Insurers see ethical practice driving growth in industry

With insurance consumers becoming more sophisticated and aware of their rights and quality of service received from operators, the future of the industry would largely be shaped by ethical practice.

Stakeholders who gathered at the 2016 Graduation and Fellowship Awards Ceremony of the Chartered Insurance Institute of Nigeria (CIIN) held in Lagos said imbibing the right ethics in insurance profession is the way to go 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 3 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 are becoming increasingly sophisticated and aware of their growing need for insurance.

Adekoya also observed that 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.

She noted that the future of the industry lies heavily on our shoulders through our ability to show the highest professional ethical standards.”

While urging the graduands to take their profession seriously, she observed that applying the right ethics will 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 have become deep-rooted while producing professionals who have 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 translates to an abiding consciousness in embracing professionalism in the business and practice of insurance.

She stated that the men and women, who have found fulfillment in the attainment of the industry’s invaluable professional qualification, are 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.”

Modestus  Anaesoronye