By Taiye Olayemi
The Doyen of Insurance in Nigeria, Olola Olabode Ogunlana, has urged insurance operators to develop innovative and practical products that address the real needs of Nigerians, from home ownership to child education and family welfare.
Ogunlana made the call during the investiture ceremony of the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, on Friday in Lagos.
He emphasised that the future growth of the industry depended on product relevance, creativity and public trust.
Ogunlana said the time had come for the sector to rethink its approach to product design and awareness.
He noted that insurance offerings must directly address the daily realities of individuals, families and businesses.
“We have not focused enough on developing new products to meet the evolving needs of individuals, corporate bodies and government entities. Our priorities have been misdirected.
“Everyone needs a roof over their head. Insurance can provide true home ownership schemes.
“Everyone needs education; we can develop educational endowment policies to support that.
“Let us remember that the primary objectives of insurance in any society, especially a rapidly developing one like Nigeria, are to reduce financial austerity and to make accidental losses manageable.
“We must reduce our dependence on government insurance portfolios,” Ogunlana said.
He also noted that insurers must introduce and promote policies that reflect the socio-economic realities of Nigerians, such as multiple birth coverage, health-related policies, and products that support small businesses and domestic workers.
“Many Nigerians, including our domestic staff, spend on fashion and luxury items.
“We must develop attractive and affordable insurance packages that redirect their spending toward meaningful life goals,” he said.
Ogunlana said that collaboration among industry stakeholders would be vital to the creation and sustainability of such innovative products, while also enhancing public confidence in insurance as a tool for financial security.
He emphasised that insurance must be made as essential as other basic needs of life.
“Insurance should become a household word like food, water, electricity and clothing.
“Let us help Nigerians, especially the youth, prepare for a better future through well-designed insurance solutions,” he said.
The insurance doyen expressed optimism that with sustained innovation and awareness, the insurance industry could play a transformative role in improving the quality of life of Nigerians.
He was also optimistic that it would reduce the burden on government in providing social welfare. (NAN)
