The Chief Client Officer (CCO) of AXA Mansard Insurance Plc, Rashidat Adebisi, has stressed the critical role of digital transparency and value chain integration of technology in the industry’s transformation journey.

Ms Adebisi, who was one of the speakers at the launch of the Financial Institution Training Centre (FITC) 2024 Insurance Chief Executive Officer and Industry Report, challenged insurers to prioritize behavioural insights and transparency in product development by ensuring that technology serves customers’ needs rather than simply optimizing sales.

Speaking on the theme of Driving Sustainable Growth in the Insurance Industry through Digitization, Collaboration, and Customer-Centric Strategies, Ms Adebisi said as the insurance industry embraces digitization, it must apply the same rigour to understanding customer behaviour and needs, noting that this approach is the surest way to build customers’ confidence in the sector.

“Our focus should be on creating products that customers want to buy, not just the ones we want to sell. Digitization should not be an excuse to strip away customer benefits in pursuit of lower prices; it must be a tool for building trust,” she said.

Ms Adebisi, a thought leader in the insurance industry, further called on stakeholders to look beyond product distribution and harness technology for a more holistic transformation, including claims management and customer engagement.

She also challenged the industry to rethink microinsurance, arguing that while it focuses on low-income markets, a broader inclusive insurance approach is necessary to bridge protection gaps across all segments of Nigerian society.

“At AXA, we believe that sustainable growth in insurance must driven by true inclusiveness. Inclusive insurance addresses gaps across all segments of society, not the lower, small-case approach of microinsurance only.

“While microinsurance has a place in our market, an inclusive insurance approach opens us up to the fact that there are people across the various segments of our society who do not have any form of protection,” she argued.

“Only a few Nigerians have more than two insurance policies, and most of the policies are even those bought for them by their organizations. What this shows is that social class is not equal to insurance inclusivity.

“So, if we focus on microinsurance as we currently operate it, we might be looking at the tree and missing the forest,” the insurance expert stated.

She said AXA’s approach has been to focus on inclusion, noting that the company partnerships with the telcos and fintechs have been very instrumental in driving that agenda.

“Our partnerships with insuretechs, fintechs, telcos, and our home-grown tech solutions have provided us with opportunities to bring in more people who are first-time buyers of insurance.

“This is not a matter of case sizes but the fact that we have been able to reach urban youth, gig workers, informal sector operators, and rural dwellers with insurance. These customers cut across different age ranges and socio-economic classes,” the AXA Mansard’s top shot said.

She urged the regulators to embark on the transformation journey with the sector, explaining that a punitive-measure-first approach to innovation will stifle the industry more than unlock its potential.

“Our regulator has already put in place most of the enabling frameworks and policies including a sandbox. “We now need to collaboratively work to ensure that we harness the benefits of technology for our industry,” she concluded.

By Adedapo Adesanya

Nigeria has signed a deal with Saudi Arabia’s Halal Products Development Company (HPDC) as it seeks to corner a considerable share in the global halal market valued at $7.7 trillion.

The halal market refers to the global industry that provides products and services that comply with Islamic law. The deal will facilitate investment, technical cooperation, and market access in key sectors like food production, pharmaceuticals, finance, and livestock for Nigeria and Saudi Arabia.

According to a statement signed by Mr Stanley Nkwocha, the media aide attached to the Office of the Vice President, the deal was signed in Saudi Arabia on Wednesday.

Vice President Kashim Shettima said the agreement is a game-changer that will transform Nigeria into a global halal economic powerhouse.

“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.

“The halal economy extends beyond Muslim consumers. The majority of non-Muslim countries, such as Brazil, Australia, and Thailand, are already leveraging the sector for substantial export growth.

“The agreement will facilitate investment, technical cooperation, and market access across key sectors, including food production, pharmaceuticals, finance, and livestock for both countries.”

The Deputy Chief of Staff represented Mr Shettima to the President, (Office of the Vice President), Mr Ibrahim Hadejia who said, “This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.

“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”

The pact was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Mr Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Mr Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, Mr Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, Mr Abdullah bin Saleh Kamel.

At the event, the Special Assistant to the President on Export Promotion, Mr Aliyu Bunu Sheriff said the agreement builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.

Mr Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.

“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.

“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he noted.

By Modupe Gbadeyanka

The Senator representing Kogi Central Senatorial District in the National Assembly, Mrs Natasha Akpoti-Uduaghan, has accused the Senate President, Mr Godswill Akpabio, of s3xually harassing her, claiming her refusal to play ball with him led to constant victimisation at the parliament.

She made this allegation while speaking in an interview with Arise TV on Friday morning, saying this started in December 2023.

According to her, during a visit to Mr Akpabio’s residence in Akwa Ibom State with her husband and other senators for his birthday celebration, the Senate President held her hand while showing her around his home, made inappropriate advances towards her.

While recounting her ordeal with the former Governor of Akwa Ibom State, she said, “It all started the day before his birthday and my birthday because we are birthday mates.

“We were all in Akwa Ibom. At first, we were in his house at Ikot Ekpene. Then we all went to his house in Uyo, then he held my hands, walking around from room to room, he showed me the beautiful interiors.

“He got to this particular sitting room and asked me if I liked his house. I said of course, Sir, every room is beautiful, beautiful taste, and he said, now that you are a senator, I am going to create time for us to come create quality moments here. You will enjoy it. At that point, I just pulled away because I didn’t understand what he meant.”

She claimed that because she refused the romantic relationship, the former Minister began to torment her, leading to an outburst at the plenary last Thursday.

Recall that last Thursday, Mrs Akpoti-Uduaghan’s seat was changed and after she attempted to challenge this, Mr Akpabio ordered the sergeants-at-arms to evict her from the chamber and prepare her immediate suspension from the Senate.