The Nation Newspaper

Tag: NCRIB

  • NCRIB decries undervaluation of govt’s assets

    The undervaluation of government’s assets is capable of slowing down the pace of development of insurance, the President, Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, has said.

    She said this during a courtesy visit by representative of the World Bank to the Council, adding that there is the need for government to further protect the industry by living up to its responsibility, as the largest insurance client.

    Osijo opined that in situations where insurance assets are not properly evaluated, leading to inappropriate rates and premium paid, could lead to the diminution of the growth and depth of insurance penetration in Nigeria.

    She advised that government should make it a priority to attract foreign investment into the country in order to grow insurance capacity, among other things, and ensure that violation of insurance laws are met with appropriate sanctions.

    The NCRIB President commended the World Bank for promoting sustainable global financial development and craved its greater support to the Nigerian insurance industry.

    In his remarks, the Senior Financial Sector Specialist of the World Bank, Mr Anthony Randle disclosed that the visit was part of the Financial Sector Assisted Programme jointly facilitated by the World Bank and the International Monetary Fund (IMF), and coordinated by the federal government, to distil information and about how best the financial services sector could be improved in Nigeria.

    He said part of the issues to be handled by the joint project was to find out and advise government on reasons for low insurance penetration in the country in comparison with some other countries of the world, with a view to seeking a lasting solution to the problem.

  • ‘Positive image will improve industry’

    ‘Positive image will improve industry’

    The Corporate Affairs Manager, Nigerian Council of Registered Insurance Brokers (NCRIB), has said the insurance industry will develop when operators engage in activities that will improve their public image on the one hand and that of the industry on the other.

    He stated this while speaking with The Nation in his office in Lagos. He noted that the industry operators over the years did not care enough about their image. This, he said had cumulated to the poor perception the public has on insurance. He noted that operators’ neglect of professional public relations executives also contributed to the problem.

    “Coming to the realm of insurance generally in Nigeria, it is a known fact that the industry has continued to be bedeviled by multifarious problems, chief of which is image challenge. The problem of poor image and public acceptance has for long limited the growth capacity of the industry and its ability to contribute significantly to national economy”, he said.

    Adaramola said this nagging problem has definitely necessitated the need for ingenious utilisation of public relations strategies by all actors in the industry. He stated further that while insurance acceptability in places like America, Europe and other growing economies in Asia and in countries, such as South Africa, Egypt, Kenya etcetera, are high, the case of Nigeria is remarkably different.

    “It is believed that insurance is bought in such economies, whereas it is sold here in Nigeria. Despite renewed efforts by the regulatory institutions and government to reverse the trend, the industry’s image problem has remained a pain in the neck of the industry,” Adaramola said.

    He noted that every component of the industry need to imbibe public relations but the insurance brokerage sector needs it most. “If there is a component of the industry that must imbibe public relations, mostly at the level of their individual practice, it is the insurance brokerage sector”. It is noteworthy, according to him that Insurance brokers constitute a significant profile of insurance practice in Nigeria in terms of number of practitioners. He said they are also believed to control the greater percentage of the nation’s insurance business.

    “With over 500 registered members of the NCRIB, there is hardly any nook or cranny in Nigeria where you are not likely to find a broker. Consequently, insurance brokers play pivotal intermediary roles between the insured (the public), and the insurance companies.

    “By their professional calling, the insurance broker engages in the selling of insurance products to both corporate and individual clients, assisting them to understand the technicalities of its services for their maximum benefit.

    “It is a commonly held notion that the average client approximates the image and character of an insurance broker or an agent to that of the industry at large.

    “These crucial duties predispose them to be well-rounded both in technical and interpersonal public relations and communication skills. Insurance, being an intangible product could only be assessed, appreciated and accepted by clients depending on the personal presentation by the broker,” he added.

    Adaramola noted that gone are those days when the utilisation of soft public relations skills, such as grooming, etiquette, poise and personal reputation management, were pushed to the background in preference for hard or technical skills or patronage.