The Managing Director/CEO of Unitrust Insurance Company Limited, Adedayo Arowojolu, has issued a strong warning to stakeholders, urging immediate action to boost youth participation in Nigeria’s insurance industry.
Speaking at the BusinessToday Annual Conference and Exhibition on Insurance and Pensions 2026 in Lagos, Arowojolu stressed that the sector must reinvent itself to stay relevant to younger generations.
“Young People Are Choosing Other Industries”
At the conference themed “Youth Advantage: Redefining Insurance and Pensions for a New Era,” Arowojolu highlighted a growing concern:
“If you ask students today, insurance will rank far below oil and gas, fintech, and banking.”
This perception gap, he noted, is one of the biggest threats to the industry’s long-term growth.
From “Accidental Career” to Hidden Goldmine
Arowojolu admitted his own entry into insurance was unplanned but described the sector as a wealth of untapped opportunities:
“I discovered what I would have missed if I hadn’t worked in insurance.”
He emphasized that while insurance traditionally offers long-term value, today’s youth are often driven by instant gratification, creating a disconnect the industry must address.
Why Insurance Matters More Than Ever for Youth
With young Nigerians increasingly earning through digital platforms, freelancing, and content creation, Arowojolu said financial protection is now critical:
- Early income = higher financial risk exposure
- Insurance = protection against uncertainty
- Wealth building = requires long-term security
“The question is—what do you do with that income? Insurance secures it.”
Industry Transformation Already Underway
He pointed to the ongoing 10-Year Nigerian Insurance Industry Transformation Framework, which prioritizes:
- Youth inclusion
- Market expansion
- Human capital development
Two Game-Changing Strategies for Growth
Arowojolu outlined key solutions to attract young people:
1. Stronger Awareness & Advocacy
The industry must actively promote insurance as both a career path and financial tool.
2. Youth-Driven Product Innovation
“We cannot keep selling the same products and expect different results.”
He stressed that young people must help design modern insurance products tailored to their lifestyle and needs.
Trust & Technology: The Real Game Changers
To win over younger audiences, Arowojolu emphasized:
- Faster claims settlement to rebuild trust
- Adoption of fintech and insurtech platforms
- Integration of insurance into mobile and digital ecosystems
“Everyone uses a mobile phone—insurance must meet them there.”
🧑💼 Beyond Hiring: The Retention Challenge
While companies are now recruiting more young professionals, Arowojolu warned that retention is the bigger battle.
He revealed that Unitrust Insurance Company Limited is adapting by offering:
- Hybrid work models
- Flexible schedules
- Professional development support
“We operate a hybrid system—three days in the office, giving room for personal growth.”
A New Vision for Nigeria’s Insurance Future
Arowojolu concluded with a call to action:
- See insurance as a wealth-building tool
- Explore it as a rewarding career path
- Leverage it for long-term financial security
As Nigeria’s economy evolves, engaging the youth may be the deciding factor between stagnation and explosive industry growth.
