As the world emerges from the COVID-19 pandemic, organisations are facing new challenges that demand strategic positioning to gain a competitive edge.
This has become necessary because for organizations to be more resilient and successful in the post-covid era, they would be required to adopt and implement game-changing initiatives, using the right tools and information, and setting strategic priorities for improved output and sustainable market dominance.
As governments ease restrictions, Chizor Malize, Chief Executive Officer, FITC, explained that business leaders around the world are asking critical questions pertinent to their market leadership and control.
Such questions, according to her, include what is going to happen when the pandemic is finally over? What are the short- and long-term implications of the crisis in their business operations and which is the best way to reposition the company for market growth, leadership, and dominance?
She explained that organizational strategy must be resilient to external shocks and adaptable to changing circumstances. For her, agile strategic planning supported with agile systems, processes, and structures is now more important than ever.
She said, “The key trends dominating the insurance industry include the rise of Insurtech, hybrid distribution channels, compliance, and regulatory reforms as well as talent and demographic shifts.
Also in the list are remote working, mergers, and acquisitions, accelerated technology application, digital innovation and digitization, skills and talent shifts, innovative product development, changing customer preferences, virtual customer engagement, artificial intelligence, automation for claims processing as well as management.”
To ensure the National Insurance Commission (NAICOM) sustains its leadership and regulatory role in the insurance industry, FITC, during the NAICOM Departmental Retreat, provided tailored, strategy advisory support in revising and rethinking the organization’s strategic initiatives to align with new business realities and expectation.
Commissioner for Insurance, Mr Olorundare Sunday Thomas, said, “The strategy retreat reflected the transformational aspiration of the Management of the Commission and the need to proactively respond to the evolving socio-economic and cultural milieu, which has reinforced the need to refocus our collective efforts towards the attainment of the Commission’s mandate.
With every crisis comes opportunities for competitive innovation and differentiation. This retreat and strategic rethink provide the catalyst for accelerating operational transformation, developing new business models, and connecting more closely with customers.’’
The Commissioner reiterated that the strategic plans of the commission are anchored on effective and efficient service delivery, safe, sound, and stable insurance sector, adequate protection of policyholders and public interest, trust, and confidence in the insurance sector as well as an innovative and developed insurance market.