The Executive Chairman, Prestige Insurance Brokers Ltd, Prince (Dr) Feyisayo Soyewo, on Thursday said that the COVID-19 pandemic had made corporate institutions to retool their operational strategies.
He said this had led to easier ways of doing things virtually, and higher profitability.
Soyewo spoke at the 6th National Insurance And Pension Correspondents ( NAIPCO) Annual Conference in Lagos, with the theme “COVID-19 Impact On Financial Inclusion ; Opportunities For Insurance And Pension Sectors”.
He expressed satisfaction that many individuals and operators had taken the whole pandemic experience as an opportunity for a paradigm shift in all undertakings.
” The theme of the conference cannot be more apt than now, when the entire world is just heaving a sigh of relief from the ruinous impact of the pandemic.
” It makes little news that the pandemic disrupted the usual work culture and affected every facet of human endeavour ever experienced in recent history, ” Soyewo who chaired the event said.
According to him, the financial services sector, of which the insurance and pensions are critical players, also had their fair share of the impact of the pandemic .
The broker noted that for the insurance industry, aside from the long cessation of work, necessitating remote working conditions, the pandemic led to the need to review rates.
Soyewo said that the insurance sector also revisited some of the policy conditions and exclusions earlier permissible for some insurance.
“I want to believe that the pension sector also had its own side of the pandemic which they would be able to relate to us more explicitly at this auspicious forum .
” We must all come to terms with the fact that change is the only permanent thing in life and those who are resistant to change would be changed by change ultimately , ” the broker said.
Soyewo commended NAIPCO for its very effective reportage of events , particularly relating to the insurance industry , as he had watched the association grow over the years .
He noted that NAIPCO had continued to record phenomenal leap in its quest to create relevance for its members , as well as become a strong voice on issues of advocacy, particularly in the nation’s financial ecosystem.
The Chairman, NAIPCO, Mr Chuks Okonta, said that the conference was one of those avenues the association was contributing its quota to the growth and development of the two critical sectors it covers, which are; insurance and pension .
” Today, we, as journalists, are not only watching and reporting, but participating actively in reshaping the two industries and propelling them to growth.
” The last two years have been extremely hard for Nigerians, Africans and the world at large due to the invasion of the deadly coronavirus pandemic across the world and Nigeria inclusive rewrites the business environment template.
‘ Human interface were limited, most operations went online and those who were not technologically savvy were left in the dustbin of the past, as the world marches on with full speed.
” Though, businesses closed shops, people died and sources of livelihood shrank as a result of the pandemic,it opened up several opportunities in other areas of businesses that may not have been explored if not for the Covid-19,” Okonta said.
According to the NAIPCO Chairman , the association assembled experienced human capital to do justice to the theme of the conference to increase awareness. (NAN)