Sanwo-Olu advises brokers, insurers on strategic communication
Brokers and Insurers have been advised to have a strategic communication plan in letting the Insuring public know that their contribution is pivotal to the growth of the economy because an average Nigerian still has the impression that claim settlement is still a mirage despite the huge amount of payment done by the Industry on claim settlement within the last two decades.
Lagos State Governor, Mr. Babajide Sanwo-Olu stated this at the Nigerian Council of Registered Insurance Brokers 60th Anniversary Colloquium & Book Lunch held at Marriot Hotel Ikeja Lagos yesterday, adding that insurance brokering has enjoyed significant transition in recent years to positively position the Insurance industry for better penetration. However, works still needs to be done in terms of communication, public enlightenment and marketing strategy which will enable all intermediates be up to date on new and emerging market trends.
Sanwo-Olu, represented at the event by the Permanent Secretary, Ministry of Finance, Mr. Hundogan Sewanu Temitope stated that the Lagos State Government has consistently created an avenue to support growth of the Industry with the engagement of most of the registered Brokers in Nigeria, also with the enablement of the Small Medium Enterprises and the very smallest Micro Enterprises sector by making huge capital available to same in form of soft loan with a very low interest rate and a long term repayment period in addition to sustaining a positive macroeconomic environment that favors Insurance Brokers in Nigeria.
In his words, “It is noteworthy to state that there exists a mutual relationship between the State Government and the Consortium of Insurance brokers which resulted to engagement of over 180 Brokers in the provision and administration of Insurance Programme for the State. To climax this relationship, the current President of the National Council of Registered Insurance Brokers, Barrister Rotimi Edu, mni is the Superlead Broker who serves as head of Consortium for the State on Insurance matters,” he added.
While commending the Insurance Brokers for their professionalism, Sanwo-Olu averred that for the Insurance sector to prosper, Broking firms need to choose their business model, be technologically driven, tell their stories especially in the area of laying claims, embrace learning and reward good practice in client management.
The event was well attended by Stakeholders in the Insurance Sector which include the Deputy Governor, Ondo State, Hon Lucky Orimisan Ayedatiwa, Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. O.S. Thomas, Chairman, HEIRS Holdings, Mr. Tony O. Elumelu amongst others.
