Insurance directors urged to champion strategic leadership for industry transformation

The President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, has called on insurance company directors to take proactive steps in redefining corporate governance and fostering sustainable practices within the sector.

Speaking at the 2024 Insurance Directors’ Conference, hosted by the College of Insurance and Financial Management in Lagos, Ilori highlighted governance, risk management, and compliance as pivotal elements for driving growth and resilience in the insurance industry.

“Our governance, risk assessment, and compliance practices must go beyond ticking boxes they must be rooted in our values and our vision. Public trust is our currency, and as Board Members, we hold the responsibility of ensuring that trust is unwavering,” Ilori stated. She urged directors to lead by example, prioritising professionalism, transparency, and accountability in their oversight roles.

Ilori also challenged directors to critically evaluate the industry’s trajectory, asking, “What kind of industry are we building? Are our governance practices where they need to be? Professionalism is non-negotiable, and the tone for excellence starts with us.”

Adding depth to the discussion, the Dean of Lagos Business School, Prof. Chris Ogbechie, delivered a keynote address titled, ‘Board Strategic Leadership & Principles for Performance.’ Ogbechie encouraged directors to shift from operational oversight to strategic foresight, urging them to prioritise innovation and long-term growth.

Boards must lead with vision. Spend less time on routine tasks like quarterly reports and budgets, and more on defining the strategic direction that will ensure long-term growth and resilience,” Ogbechie remarked.

He emphasised the need for robust performance evaluation systems, advocating for clear key performance indicators to measure success and ensure strategic objectives are met. “Innovation and bold investments are non-negotiable in shaping a future-ready industry,” he added.

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