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NAICOM urges brokers to tap opportunities at grassroots



NAICOM, CBN meet to discuss bancassurance

The National Insurance Commission (NAICOM) has called on insurance brokers in the country to extend their operations to areas where there is no insurance presence at the moment.

The Commissioner for Insurance, Mohammed Kari, gave the advise on Thursday during the opening ceremony of the 2016 Insurance Brokers Conference and exhibition in Abuja.

Kari challenged the brokers to move from their comfort zones in the cities, noting that insurance sector will benefit the economy only when high penetration is achieved.

“I dare say that high penetration cannot be achieved when most providers concentrate their operations in the commercial cities of Nigeria. Many Local Governments (and even some states) are without the presence of any insurance Institution. This provides all the space the so-called quarks need to shine. This obviously does not help the penetration of insurance in the country and does not promote future growth of the industry.

“The Brokers could even take it a step further. With good understanding and proper arrangement, Brokers could actually enter into partnership with Insurance companies to represent their interest in up-country locations. The practice of all Brokers chasing the so-called “juicy” Government accounts should be discouraged. It is not helping the growth of the industry, while at them same time it has attracted unpalatable publicity,” he said.

Kari urged the brokers to go beyond the collection of premium, claims’ cheque (where applicable) and forwarding of renewal notices, stressing that conscious effort should be made by broker to bridge the information and knowledge gap between the provider and the consumer.

“The future market will certainly belong to that broker who has worked hard enough to secure the trust and loyalty of the consumer today,” he added.

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