The Managing Director of Unitrust Insurance Company Limited, Adedayo Arowojolu, has called for increased youth participation to drive growth and innovation in Nigeria’s insurance sector.
Mr Arowojolu made the call while speaking at the 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions held in Lagos.
He noted that the insurance industry must deliberately reposition itself to attract younger generations, who often overlook the sector in favour of industries like fintech, oil and gas, and banking.
“If we take a poll among students today on their preferred industries, insurance will likely rank low,” he said.
Changing perceptions
The Unitrust CEO acknowledged that many professionals enter the insurance sector by chance but discover its long-term value over time.
He explained that the industry’s focus on future security may not immediately appeal to young people who prioritise instant rewards, but stressed that evolving economic realities make insurance increasingly relevant.
“Many young people today are earning income through digital platforms… Insurance helps secure that value and protect the future against unforeseen risks,” he said.
Industry transformation
Mr Arowojolu highlighted ongoing reforms under the 10-Year Nigerian Insurance Industry Transformation Framework, which aims to boost growth and human capital development, with a focus on youth inclusion.
He identified advocacy and product innovation as key strategies, urging insurers to involve young people in designing products that meet their needs.
“We cannot continue to sell the same products and expect different results,” he added.
Technology and trust
The CEO emphasised the importance of leveraging technology, fintech, and insurtech platforms to make insurance more accessible and relevant.
He also stressed the need to rebuild public trust through prompt claims settlement and stronger regulatory compliance.
Workplace reforms
On talent development, Mr Arowojolu said insurance firms are improving remuneration and workplace culture to compete with other sectors.
He revealed that Unitrust has actively recruited young professionals and adopted flexible work models, including hybrid systems, to attract and retain talent.
“The key challenge is retention. Organisations must create environments that resonate with young people,” he said.
He encouraged young Nigerians to see insurance not only as a financial safety tool but also as a viable career path with long-term growth opportunities.
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