By Amaka Obiefuna

Of all ages, human capital has remain the most invaluable and intangible asset of any organization and a basis for competition. This is true to say that investing in people is the most important decision business leaders can take.

Recently, the pioneer cum erstwhile reactor, College of Insurance and Financial Management (CIFM), Ogun State, Dr Yeside Oyetayo, took the center stage at a webinar and alerted African Insurance Organizations (AIO) to go back to the drawing board – human resource development, if the industry must make any headway.

According to a global insurance market report, insurance penetration for Nigeria and South Africa stands at 0.5 and 12.2, respectively. While economies like Kenya (2.9) and Ghana (1.2) have low insurance penetration rates too, Nigeria has the lowest figure comparatively, despite being the largest in Africa.

Put together by AIO with the theme “Nurturing A Competitive Global Insurance Professional”, the former Rector maintained that insurance is the infrastructural pillar of any economy, while Human Capital remains an intrinsic part of every organisation, essential to the development of African Insurance Industry (All).

According to her, the rate of changes brought about by technology (in this instance -Insurtech) in the world of work has necessitated the need for specialised skill sets.

Oyetayo who is the Managing Principal Partner, SOEYA Consult Nigeria, affirmed that though the journey to manpower development in the African Insurance has been fraught with various challenges, howbeit, it is not a challenge insurmountable.

The insurance educationist recalled that the first initiative by United Nations Conference on Trade And Development (UNCTAD) in Africa to address this problem (dearth of capable Human capital) was the establishment of the Insurance Institute in Yaoundé (IIA) in 1972 for CIMA members.

The second, she reminisced, was the establishment of the West African Insurance Institute (WAII) in 1973 by West African Insurance Companies Association (WAICA) in collaboration with UNCTAD. Further efforts in manpower development came with the establishment in Colleges of insurance in Kenya, Ghana, Nigeria, Senegal, Ethiopia, Tanzania the main objectives of which were training and research.

The challenges in Human Capital Development In African Insurance Industry, by her experience are: Inability to develop home-grown skills relevant to the peculiar needs of the All; the effect of obsolete modus operandi; inability to attract and retain specialised skillsets due to poor remuneration package of the industry; inadequate funding and capitalisation for human capital development.

Others are: Limited industry ability to design and roll out products that are relevant to their markets, ttempt to resource insurance industry transformation projects solely with staff which have not been reskilled for the changing business environment and future industry demands as well as aging workforce- underwriters, claims adjusters.

Howbeit, achieving growth in the All through the instrumentality of human capital development requires synergy and advocacy. “We need Intra -African partnership and collaboration amongst insurance training institutions, international organisations e.g. ILO, GIZ, etc, governments – Budgeting and capitalisation of insurance training.

“Local markets need to support research and promote career opportunities, while universities and insurance training institutions in Africa must review curriculums in line with the growing realities”

She added, “We need Mandatory Continuous Professional Training Programmes, attractive remuneration packages to bring in more young people into the industry and Intra -African research that enables the identification of skill gaps and leveraging of skills within the continent.”