The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, has urged insurance professionals on continuous training to keep up with current realities in the business environment.
He spoke at the Chartered Insurance Institute of Nigeria’s 2023 Insurance Professionals’ Forum in Abeokuta, Ogun State, with the theme, ‘Sustainability of the Insurance Industry in the VUCA Environment’.
The CIIN described VUCA as ‘Volatility, Uncertainty, Complexity, and Ambiguity’ environment.
The event was well attended by professionals in the industry and other chieftains in the financial sector.
Thomas said: “To navigate this ‘new normal’, the industry must develop a wide range of new skill sets and orientation which enables adaptability and agility. The industry must adopt strategic foresight, continuous learning and development as well as effective communication and transparency. All of these require adjusting operating models and workflow processes in doing business today.”
In order to successfully compete in a new VUCA environment, insurers needed to develop a new set of tools and methods and apply them swiftly and thoroughly, he said.
The commissioner said the theme reflected the current realities of businesses in the country as well as on the global scale, as the environment had become volatile, uncertain, complex and ambiguous, adding that change was now the norm.
“It has become imperative for the industry to constantly identify and respond timely to emergent issues that can affect the sustainability and continued existence of insurance business and the industry,” he said.
The President, CIIN, Mr Edwin Igbiti, said in today’s rapidly changing world, the insurance industry was faced with unique challenges stemming from the volatility, uncertainty, complexity, and ambiguity that characterised the environment.
“As professionals in this field, it is crucial that we come together to address these challenges and explore innovative solutions that will ensure the sustainability of our businesses.
“This conference provides us with the perfect platform to exchange knowledge, engage in insightful discussions, and learn from the experiences and strategies of industry experts”, he said.