Youth engagement vital for insurance growth – Unitrust CEO

The Managing Director/Chief Executive Officer of Unitrust Insurance Company Limited, Adedayo Arowojolu, has called for deliberate efforts to increase youth participation in Nigeria’s insurance industry, stressing that the sector must be repositioned to align with the realities of the younger generation.

Arowojolu made the call while speaking as a panellist at the 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions held in Lagos. The conference was themed, ‘Youth Advantage: Redefining Insurance and Pensions for a New Era.’

According to him, the insurance industry must intentionally attract young people, noting that insurance is rarely seen as a preferred career option among students and young professionals.

“If we take a poll among students today on their preferred industries, insurance will likely rank low, behind sectors like oil and gas, fintech, and banking,” he stated.

He admitted that his entry into the industry was accidental but described insurance as a sector rich with opportunities and long-term value.

“I found myself in insurance by chance, but since joining, I have discovered what I would have missed if I had not worked in the industry,” he added.

Arowojolu explained that insurance, by its nature, offers future value, which may not immediately appeal to a generation that prioritises instant rewards. However, he noted that changing economic realities now allow young people to earn and build wealth earlier in life, making financial protection more relevant than ever.

“Many young people today are earning income, even as students, through digital platforms and content creation. The question is, what do you do with that income? Insurance helps secure that value and protect the future against unforeseen risks,” he said.

He highlighted ongoing efforts within the industry to drive transformation, particularly through the 10-Year Nigerian Insurance Industry Transformation Framework, which focuses on growth and human capital development with special attention to youth inclusion.

Arowojolu identified two major strategies for engaging young people: stronger advocacy and product innovation. He emphasised the need for direct youth involvement in product development.

“We cannot continue to sell the same products and expect different results. Young people should be part of designing products that meet their needs,” he noted.

He also underscored the importance of rebuilding trust in the industry, especially through prompt claims settlement. He commended regulatory measures that require insurance companies to regularly justify outstanding claims or face sanctions.

In addition, he stressed the need to leverage technology, fintech, and insurtech platforms to make insurance more accessible.

“Everyone uses a mobile phone today. Insurance products must be integrated into these platforms to remain relevant,” he said.

On the professional side, Arowojolu noted that insurance companies are improving remuneration and workplace culture to compete with other sectors. He disclosed that Unitrust Insurance has deliberately recruited young talents in recent years to inject fresh ideas into the organisation.

However, he emphasised that recruitment alone is insufficient.

“The key challenge is retention. Organisations must create environments that resonate with young people,” he said.

He highlighted initiatives such as flexible work arrangements, hybrid work models, and support for professional development as critical factors.

“For instance, we operate a hybrid system with three days of physical presence weekly, allowing employees time for personal pursuits while maintaining productivity,” he explained.

Arowojolu concluded by encouraging young Nigerians to view insurance not only as a tool for financial security but also as a viable and rewarding career path capable of offering long-term growth and impact.