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CIIN urges insurance firms to develop SMEs

By on June 27, 2013

Chartered insurance institute of Nigeria, CIIN, has called on insurance firms  to ensure that the Industry should be in the vanguard of promoting medium and small scale enterprises in line with the transformation agenda of the Federal Government.

It said this during   the institutes  2013 International Education Conference, held in Lagos, with the theme “The Nation in Transformation: Repositioning the insurance industry”

It said that operators should take their human capital development more seriously with a view to entrenching an enduring succession plan.

According to the CIIN, the Insurance Industry is facing serious challenges from the less than optimal financial literacy in the country, to this effect, the Industry should put the necessary machinery in place for up-scaling its on-going awareness creation.

It said, that modern Insurance is highly technology-driven, necessitating the need for Insurance Institutions to deploy cutting-edge technology in order to square up with the growing trends engendered by the National Transformation Process across all Sectors of the economy

According to the CIIN, the Insurance Industry should promote fruitful partnership with other relevant bodies and agencies in order to create beneficial synergies in business promotion.

“That the Insurance Industry should take a sterner look at the issue of corporate and individual practitioners’ market discipline by putting in place a disciplinary system that is compatible” it said