Insurance broker suggests punitive measures for uninsured

The Chairman/CEO, Boff & Company Insurance Brokers Limited, Mr. Babajide Olatunde-Agbeja, said it is high time the Federal Government supported the implementation of the compulsory insurances with punitive measures against the erring members of the public, saying, since these insurances came into place, most Nigerians are taking them for granted as there was no defined sanctions attached to their violation.

Olatunde-Agbeja, who disclosed this at a media parley organized in Lagos ahead of the company’s 25th year anniversary slated for next month, added that, the fortune of the insurance industry will improve, if compulsory insurances could be enforced.

“This will be a win-win situation for everybody as claims will be paid to those involved in any incident leading to a claim, especially, third party,” he said.

While hoping the use of insurance brokers to place all insurances in Nigeria will be passed into law, this, he added, will be a huge advantage to the insuring public.

“I have heard of many complaints from people during claims processing that they were dissatisfied with their settlement offer. Using an insurance broking firm guarantees you a good analysis of your portfolio, processing and renewals and claims handling and settlement,” he pointed out.

This, he stressed, would be similar to what obtains in the stock market where shares can only be purchased through a stock brokers.

Stating that this is what is obtainable in most developed economies, with South Africa inclusive, he added that, doing so will ensure that the insuring public get values for whatever insurances they subscribed to, while also having varieties of products to suit their needs.

Insurance company gives you what it has, but an insurance broker gives you what you need, he said.

Boff & Company in the last 25 years, he said, has built a brand that is noted for efficiency, professionalism, and personalized service, which he said its clients can attest to.

Believing that prompt settlement of genuine claims is more advantageous than spending huge money on adverts, he said his broking firm has simplified claims process.

“All our technical staff members are trained locally and internationally continuously, as insurance broking is not easily understood by the public. So, we educate all those we come in contact with about the need to insure through a good broker at all times,” he stated.

To marks its 25th anniversary, he said the company plans to donate Information Communication Technology (ICT) room to Ibadan Boys High School directly opposite its head office in Ibadan, Oyo State to enable students of that school to be computer literate from a young age.

The company, he added, was currently renovating a room donated for that purpose in the school, stating that Boff & Company is starting with four computers, which could be increased as times progress.