger percentage of the needs of various sectors.
Noting that concentration should not be only on large businesses like oil and gas, he said “we have to create retail solutions for the retail segments,” he said.