Expert urges new strategies to bridge insurance gap

Ogala Osoka, Chairman of the 2026 Almond Insurance Industry Awards Panel of Judges, is urging a significant strategic overhaul and the adoption of innovative platforms to close the persistent gap between insurance awareness and actual penetration in Nigeria. Osoka noted that despite ongoing promotional efforts by industry players and the media, the uptake of insurance remains remarkably low relative to Nigeria's large population.

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Although the industry has made considerable efforts in promoting insurance awareness, the media included, there is still a significant gap between awareness and actual penetration. This reality calls for fresh thinking and innovative platforms to drive the message further.

"Although the industry has made considerable efforts in promoting insurance awareness, the media included, there is still a significant gap between awareness and actual penetration," Osoka stated. "This reality calls for fresh thinking and innovative platforms to drive the message further." He emphasized that the Almond Insurance Industry Awards serve as a critical tool to positively highlight the sector, recognizing individuals and entities dedicated to promoting and selling insurance, often under challenging conditions.

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The awards remain a powerful tool to shine a positive light on the industry, recognising and rewarding the outstanding efforts of the men and women across the different arms of the sector who work tirelessly to promote and sell insurance, often in challenging circumstances.

In response to global trends and digital disruption in financial services, Osoka announced updates to the award categories. A new category, "Insurtech Company of the Year," has been introduced to acknowledge the growing influence of technology in the insurance business. The existing categories have also been streamlined to align with international best practices. Osoka assured stakeholders that the newly formed judging panel, comprising industry experts and business leaders, would uphold the highest professional standards of fairness and integrity.

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We have introduced a new category this year, Insurtech Company of the Year, to reflect the current dynamics of technology in the insurance business.

The grand award ceremony is slated for November 6, 2026, in Lagos. Nominations for the awards officially opened on May 26 and will continue through June 30, 2026. The judging panel will then review submissions, shortlist candidates, and oversee a transparent voting process leading to the announcement of the winners.

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The duty of the panel is to ensure fairness and integrity of the process. As such, I can say my members and I will do our utmost best.