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The Association of Registered Insurance Agents of Nigeria (ARIAN) on Thursday in Lagos inducted Mr Ademola Fagbayi, as its new President.

The News Agency of Nigeria (NAN) reports that Fagbayi, an Assistant General Manager, Retail Operations, Mutual Benefits Assurance Plc., took over from Mr Gbadebo Olamerun.

A 1993 graduate of Obafemi Awolowo University (OAU), Ile-Ife, Osun, Fagbayi is also an Associate of the Chartered Insurance Institute Nigeria (CIIN).

Speaking during the induction ceremony, the out-gone president said there was need to develop strategies that would grow insurance industry in Nigeria.

According to him, insurance patronage in Nigeria is still very meager compared to the huge population.

“As we speak, the number of Nigerians living with insurance is less than 3 million in spite the country’s huge population of over 200 million.

“I urge my successor to re-strategise and leverage on technology to enhance insurance penetration, so that we are not pushed out of the market,” Olamerun said.

Fagbayi said the new management strongly believed that agents needed to update their knowledge, especially, on technology.

He promised that the association would continue to utilise technology to enhance performance and transform opportunities into sales.

‘’Agents have not been able to make much impact because of lack of professionalism. “Henceforth, ARIAN will embark on quarterly training for its members to bridge the knowledge gap.

“Obviously, Nigeria has massive potentials for insurance business growth, but if we continue to do it the way we are doing it now, it may fade out in the country,” he said.