Are Insurance Brokers still relevant in the industry?

Nigerian Council of Registered Insurance Brokers has said the council will continue to make insurance brokers relevant to the insuring public.

The President, NCRIB, Mr. Kayode Okunoren, stated this at a brokers’ event in Lagos.

He said, “The council is not taking the protection of its members with levity and this is the reason behind the conception of the corporate visibility project, which was unanimously endorsed at the 2016 annual general meeting of the council in Abuja.

“The project is to present the broking profession in its proper light to the insured and the general public.”

He said that the task of highlighting who the brokers were and the value they rendered could not be done for them by any other body or persons.

While making reference to the performance of the previous year, he recounted the initial challenges of ensuring good representation of the council on the committee that worked for the Insurance Act.

Even though it was challenging, he said the council tried to ensure that brokers were not shortchanged in the proposed law when eventually enacted.

Okunoren said the council was also challenged on several fronts with some regulatory legislation that threatened the membership strength of the council, but added that it was able to work through such ingenious platforms as the help desk to reduce or stave off those challenges.

Looking at the recession, which had adversely affected the business of members, he said it was a known fact that insurance generally tended to suffer in this clime during economic downturn.

He noted that many individuals and even corporate institutions still ignorantly held the views that insurance should be consigned to the rung of necessities list, which he described as ill-informed.

Okunoren stressed that insurance should be a major consideration during recession, given the difficulty or reduction of replacement capability in the event of a loss.

He said professionals should know this fact and take it as a marketing campaign to reaffirm the belief of clients in insurance at difficult times.

“The times we are in call for creativity and high ethical adherence by professionals to stay afloat; we must continually seek for ways to add value to our clients,” he said.

 

Source: Punch