Wednesday 11 April 2018 32 BUSINESS DAY C002D5556 E-mail: email@example.com Making Nigeria’s micro insurance initiative an adaptation mechanism for the underprivileged Stories by Modestus Anaesoronye A the nation’s insurance industry firms up arrangements and licensing protocols to kick start micro insurance in Africa’s largest populated country, experience across other markets are providing the needed guidance for easy take off. According to experts, micro insurance will pave the way that will not only bring the poor out of poverty, but also sustains them above the poverty line and support market growth. They also believe that to meet the needs of the customers and drive the business profitably remains the greatest challenge faced by those in the development and financial inclusion community. Feelers from the market show that, a number of conventional insurers are looking at how to come into the main stream micro insurance business in line with the National Insurance Commission’s policy guidelines. According to sources while about five new firms have put in preliminary application for licensing, not up to three conventional players have resolved to get new license. During a workshop Increasing Access to Inclusive Insurance, co-organised by the MiN and the Pakistan Microfinance Network (PMN) last week, Michael J. McCord, Managing Director of the MicroInsurance Centre at Milliman, emphasised how the use of insurance could bring about change to the underserved, and the need to create products that help protect their interests. Understanding the client and their needs is crucial, and a lack of this often leads to misconceptions in product design, which is ultimately detrimental to both the client and provider. That is why microfinance providers have been identified as a stakeholder well-placed to develop suitable and affordable products for clients and insurance companies, using their proximity with and knowledge of the target client to ensure tailored and effective products. Katharine Pulvermacher, executive director of the MiN, gave an overview of the role of the microinsurance industry globally and within the Pakistani context, emphasising how inclusive insurance provides crucial underpinning for sustainable development. It is designed to meet the needs of emerging consumers and plays a critical role in preventing households from falling back into poverty after a financial shock. It is therefore an important enabler in the economic and social development of a country and in the achievement of the United Nations’ Sustainable Development L-R: Richard Borokini, DG, CIIN; Sian Fisher, CEO Chartered Insurance Institute UK; Funmi Babington-Ashaye, President Chartered Insurance Institute of Nigeria; Ladipo Ajayi, past president, CIIN; Yeside Oyetayo, rector, College of Insurance & Financial Studies and John Bissell, COO, CII UK during Collaboration meeting between Chartered Insurance institute of Nigeria and Chartered Insurance Institute, UK recently in London. Goals (SDGs). As a risk mitigation strategy microinsurance is a tool that can considerably reduce losses for low-income people and provide solutions that are accessible, affordable and sustainable. She further highlighted how the growth of the inclusive insurance sector needs to be supported through the development industry infrastructure including data collection and research. The panelists highlighted the importance of client awareness and designing simple products that generate value. Roshaneh Zafar, founder and managing director of Kash Foundation, explained the rationale for introducing micro-health insurance products. Kashf Foundation, Pakistan’s largest microinsurance program, with over 1.5 million lowincome individual policy holders, contributes to 29 percent of the total microinsurance market in Pakistan. Roshaneh accentuated the need for client awareness and education and shared the tripartite view of the benefits drawn from the provision of microinsurance to the clients, microfinance providers and insurers. She highlighted how the three need to work together in order to develop successful products that create value. Rehan Butt, group business director of MicroEnsure briefed the guests on the global success of MicroEnsure achieved by designing of simple, value driven but robust products and distribution channels to deliver insurance products along with value added benefits that also generate client awareness. Babington-Ashaye led-CIIN advances collaboration with CII London on human capital development for industry Collaboration towards building required human capital that will remain relevant and contribute to the emerging developments in the global insurance market has received a boost, following a strategic meeting between the Chartered Insurance Institute of Nigeria (CIIN) and the Chartered Insurance Institute (CII), London. Both bodies met last week at the London office of the CII to advance discussion on building stronger relationship, knowledge sharing and best practice as well as other areas that both bodies could work together to engender human capital development and education for the benefit of the insurance industry. Funmi Babington-Ashaye, President of the Chartered Insurance Institute of Nigeria (CIIN) who led the Nigerian delegation to the meeting was received by Sian Fisher, CEO of the CII, UK; John Bissell, COO and Carmen Powell, strategic adviser to the CEO of CII. After presentations by both bodies, they agreed on areas of collaboration, that will enable the CIIN explore options/suggestions from CII London in order to get exemptions at Advanced Diploma level of the CII London examinations, and also earn maximum credit points. Also agreed to be considered was collaboration for M.Sc. Insurance/Risk Management with the University of Lagos, where there will be exchange of already prepared curriculum so that the prgramme can be considered for exemptions by CII London. The meeting also agreed to look at recognising the Center for Insurance and Financial Manage- ment (CIFM) as an institution of prior learning Other areas of collaboration include resuscitation of staff exchange programme to enhance capacity building, as well as run CII certification programmes and train the trainers at the CIFM. Meanwhile, CII after the meeting promised to send the CIIN a response to all the agreed areas of collaboration after due consideration by its board. Carmen Powell, strategic adviser to the CII, CEO during his presentation gave a snapshot of CII operations in Nigeria, saying the UK body has only 145 members in Nigeria, which included 63 Associates and 19 Fellows. The institute however acknowledged that it had limited interactions with the regulator, students, affiliate institutes, educational organistions and corporate bodies in Nigeria. According to him, it is imperative that CII works together with the CIIN to grow membership in Nigeria since it had decided that Africa was key to its successful international operations. The CII seeks to double its 13,000 overseas membership quickly, Powell stated.
Wednesday 11 April 2018 Pension Today C002D5556 BUSINESS DAY In Association with 33 Chinedu Ekeocha: Banker and pension reform exponent Modestus Anaesoronye Ralph Waldo Emerson, the 19th century American essayist, philosopher and poet, once said, “The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, and to have it make some difference that you have lived and lived well.” Chinedu Ekeocha, Managing Director/CEO, Diamond Pension Fund Custodian Limited (DPFC), certainly fits into the above description. Right from his early days in banking and for some whose core objectives is to among others ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory, States and Local Governments or the Private Sector receives his/ her retirement benefits as and when due, and ensure that they save to cater for their needs in old age. Ekeocha who has over 26 years work experience has distinguished himself in management of people and resources, having successfully managed Diamond PFC for the last 7 years, making it a PFC known for high service quality. Prior to appointment as MD/CEO, he gained broad Banking and Finanvaluable experiences to the working realities of the roles, processes, products and people play in service delivery and efficiency. He is a Banking and Finance graduate with an MBA (Financial Management) degree, with strong affinity for Business Development, Product Development, Retail Banking, Banking Operations, Payment Cards and Alternative Channels, Strategy and Support. He is an Alumnus of the Lagos Business School having completed the Senior Management Program (SMP) in 2009. As he celebrates his golden jubilee, we join in congratulating him and wishing him many happy returns of Chinedu Ekeocha, managing director/CEO, Diamond Pension Fund Custodian (DPFC) Limited with his wife Ijeoma Ekeocha and their son Chimdindu Ekeocha during his 50th Birthday Celebration at their Residence in Lagos L-R: Iyke Nzeocha; Charles Beluonwu, MD/CEO - Chanel Investment Coy Limited; Sam Ulaikire; Chinedu Ekeocha, MD/CEO, Diamond Pension Fund Custodian Limited; Afam Ezekwugo; Seye Kosoko, Pastor, RCCG - Mercy Place, Agungi; Jude Anele, and Reginald Nnanna Anunobi during Ekeocha’s his 50th Birthday Celebration at their Residence in Lagos. time now in pension, Ekeocha, who turned 50 years recently, has been known for one thing: passion for helping others navigate through their challenges to be happy. The passion he has shown in the protection of people’s pensions has left no one in doubt about his love for people’s welfare and humanity in general. He has played creditably his own role in bringing stability, reliability and trust to the scheme, cial Services experience in various roles, such as, Team Lead, Operations Work Stream - Project Sparkle (An Organisational Change Project); Group Head, Cards and Channels; Head, Branch Operations Services; Head, Operations Diamond Pension Fund Custodian Ltd; Branch Business Manager; Head, Transaction Banking; Head of Operations. These positions provided the day. We hope he will continue to rededicate himself to the noble task of serving humanity through his work and will work assiduously to popularise the Contributory Pension Scheme(CPS) so that all Nigerians including the informal sector would come to embrace it as the surest way to secure their future and provide for themselves in old age when they no longer have the strength to work. Ad multos annos! Chinedu Ekeocha, MD/CEO, Diamond PFC Limited surrounded by members of his staff during his 50th Birthday Celebration at his Residence in Lagos. RC634453 Diamond Pension Fund Custodian Limited 1A, Tiamiyu Savage Street, Victoria Island, Lagos State. Tel: 01-4613753, 2713680, 2713954 Fax: 01-2713955 Email: firstname.lastname@example.org Website: www.diamondpfc.com This section is created to increase awarness and deepen knowledge about the contributory pension scheme. If you have enquiries or contributions, send to this e-mail: email@example.com