#ThisMonday KNOW YOUR INSURERS (KYI): LEADERSHIP CHANGES AMONG INSURANCE COMPANIES IN NIGERIA

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 #ThisMonday

KNOW YOUR INSURERS (KYI): LEADERSHIP CHANGES AMONG INSURANCE COMPANIES IN NIGERIA

By Ekerete Ola Gam-Ikon



It has been Fifty-seven (57) days since the expiration of the deadline given by the Insurance Regulator in Nigeria, National Insurance Commission (NAICOM) for all Managing Directors/CEOs  and Executive Directors, who had spent 10 years and 12 years respectively to vacate their positions in line with the Tenure Limits stipulated in the Corporate Governance Guidelines for the insurance industry in Nigeria. 


Accordingly, many insurance companies complied with the directive and today, they have new CEOs on board, and EDs too in some cases, to steer the affairs of these insurance companies. 


Expectedly, the Immediate Past MD/CEOs and EDs have been accommodated in the emergent holding companies to ensure continued delivery of excellent customer service and claims payments. 


As you may be aware, insurance professionals mature into higher positions based on the complexities of risks that they get exposed to, especially in a market like ours where the need for capacity and capabilities are obvious across different levels.


It is therefore advisable that you check and ascertain the changes that have taken place in your insurance companies and, probably, request for a meeting where you will extract a re-commitment and reassurance to higher service levels.


This is the time to get your recognition as a long-standing policyholder from the new leadership whose target would probably include 100 percent Customer Retention.


Do you have any outstanding claims? This may be the best time to get your payment!


Changes come with challenges and those who will gain most are those who ask.


Besides the MD/CEOs and EDs, other senior executives have also switched their allegiances. Please do not wait until you have a claim before you contact the Executive lest you hear "Sorry, I'm no longer there, I joined ABC Insurance Plc last January but I'll call someone there to assist you."


You are more than an Insurance Policyholder, you contribute to the development and sustainability of socio-economic agendas within the larger economy. 


By buying an insurance policy, you are not only making insurance work for us in Nigeria, but you are also the reason why the economy seems resilient. 


Let's take happenings within the insurance ecosystem more seriously and not wait until the unexpected happens. 


The new MD/CEO or ED of your insurance company might be the person beside you during worship or in your neighbourhood watch meeting or your child's school.


Become alert about your insurance relationships. We are in that season of "Had I known" and you're advised to Know Your Insurers better.

Remember, your questions and comments are most welcomed. 

Assuredly Yours,

Ekerete Ola Gam-Ikon

NCRIB NAC Award Winner 

+234-802-585-0344

www.olagamikon.ng


   Click the link below to follow previous episodes of INSURANCE INSIGHT by Ekerete Ola Gam-Ikon 

#ThisFriday 

ARE THERE EQUAL OPPORTUNITIES FOR UNEQUALS WITH INSURANCE?

By Ekerete Ola Gam-Ikon

Click the link for previous episodes 👇🏽

https://ejiroemenikeuka.blogspot.com/2024/02/thisfriday-are-there-equal.html

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