Stanbic IBTC pledges to change perception of Nigeria insurance industry

Stanbic IBTC pledges to change perception of Nigeria insurance industry
United Bank for Africa

Stanbic IBTC Insurance Brokers Limited, member of Stanbic IBTC Holdings PLC, has announced its plans to deploy trust-building measures that would plug major gaps in the insurance value chain in Nigeria.

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.

Speaking during a media interactive forum in Lagos on Thursday, April 20, 2017, Chief Executive of Stanbic IBTC Insurance Brokers Ltd, Mr. Anselem Igbo, identified some of the perceived gaps in the industry to include inadequate support to clients to help them effectively manage their risks and the claims management process.

Through effective risk transfer mechanisms, seamless insurance cover payment and impeccable quality of service, the customer will have peace of mind, and subsequently provide the testament required to convince the insuring public to embrace insurance and deepen participation.  This will in turn empower the industry to play its catalytic role in economic development by mobilizing savings for investment, mitigating loss, ensuring financial stability and promoting trade and commerce.

“Public trust and integrity are the bedrock of the insurance business. By applying global best practice and corporate governance, what will result is transparency and openness, which are instrumental in building trust,” Igbo stated.

According to Igbo, global best practice, including facilitating prompt payment of claims, will underline the operations of Stanbic IBTC Insurance Brokers Ltd as it aims to become one of the top five insurance brokerage firms in Nigeria in the next 10 years. 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.

Part of the company’s goal, Igbo said, is to introduce micro-insurance products targeted at the informal sector in order to expand coverage of more Nigerians. In addition, rather than focus exclusively on corporates, as  currently obtains, the company will extend its services to all strata of society as practically everyone is subject to loss and uncertainty.

“We believe that the test of any insurance arrangement is in prosecuting claims to a satisfactory conclusion for our clients. Our role as brokers also ensures that insurers, as a matter of obligation, pay claims equitably and promptly.  Prompt payment of claims is a key factor in any insurance contract. We continuously develop key relationships and requisite logistical processes to ensure that claims are promptly settled.”

Whilst benefiting from a strong, dynamic and vast group structure, Igbo said the company will be differentiated from the competition as it will be driven by a team of reputable and financially strong underwriters; fully customized solutions, and innovative insurance products at no additional cost to the client.

“Stanbic IBTC Insurance Brokers’ professional services are at no additional cost. We will negotiate your insurance premiums and get the best quotes available. We will not be content to rest on our oars but will consistently seek ways of making incremental improvements to our operations and the industry,” Igbo said.

He added that in an industry inundated by a persistent lack of trust and confidence from customers, the reputation of an insurer in Nigeria is critical to its success. “We are proud that the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, echoes stability, financial strength, expertise and reliability. Consequently, we believe customers who truly want to protect the people they love will put their trust in the reliability we offer. We will work tirelessly to provide the best solutions and service to our clients. We are motivated and determined to continue to deliver innovative and optimal insurance and risk management solutions to our clients.”

Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization.

It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.