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Tuesday, March 21, 2023

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NCRIB: ‘80% of Policyholders Complaining about Insurance Didn’t Patronise Brokers’


L-R: Mr. Atanda Olatokunbo, Controller, Internal Audit & Compliance, Nigerian Council of Registered Insurance Brokers (NCRIB); Falade Adedayo, Assistant Executive; Mr. Tope Adaramola, Executive Secretary/CEO and Mr. Dele Ayeleso, Corporate Communications Manager when members of the Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy call on the leadership of NCRIB in Lagos yesterday.

Mr. Tope Adaramola, Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers (NCRIB) says more than 80 percent of policyholders that complain about insurance did not patronise registered insurance brokers during the process of procuring insurance cover.

Adaramola made the disclosure when members of the Insurance & Pension Editors of Nigeria (IPEN) visited the Council on courtesy visit in Lagos yesterday.

The NCRIB CEO said: “More than 80 percent of complaints of non-payment of claims, inappropriate treatment of the insured by insurance firms usually come from those that did not patronise registered insurance brokers during the contract process. Brokers are technical intermediaries that guide the insured in the insurance contract process to enable policyholders enjoy maximum value from their insurance policies.”

Adaramola added that brokers are more permanent in terms of reach and visibility that insurance marketers that could leave or change employment at any time without notice, leaving policyholders vulnerable and stranded. He said that brokers have achieved better branding than before.

“The media should help brokers to inform the general public on the importance of registered insurance brokers in the insurance value chain. The advancement of the insurance industry is inextricably tied to the advancement of the media industry.”

He commended members of IPEN for taking the step to achieve better penetration for the insurance industry in Nigeria. He also praised them for their individual and collective contribution to the NCRIB and the insurance sector in Nigeria over the years.

“We appreciate your focus on professionalism, discipline and ethics. Discipline is the hallmark of institutions that desires to achieve greatness. Discipline will stand you out from other Associations. Life is about competition. Be the driver of that competition.”



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