With insurance consumers becoming more sophisticated and aware of their rights and quality of service received from operators, the future of the industry will largely be shaped by ethical practice.
Stakeholders that gathered at the 2016 graduation and fellowship awards ceremony of the Chartered Insurance Institute of Nigeria (CIIN) held in Lagos yesterday said imbibing the right ethics in insurance profession was the way to deepen penetration and grow the business.
The graduation ceremony attended by dignitaries in the industry saw the conferment of the Institute’s Fellowship on three members and election of 161 members as Associates.
Adeyinka Adekoya, managing director/CEO, Wapic Insurance plc, making a presentation at the event, said the Nigerian consumers were becoming increasingly sophisticated and aware of their growing need for insurance.
The growth and future of the insurance industry relies on ability of the players to continually be at the forefront of innovation, constantly improve on the guidelines in our various fields and maintain the highest ethical standards, Adekoya observed.
“The future of the industry lies heavily on our shoulders through our ability to show the highest professional ethical standards,” she noted.
While urging the graduands to take their profession seriously, she observed that applying the right ethics would assist the industry achieve increased market penetration, increased contribution to GDP, encouragement of entrepreneurial activity, increased employment rate, among others.
Isioma Chukwuma, president, CIIN, in her earlier remark, said the Institute’s professional examinations had become deep-rooted while producing professionals that continued to perform creditably well in their various endeavours through ethical and effective dispensation of insurance services.
Chukwuma, represented by Funmi Babington-Ashaye, deputy president, CIIN, said the growing enthusiasm for acquisition of insurance qualification translated to an abiding consciousness in embracing professionalism in the business and practice of insurance.
She stated that the men and women, who had found fulfilment in the attainment of the industry’s invaluable professional qualification, were also accepting greater responsibility of being custodians of the ethics and codes of practice of our noble profession.
“As professionals, we must continue to maintain our integrity and avoid unwholesome practices that can tarnish the image of our industry,” she said.
