NICON Insurance Woes Brokers


NICON Insurance Limited recently wooed insurance brokers to a renewed and friendly business relationship, admitting that the past few years had been most challenging and harrowing with resultant decline in the hitherto federal government owned insurance firm.


Managing Director of the company, Mr. Bayode Samuel made the appeal at the August edition of the bimonthly members’ evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos.

He appealed to the brokers to assist the company in reversing the trend recalling that prior to its privatisation, NICON Insurance was the flagship of the insurance industry in Nigeria.


Samuel said: “This position was incontestable until the blueprint to privatise some government establishments in the country came into force. At that time, NICON Insurance had enjoyed an unparalleled market environment devoid of stress and strain.”


He said that privatisation came with a lot of changes that drastically upturned the flow of events, adding, “the monopoly on federal government insurances was broken. The insuring public had wide choices to make in the insurance market. The relaxed mood of the company therefore, had to be awoken. It was then the real challenges of competing in the insurance market began,” he stated.


Bayode said that the company has swung into serious action with concerted efforts aimed at rebranding its operations and image.

He said this has become pertinent due to the fact that every establishment over time, carries out reforms that will reposition the organisation in the comity of equals as wells as clients.


According to him, NICON’s management has since the inception of the tenure of its present management carried out radical structural and human rebranding exercises with the intent of placing the company on a balanced pedestal.


“We have engaged highly cerebral staff to drive our new strategic direction and road map to reposition our company.


He added that in acknowledgment of this, the company has won various awards adding that NICON is collaborating with NIA in the process of engaging students of Actuarial Science in higher institutions on internship programmes.


He said this will no doubt help in advancing insurance profession in Nigeria.

Bayode also said NICON has  sent its staff to be trained at various reputable institutions so as to equip them sufficiently for proficient productivity adding  that the company’s current operations have so far not been different from what obtains everywhere in the industries and that the current  
management has always done its best to jump across series of hurdles to have come thus far.


“It has not been rosy more especially with our erstwhile estranged relationship with you our partner and professional associations, but we are confident that the current management team will fix things right in the shortest time possible.”


He said as part of resolve to reposition the company, his administration has decided to strengthen six regional and 40 branch offices across Nigeria for optimal and superior performance.


He disclosed that from January this year to date, Nicon Insurance has paid a total claim of over N138.11 million, made up of N50.98 million in general business and N87.13 million in life and pensions businesses. 
Source: thisday