‘Human capital development, skills recreation key to addressing challenges in insurance’

To tackle the challenges facing the insurance sector and to reposition it for greater contribution to the country’s GDP, efforts should be geared towards human capital development and skills recreation.

This has become necessary in view of new demands as the business landscape changes, particularly in the financial services sector.

Funmi Babington-Ashaye, president, Chartered Insurance Institute of Nigeria (CIIN) made the remark at the Institute’s 2017 Graduation and Fellowship Awards Ceremony held in Lagos.

Babington-Ashaye said “challenges facing the industry in this dispensation not only require a new impetus in human capital development, but also a renewed vigour and approach to skills recreation in order to equip practitioners for the huge tasks of managing the new and emerging realities in the business landscape.

She stated further that the Institute in response has concluded a review of its professional examinations syllabus which shall become operational very soon.”

Babington-Ashaye said the graduation and awards ceremony follows the governing council’s ratification of the award of the Institute’s Fellowship to six deserving members and the election of one hundred and seventy-five members as associates of the institute after satisfying the stipulated requirements.

“Permit me to reiterate the fact that the men and women who today find fulfillment in the attainment of our invaluable professional qualification, are also accepting greater burden of responsibility as custodians of the ethics and codes of practice of our noble profession.”

She stated that they will be constantly reminded of the oath of allegiance to their professional calling as well as their vows to be of good conduct at all times.

“And to the recipients of the Institute’s Fellowship Awards, I wish to state that being conferred with the Institute’s highest professional honour comes with a higher level of responsibilities. Expected from you is the highest level of professional and personal conduct particularly in situations where our identities as ambassadors of the Insurance profession and of the Institute are concerned.”

According to her, the industry has taken deliberate steps to enlighten the public about the invaluable benefits of insurance, introduce initiatives that will help to reposition the profession and industry as well as enhance its contributions to nation’s gross domestic product (GDP). It is my belief that the new Associates and Fellows we are celebrating today will effectively contribute their quota to achieve this initiative.