NCRIB Chief hints brokers on strategy for survival amid recession

Despite continuous fall in economic strength of Nigeria, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren, has said insurance brokers need to be creative and adhere to high ethical practice to stay afloat amid economic recession.

Okunoren, at the Council’s December members’ evening in Lagos, said that brokers must continually seek for ways to add value to their clients and covenant their services.

He noted that insurance generally tend to suffer in this clime during economic downturn as many individuals and even corporate institutions still ignorantly hold the views that insurance should be consigned to the rung of necessities list, which is ill informed.

In his word, “I must also not forget to mention the crippling challenges of the economic recession which adversely affected the business of members during the year. It is a known fact that insurance generally tend to suffer in this clime during economic down turn. Many individuals and even corporate institutions still ignorantly hold the views that insurance should be consigned to the rung of necessities list, which is ill informed.

“Rather, insurance should be a major consideration at this time, given the difficulty or reduction of replacement capability in the event of a loss.

“I think we should all as professionals know this fact and take it as a marketing campaign to reaffirm the believe of clients in insurance at this time.

“Also, the times we are in calls for creativity and high ethical adherence by professionals to stay afloat. We must continually seek for ways to add value to our clients and covenant their services,” he said.

The NCRIB President however, reaffirmed that 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.

According to him, the project is to present the Broking profession in its proper light to the insured and the general public, adding that “task of highlighting who we are and the value we render could not be done for us by any other body or persons. We must tooth our horn by ourselves!”