She noted that the credibility of Nigeria’s insurance industry will not be judged by the size of its balance sheets alone but by how many Nigerians it protects.

‎Speaking on BusinessDay TV’s Morning Show, Adebisi said recapitalisation and risk-based capital standards represent an historic opportunity to reposition the sector but stressed that capitalisation or digitization reform without execution excellence will not change the customer’s experience nor boost investors’ confidence.

‎While acknowledging the steep compliance requirements of the reform law, Adebisi drew parallels to Nigeria’s banking recapitalisation in 2004, which cut the number of banks from 89 to 25 but tripled industry capitalisation and deepened customer trust.

‎“We must replicate that trajectory in insurance as well. The NIIRA presents before our industry an opportunity to play a major role in Nigeria’s ambitious $1tr economy because this is a reform that addresses issues around demand, supply and our operations dynamics. It’s empowering us to do more and seeks to bolster customers’ confidence and trust in our industry,” she said.

‎On the introduction of a risk-based capital framework, Adebisi described it as “a customer protection tool first, and a regulatory tool second.” By aligning capital buffers with actual underwriting risks, insurers will have to pay extra attention to product design, pricing discipline, and invest prudently. “Policyholders can now have greater confidence that their insurer is not biting off more than it can chew,” she said.

‎Addressing fears that consolidation could squeeze out smaller firms, Adebisi explained that mergers and acquisitions are a natural path to stronger, more stable players. “Consolidation should not be seen as loss, but as rebirth for a stronger industry. We will see fewer but stronger insurers with the scale to invest in technology, improve claims turnaround, expand distribution, and compete regionally.”

‎“Insurance penetration in South Africa is around 17% of GDP, in Kenya about 3%, and in Ghana close to 2%. Nigeria sits at less than 1%. If NIIRA is executed well, insurance could unlock long-term funds for infrastructure, provide risk cover for MSMEs, which make up more than 90% of Nigeria’s businesses, and strengthen investor confidence in the financial system”.

‎“Regulators have given us the framework. Now it is on us, the operators, to rebuild trust with our customers, invest in digitisation, and deliver inclusive products,” she concluded.

She said that, among other evolving workplace trends of the 21st century, these factors will redefine how organizations operate and perform.

Speaking to members of the Society for Women Accountants of Nigeria (SWAN) – the female arm of the Institute of Chartered Account of Nigeria (ICAN), Adebisi noted that business leaders must pay close attention to these trends, embrace them and create environments where they can enable productivity.

She added that companies that fail to integrate the changes brought about by new workforce trends risk falling behind in today’s increasingly competitive and digital economy.

Adebisi said that the importance of a diverse, equitable, included workforce cannot be overstated. She noted that in Nigeria and worldwide, women remain underrepresented in executive roles, with women occupying only 24% of directors’ seats on the top 30 capitalized companies on the Nigerian Stock Exchange, according to a March 2021 report by KPMG.

The CCO of AXA Mansard Insurance PLC stressed the need for organizations to go beyond token representation and implement policies supporting women’s advancement into leadership roles.

Additionally, she noted that issues such as ageism, BSc-HND discrimination, and accessibility for professionals with disabilities continue to create barriers for talented individuals. She urged organizations to develop systems to eliminate these biases, focus on competency-based hiring, and foster inclusive work environments that empower employees of all backgrounds.

On the importance of a multigenerational workforce, Adebisi noted that today’s workforce now spans four generations, from Baby Boomers to Generation Z, making it more diverse than ever before. “Each generation brings unique strengths. Baby Boomers and Generation X offer experience, while Millennials and Gen Z drive digital innovation and agility”, she said.

She explained that businesses must intentionally create structures that allow these generations to collaborate effectively so the organizations can harness the opportunities for higher productivity and better problem-solving outcomes.

“Despite the opportunities, many companies still struggle with the generational divides in communication, belongingness, and work styles and expectations,” Rashidat Adebisi added.

“Technology remains a major driver of workplace evolution,” she continued. “The adoption of AI, automation, blockchain, and cloud computing is reshaping industries, from accounting to insurance and other sectors. No matter how small, one can hardly think about a business not investing in digital transformation today. Yet many employees of these organizations lack the skills to fully leverage these advancements for personal and business growth”.

Adebisi emphasized that business leaders must prioritize upskilling and digital literacy programs to ensure their workforce is equipped to navigate the new era technology has brought to the workplace. She cited examples of how FinTech and digital accounting solutions are revolutionizing financial management, allowing accountants and business leaders to make data-driven decisions faster and more accurately, saying,

“Every industry is going through a similar journey to do things faster, cheaper, and better with technology.”

Rashidat Adebisi explained that while these technology trends are placing new demands on every facet of the workplace, leaders have a higher responsibility of not just investing in talent and skill development but also creating an environment that can unlock the opportunities that technology brings to business operations.

She made this known when speaking to top business leaders in Nigeria on aligning the drive for profit with shared value principles.

Adebisi, a guest speaker at the launch of Shared Value Nigeria, told the industry leaders that value creation for all is where everyone wins.

“It means that people live better lives, the planet is protected, and the business makes profits to fulfill its obligations to its stakeholders. It involves fostering sustainable growth, innovation, and ethical practices that benefit today and preserve tomorrow,” she explained.

She furthered,

“For us at AXA, our perspective on profit with purpose is at the heart of our sustainability agenda. We believe that a sustainable world is an insurable world. So, if we continue committing ourselves and resources to making the world safer, secure, and healthier, we can create prosperity for everyone.”

She explained that AXA has a two-pillar approach to sustainability: climate change and inclusive protection.

“This involves conscious efforts to minimize environmental impact and ensure that we drive health, well-being, and economic inclusivity within the vulnerable community such as women, children, girls, and so on,” she explained.

Adebisi said this has informed operational re-engineering, driving the increasing digitization of the company’s processes today and the consequent customer satisfaction and industry leadership that AXA enjoys in Nigeria and globally.

She added that in addition to operational changes, AXA Mansard strategically avoids supporting industries detrimental to long-term sustainability. Conversely, the company invests in sectors promising future growth and stability.

Adebisi also said the company’s continued collaborations with telecoms, fintech, and retail sectors are some of its strategic moves for sustainable shared value principles.

“On the one hand, these partnerships have been pivotal in expanding our reach across Nigeria, which is good for business, but on the other hand, they have also helped create more impact. We have reached more vulnerable communities through this digital and technology acceleration with healthcare services, capacity development, and financial empowerment programmes. This is the bedrock of our inclusive protection because if you look closely at the model, there is value across the chain for everyone. The same for our involvement in climate change; if the world is safe, we will be here to insure the prosperity that it brings”.

AXA Mansard’s commitment to sustainability recently earned it recognition as one of the sustainability leaders in Africa by Brand Finance.

Ahmed, who was sworn in at the 26th Annual General Meeting of the association last week, in his acceptance speech, appreciated the association for the confidence reposed in him; and called for the collective support of all stakeholders in the insurance industry to help him succeed.

He expressed gratitude to past chairmen of the association for establishing a formidable foundation and steering the association on the transformational path.

He also extended his appreciation to his colleagues on the Governing Council, CEOs of member companies, the Director General, Management, and Staff of the NIA.

“While I pledge my unwavering commitment to the ideals of our esteemed association so we can continue to be a strong pillar of support for our members, I am also requesting your support and collaboration to move our association forward, especially at this crucial time in our nation’s journey to economic stability and prosperity,” Ahmed stated.

Ahmed, who also announced the appointment of Mrs. Bola Odukale as the new director-general/CEO of the NIA, effective July 2, 2024, emphasized the importance of members’ support and collaboration to enable her to take the association to a new height.

He extolled the outstanding service of Mrs. Yetunde Ilori, the outgoing Director-General/Chief Executive Officer, noting that her immense contributions and visionary leadership are instrumental to the repositioning of NIA as one of the cynosures of Nigeria’s financial services sector.

“It is no longer a secret that she will assume the presidency of the Chartered Insurance Institute (CIIN) in a bit. So we wish our dear Mrs Ilori resounding success in this new role.”

Congratulating Ahmed, Rashidat Adebisi, chief client officer (CCO), AXA Mansard, said his election is another testament not just to his contagious passion, dedication, and hard work but also a timely call to service, to consolidate on the strong foundations established by the forebearers of NIA.

Adebisi, who expressed her enthusiasm regarding Ahmed’s new role, commented,

“For us at AXA, we are very proud of this feat achieved by Kunle. We also understand the enormity of his election at a time like this in the annals of our industry. So, as he takes on this role, we assure him, the governing council, and the management of NIA of our unalloyed support.”

She reiterated AXA’s continued commitment to support Its employees to contribute to the Increasing need to unlock the potential of the Insurance sector in Nigeria, noting that AXA considers Its talent development an Important part of strengthening the industry and will continue to encourage Its employees to bring their expertise and experiences to bear on the development agenda of all well-meaning stakeholders In the Industry.

AXA Mansard is a leading financial services provider committed to helping individuals and businesses achieve their financial goals.

With a focus on insurance, asset management, health insurance, and pension fund administration, we strive to provide innovative solutions that meet the evolving needs of our clients, helping them progress in their daily lives.