NCRIB urges members to promote insurance awareness

President of the National Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren, has urged members of the council to support insurance awareness campaign embarked upon by stakeholders in the industry.

Okunoren, who made the call in an interview with the media in Lagos on Thursday, said that insurance brokers needed to go beyond the collection of premium, claims, and rewording of renewal notices.

He said that conscious efforts should be made by the brokers to bridge the information and knowledge gap between the provider and the consumer.

“The future market belongs to the broker who works hard enough to secure the trust and loyalty of the consumer today.

“The insurance sector will benefit the economy only when high penetration is achieved,

“High penetration cannot be achieved when most providers concentrate their operations on the commercial cities of the country.

“Many local governments and even some states are without the presence of any insurance institutions.

“This provides all the space the so-called quarks need to shine,’’ he said.

Okunoren said that the brokers could enter into a partnership with insurance companies to represent their interests in “up-country locations.”

He said that the practice of all brokers chasing the so-called “juicy” government accounts should be discouraged because it was not helping the growth of the industry.

According to him, this has at the same time attracted unpalatable publicity.

He said that the National Insurance Commission (NAICOM) had increased its oversight function on the activities of operators in the industry.

According to him, the effort is already yielding positive results.

“In years past, many brokers operated without a valid license. Today, the story is different. Brokers must sustain this good development, and improve penetration,” he said.