Insurance practitioners urged to shun unethical practices

Insurance practitioners have been urged to shun unethical practices in the discharge of their duties as that is the only way to build consumer confidence and grow the sector to enviable height.

The call was made at the 2015 Graduation Ceremony and Induction of Fellows and Associates organised by the Chartered Insurance Institute of Nigeria(CIIN) held in Lagos.

The Managing Director, Consolidated Hallmark Insurance plc, Eddie Efekoha, urged the 159 graduands inducted as Associates and 6 Associates elevated into the Board of Fellow of CIIN, to see themselves as ambassadors of the insurance profession, challenging operators to avoid rate-cutting, unhealthy competition and refusal to pay claims.

According to him, “It is therefore a collective responsibility to conduct business in ethical way and be professional enough so that the insurance industry can grow and move forward. The grandaunts should be an ambassador of ethics.”

While calling on the managers of insurance firms present at the event to always be ready to take responsibility of, even their junior staff, he said: “As a leader, you should be ready to take responsibility, even of your junior staff. Moreover, don’t blame others for what you have done. This is a challenge that lies ahead, when you are called a leader.”

Earlier, the President, CIIN, Isioma Chukwuma, had congratulated the grandaunts, hoping that the new entrants would engender greater commitment to the institute and the insurance profession, as a whole, stating that the institute’s professional examinations have become deep-rooted and have, since 1992, produced home-bred professionals who have continued to perform creditably in their various endeavours.

Noting that CIIN was conscious of the insurance industry dynamics and the emerging challenges with new and complex human capital needs, she said the challenges facing the industry today not only require a fresh 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 current realities in the business landscape.

“I wish to state that the Institute is on the verge of completing another review of its syllabus as it is our desire to produce professionals that can compare favourably with their contemporaries in other climes,” she stated.

Disclosing that full academic activities have commenced at the CIIN established Centre for Insurance and Financial Management Studies (CIFMS), she stressed that the centre provides ample training and capacity building opportunities for both insurance practitioners and persons desirous of joining the industry.