In assessing the insurance and risk management space, Wiggle highlights that insurance and risk management are interconnected in evaluating and quantifying financial risks faced by individuals and businesses. Insurance transfers covered loss exposures from the insured to the insurer, while risk management involves identifying and controlling threats to organizational activities. He notes that risk management has not been embraced as much as insurance in Nigeria and emphasizes the need to increase insurance penetration, which currently stands at less than one percent.
Wiggle advocates for the creation of the Office of Risk Management of the Federation, expressing hope that the new administration led by President Tinubu will prioritize risk management. He underlines the importance of building confidence in insurance and enhancing consumer awareness.
Explaining how insurance needs are assessed, Wiggle mentions that potential clients are queried to identify suitable insurance policies. He cites an instance where a manufacturer, initially reluctant to have business interruption insurance, realized its significance after a riot disrupted production.
Regarding compliance with insurance laws, regulations, and codes of conduct, Wiggle observes that compliance is moderate with room for improvement, attributing the lack of stringent consequences for non-compliance as a factor.
When negotiating insurance contracts, Wiggle suggests a fair approach that benefits both parties and encourages building business relationships. He recommends involving insurance brokers to secure favorable terms.
To promote insurance awareness, Carefirst Consult aims to bridge the gap between the insurance market and consumers through claims management. Wiggle emphasizes the significance of efficient and timely claims settlement in improving industry reputation.
Technology’s role in the insurance brokerage industry is still developing in Nigeria, according to Wiggle. He emphasizes the need for insurance brokers to leverage technology to enhance their services.
Challenges faced by insurance operators, agents, brokers, and loss adjusters include adapting to capitalization requirements, technological changes, regulatory shifts, and managing emerging risks. Wiggle believes these challenges are being met with proactive efforts from industry players and regulatory bodies.
In addressing the interest in micro-insurance for underserved populations, Wiggle mentions initiatives by the National Insurance Commission and leveraging technology to provide accessible and affordable insurance solutions.
Insurance literacy remains a challenge, with many people having misconceptions about insurance. Wiggle underscores the importance of awareness campaigns and trust-building to improve the perception of insurance. He suggests incorporating insurance education into school curricula.
On the labor shortage issue, Wiggle acknowledges the challenges but notes that the industry will maintain its recruitment standards and may turn to technology to augment the workforce.
Navigating local regulatory frameworks involves adhering to laws and regulations while utilizing technology for efficient compliance reporting, according to Wiggle.
