Insurance brokers advocate collaboration to deepen insurance penetration

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Insurance Brokers in the South South under the aegis of the Nigerian Council of Registered Insurance Brokers have identified collaboration as an important strategy to deepen life insurance penetration in Nigeria.

With penetration at an abysmal 1%, the brokers are seeking ways by which they and other players within the Nigerian insurance industry can carve out possibilities that will positively impact the industry.

To this end the South-South Area Committee of the council Thursday held its maiden Leadership Summit in Port Harcourt with theme; “Collaboration…. Adapting To An Ever Changing World”.

Speaking to journalists on the sidelines of the summit, Funmilayo Omo, Managing Director/CEO of Enterprise Life Assurance Company Limited Nigeria, host of the summit said that the gathering, majorly for brokers was an
“opportunity to come and discuss salient issues, to share perspective, to share thoughts, and to choose and decide the path to go”.

“We are here today, to find ways by which brokers and other players within the Nigerian insurance industry can carve out possibilities that will positively impact the industry”, she stated.

She added that the summit was a way of interacting and networking, to make positive changes within the industry saying it was the brainchild of the current chairman of the South South Zone of the Nigerian Council of Registered Insurance Brokers.

She said; “the whole idea is to foster collaboration partnerships and create ways of networking and bringing people together. That’s the purpose of the summit. The impact of the summit, clearly, is to improve the industry. It’s to create a better future. It’s to impact positively”.

Omo explained that her firm Enterprise Life Assurance was proud to be part of the summit.

“We have a focus to deepen penetration and part of deepening penetration is to ensure that we have foot soldiers and a presence across the country. And in taking a strategic decision to come to the South-South. There was no better place other than Port Harcourt.

On the low penetration of life insurance in the country which stands at 1% she said; “We feel that visibility is important and the only way we can show respect and formally announce to the community so that we can be welcomed by most especially the brokers who are major players within the life insurance business is to host them.

“The major challenge the industry is facing is that of penetration. I mean, penetration is less than 1%, and that tells you that there’s a major gap. A very big gap and that’s the solution that we’re seeking to find in all of these interactions that we’re having. The final takeaway is that collaboration is key.

“Collaboration is a new currency. Collaboration is a way forward. And so we must seek ways of partnering, working together, and collaborating, to chart a direction for the industry and to make a positive difference.

“The impacts on the Nigerian economy is contribution to GDP and to drive income, create opportunities, both financial opportunities, because, Nigeria is also a financial hub in Africa and to create employment opportunities at the end of the day to make a positive contribution to GDP”.

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