Kari advises insurance brokers to change business approach

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Matthew Otoijagha

To remain relevant in the insurance value-chain in Nigeria, the “Future Broker” must be prepared to change its old toga for a new one that is innovative and technology driven, the Commissioner for Insurance, Mohammed Kari, has said.

He said this at the just concluded Chief Executive Officers’ retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Uyo, Akwa Ibom State, adding that brokers should evolve new ways of accessing prospective insurance consumers, while at the same time keeping and maintaining existing consumers, ensuring their protection and satisfaction.

He maintained that beyond creating the enabling legal and regulatory environment by the National Insurance Commission (Mohammed Kari), for insurance business to thrive in the economy, the prospects and sustainability of the industry heavily depends on the ability of operators to develop the right products that suit the needs of the identified market, efficiently and effectively distribute their products to the various target markets, create adequate awareness to realize delivery of services and meeting expectations of the target customers.

He therefore urged brokers to extend their businesses to the 41.6 per cent of the Nigerian adult population who are excluded from financial services, stressing that providing desirable services to close the existing gaps would enhance the general performance of the insurance industry.

“According to statistical reports, the Nigerian adult population which consists of people from 18 years and above is 96.4 million, out of which 59.6 million are living in the rural areas. Among this rural populace, 40.1 million are excluded from any form of financial services.

‘‘Additionally, the Nigerian formal sector provides income to only 7.9 million adults, representing 4.2%, whereas 41.6% are excluded from financial services, including insurance. This offers a huge opportunity for “the future broker” to provide desirable services to close these existing gaps and enhance the general performance of the industry,” he said.

Kari posited that NAICOM is commitment towards driving the Nigeria insurance industry to greater heights by providing strategic and far reaching regulatory frameworks and market development initiatives in accordance with extant laws and best practices.

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