Worried by the challenges plaguing the Nigerian insurance industry, Stanbic IBTC Insurance Brokers Limited, is poised to move the nation’s insurance sector to an enviable height.
With the ultimate aim of enhancing insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps are required to restore public confidence and put the sector on a stronger footing.
Addressing journalists at a media parley, in Lagos, the Chief Executive of Stanbic IBTC Insurance Brokers, Anselem Igbo, expressed concern over the challenges affecting the sector presently.
According to him, we are making every effort to make sure that we set a space in the insurance brokerage services.“Our company’s projection in the next 10 years is to become one of the top five insurance brokerage firms in Nigeria. This will be achieved through innovation and good working relationship with underwriters to ensure prompt claims payment and also partner with the media to create more awareness,” he said.
He however noted that the company commenced full operations in February 2016, following the granting of a licence by the National Insurance Commission (NAICOM), paving the way for the firm to offer the full spectrum of insurance brokerage services in Nigeria.
Similarly, the Head, Business Development, Stanbic IBTC Insurance Brokers, Ibiyemi Mezu, explained that the business was established to fill perceived gaps in the industry. These include helping clients effectively manage their risks and claims processes, thereby ensuring peace of mind through risk transfer, efficient insurance claims payment, and exceptional quality of service.
“For us, we simplify insurance for the retail customer. We allow you to see the reason why you should buy these products. The penetration rate in Nigeria today is less than one per cent. While in other parts of Africa people do insurance, but in Nigeria we don’t believe in it, because they don’t trust the industry; they don’t believe if their claims will be pay,” she maintained.
As part of its mandate to increase awareness across the country, the Chief Operating Officer, Stanbic IBTC Insurance Brokers, Sakeenat Bakare, said: “We saw the need to bridge the gap and that gap is lack of awareness of the benefits of insurance in the country; there is a dearth of knowledge among the general populace.”
According to her, “our aim is to deepen the knowledge about insurance and the advantages therein and also to enlighten the public on credible insurance partners, on how to get and enjoy the benefits of insurance in Nigeria.