‘How Insurance can be a catalyst for economic devt’

The Insurance industry can become a catalyst for economic development if Nigerians can be made to embrace the sector, and deepen their participation.

In this way, savings can be mobolised for investment, loss mitigated, ensuring financial stability and promoting trade and commerce.

This was the submission of Chief Executive of Stanbic IBTC Insurance Brokers Ltd, Mr. Anselem Igbo, while speaking at a media parley in Lagos recently.

According to him, 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, with the ultimate aim of enhancing insurance penetration in the country,

He added that through effective risk transfer mechanisms, seamless insurance cover payment and impeccable quality of service, the customer will have peace of mind and confidence in the sector.

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

Read also: 5 insurance firms in merger, acquisition talks in Nigeria

He 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.

“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.

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 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.

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.

Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group.

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