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Nigeria lacks adequate brokers to drive insurance penetration — NCRIB President

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Mr Kayode Okunoren, the President, Nigeria Council of Registered Insurance Brokers (NCRIB), has said the country lacked adequate brokers to facilitate insurance penetration needed for the growth of the industry.

Okunoren spoke with newsmen at the sideline of the ongoing e-Insurance conference in Lagos on Friday.

TheNewsGuru.com reports that the conference was organised by Pinets Informatics Ltd with the theme: “Driving Insurance Penetration with ICT.’’

Okunoren said the number of brokers in the country was not enough to drive insurance penetration to every part of the country.

According to him, if one broker is allocated to one local government, the country will still not be covered.

“We have 774 local governments, assuming a broker is allocated to one local government, it will not still be enough because we have just 500 brokers in the country.

“The question now is that, is a broker enough to cover a local government?

“And if we are to deepen insurance penetration we need more brokers,” he said.

He urged the National Insurance Commission (NAICOM) to grant operating licences to more brokers for optimal productivity.

Speaking on enabling insurance brokerage with contemporary technologies, Okunoren said a strong alliance between ICT and insurance companies would ensure transmission of insurance policies to 60 per cent households in the country if properly utillised.

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He, however, said there was the need to promote share services scheme whereby everybody would not undertake huge expenditure.

“If we are able to poll ourselves together, we can key-in into one good e-Insurance platform to facilitate sales of insurance products,’’ he said.

Also speaking, Mr Lanre Ajayi, the Managing Director of Pinet Informatics, said the market was a place where insurance vendors could sell and buy insurance products.

“We are aware of the suspension placed on some insurance distribution channels by insurance industry regulators.

“This does not preclude insurance companies from selling products on websites.

“Insurance market simply offers insurance companies the opportunities  to set up micro websites at market places where anyone can buy from any vendor,’’ Ajayi said.

 

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