NCRIB charges brokers to examine viability of insurers before placing business

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By Favour Nnabugwu
THE Nigerian Council of Registered Brokers (NCRIB) has charged insurance brokers to critically examine the viability of insurance companies before placing business with them.
The Council’s President, Dr Bola Onigbogi, announced this at the bi-monthly members’ evening hosted by Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA)in Lagos on Tuesday.
Onigbogi charged the council’s members to always critically examine the viability of an underwriter before placing business with them, following the expulsion of three insurance companies by the Nigeria Insurance Association (NIA) as its members.
The President promised that her leadership would not relent in ensuring that the council becomes an indispensable entity in the insurance value chain.
Onigbogi explained that the endorsement was as a result of the two newly launched companies’ offers of progressive array of products and promise of excellent service.
“I have no iota of doubt in my mind that Heirs Insurance and Heirs Life are companies to watch out for in the market.
“A critical examination of your workforce and your enthusiasm to host this members’ evening at a time like this is a pointer to a greater business exploit you are poised to accomplish.
“I  guarantee you of your endorsement by my professional colleagues and assure you that going forward, your business will never be the same.
“The two companies have recorded their names in the minds of the brokers, who incidentally control the largest chunk of business in the industry,” she said.
She said : “We are not resting our oars and will still forge ahead by ensuring that no insurance policy will be placed without the contribution of the brokers.
“Until the public understands the role of the brokers, the allegation of non-payment of claims and other consequential image challenges will remain.”
In her address, the Acting-Chief Executive Officer (CEO), Heirs Insurance Limited, Dr Adaobi Nwakuche, acknowledged NCRIB as an important stakeholder in insurance business by liaising between customers and insurance firms.
Nwakuche told the brokers that the insurance firm was on a mission to democratise insurance and make it accessible to  everyone.
 “To achieve this, we paid careful attention to the needs of every customer across all the social circles while building our products.
“We are pleased to say that we have simple and affordable insurance plans for everyone and we are confident that with the support from NCRIB, we will deliver on our promise of excellent service delivery to the public,” she said.
In his remark, the Chief Executive Officer, Hiers Life Assurance, Mr Niyi Onifade, said the newly launched underwriter was bringing simple and affordable products to the market.
Onifade noted that collaboration with NCRIB would advance both companies’ ambition of providing customers with insurance service that was simple, quick, accessible and reliable.
“Our mandate is to provide excellent service to customers, which is our priority, and we understand that to achieve it, we need to collaborate with bodies that believe in similar vision of always putting the customers first.
“The NCRIB represents this and with them as partners, we can jointly move the business of insurance forward,” he said.
Over 300 brokers across the country were present at the event

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