National President Association of Registered Insurance Agents of Nigeria (ARIAN), Kazeem Odewunmi, has said that agents’ contribution to insurance industry gross premium has hit 51 percent.
Mr Odewunmi, who stated this at the 2023 ARIAN managers’ conference, with the theme: ‘Navigating Regulatory Frameworks and Compliance Requirements to Ensure Sustainable Growth’, added that most underwriting businesses undertaking by insurance brokers come from agents.
He disclosed that there are over 100,000 insurance agents in Nigeria, stressing that the industry needs more agents to effectively sell insurance.
The ARIAN president frowned on the migration of agents to other markets, especially real estate, and called on the management of insurance companies to offer more incentives in order to retain agents in the insurance industry.
He stressed on the institution of a robust retirement plan for agents, and expressed dismay that agents work for insurance company for a decade without a retirement benefit plan.
In her presentation, Director-General, Nigerian Insurers Association (NIA), Mrs Yetunde Ilori, in a paper titled: “Navigating Regulatory Frameworks and Compliance Requirements Through Administrative Perspective’, noted that stakeholders in the insurance value chain should ensure full compliance with the rating guide as agreed upon by all parties to ensure insurance businesses are underwritten profitably.
Represented by the Director of Operations, NIA, Lanre Ojuola, Mrs Ilori charged agents to give priority to training and retraining, stressing that fresh agents should be encouraged with incentives, while the older ones should be recognised for their contribution.
Mrs. Funmi Saka of the Custodian Life Assurance Limited called on agent managers to train fresh agents properly, and show leadership by doing what they instruct their subjects to do.
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