Babalola urges insurance brokers to expand outreach

By ABDUL OLALEKAN

Former Minister of State for Finance, Mr Remi Babalola, has tasked registered insurance brokers in the country to expand their role beyond facilitators of risk transfer to helping their clients keep pace with the social, technological, environmental, economic and political developments.

This, he said, will allow their clients have business stability in the face of the current economic challenges.

Babalola, who is also the current Chairman of Law Union and Rock Insurance Plc, while speaking at the national insurance brokers’ conference of the National Council of Registered Insurance Brokers (NCRIB) in Abuja, noted that the future is only assured for insurance brokers who demonstrate analytics, innovation, expertise in risk identification, management and transfer and who can design and supply bespoke solutions to risks.

“As insurance brokers, members of this council need to expand their role beyond facilitators of risk transfer to helping their clients keep pace with developments influencing changes in the Nigerian society, thus ensuring their business stability even in the face of economic challenges,” he said.

Bemoaning the 0.43 per cent insurance penetration rate, less than $5 insurance density and its less than 1% contribution to the GDP, he affirmed that there are abundant opportunities for growth.

Babalola identified information advantage as a game changer for brokers who wish to differentiate themselves in offering cutting-edge solutions in remaining relevant both in the present and the near future.

Speaking further, the former minister explained that the retail segment of the insurance space is the future of insurance business market in Nigeria given its untapped growth opportunities, hence a need for the brokers to deploy technology to unlock the growth potentials whilst engaging in constant public enlightenment to sensitise the market segment for increased penetration.

He charged brokers on the need to place the interest of their clients above all else while applying professionalism, integrity and independence. It is important for the insurance brokers to constantly identify and develop viable, yet, innovative solutions to constantly changing risk environment, he advised.

Dignitaries present at the conference included; the Commissioner for Insurance, National Insurance Commission, Mr Mohammed Kari, President, NCRIB, Mr Emmanuel Okunoren and Chairman, House Committee on Insurance and Actuarial Matters, Honourable Olufemi Fakeye, among others.

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