BY ROSEMARY ONUOHA
To be capable to unlock the nation’s insurance coverage market growth, operators have to adopt modern services delivery platforms driven by nicely researched tailored solutions and seamless processes, Prince Lafor Olateru-Olagbegi, former Group Managing Director, Oceanic Insurance coverage Group (OIG), now Old Mutual Nigeria has explained.
Speaking in the course of an interview with insurance coverage correspondents, Olateru-Olagbegi who resigned from OIG in January 2014 following its acquisition stated this has turn into required in view of the need to have to boost insurance coverage penetration and density for more market growth. Outdated Mutual acquired 2 of the 3 entities that produced up OIG, namely Oceanic Insurance coverage and Oceanic Life. The third business, Oceanic HMO remains a standalone business.
“One big challenge dealing with the insurance coverage industry is that of penetration, so efforts have to be geared in the direction of making certain enhanced client self confidence and trust by means of excellent support delivery”
“The question will be, which operators will have the proper vision and capability to proactively anticipate and adapt to new marketplace realities. Individuals that move to redefine the sector’s support delivery platform are more likely not just to survive, but prosper as they reposition themselves towards conventional, emerging and foreign rivals,” he mentioned
Olateru-Olagbegi who has had in excess of 3 decades of operating experience explained firms wishing to take benefit of the new growth options in the market whether or not it’s in micro-insurance coverage, Takaful or in the retail space generally, must make sure sustainable investment in human capital advancement, merchandise/marketing study and robust technological innovation for seamless operations.
“There is a good deal of possibility in the retail market space and we must not assume that it is nonetheless the old way of carrying out factors, and I can inform you forward seeking organizations will make enormous statements with their earnings in the close to long term,” he noted.
The insurance professional further asserted businesses should simplify their solution offerings and broaden their distribution possibilities by means of innovations and collaborations that will develop inroads into the under-insured and un-insured populace across the nation.
“The interest of foreign companies in Nigeria’s insurance coverage sector shows that the authorities across the globe think about the market place as the up coming growth frontier for insurance coverage. I am currently consulting for a number of businesses and spearheading feel-tank initiatives with other specialists to make sure the insurance coverage sector in Nigeria will take this huge stage in the direction of a brighter potential,” he extra.
Development and Expansion
It will be recalled that Olateru-Olagbegi oversaw a period of growth and growth at the Oceanic Insurance Group for the duration of his tenure as GMD from 2006 to 2013 soon after injecting a wide breadth of expertise and professionalism that created the Group appeal to curiosity from trus2rthy traders.
Amongst 1995 and 2005, Olateru-Olagbegi joined the team from AIG Insurance Business USA, where he worked for in excess of 10 years, the last 5 many years as General Manager increasing product sales by more than $ 500,000 annualized premium inside of 2 years.
Alongside his accolades in the insurance coverage occupation, Olateru-Olagbegi manufactured the distinguished Presidential Council journey and Award to Las Vegas, Nevada in 2000, and one more Presidential Council trip and Award to Puerto Rico Island in 1998.