Clients Advised To Patronise Professional Insurance Brokers
It is advisable to patronize professional insurance brokers in view of the important roles they play before, during and after a client engages their services, the branch manager of IBN, Alhaji Ahmad Balele Mamman has stressed.
He harped on this, while presenting a paper titled: ‘Insurance and Role of Insurance Brokers’ which is also the theme of the week at the Nigerian Council of Registered Insurance Brokers, Kaduna Chapter’s 2017 Insurance Week in Kaduna at the weekend.
According to him, most organizations ignorantly ignore such important roles played by professional brokers and end up paying dearly for it.
“The review of an organization’s risk and insurance management function is one area which is frequently ignored in the reengineering process of organizations. It is ideal to evolve an insurance/risks management philosophy alongside other corporate policies of an organisation on medium and long term basis,” he said.
He explained that as a professional broker, it is important to ask a client several important questions that would in the long run serve as advantages to them.
“Most organizations provide employee benefits to their workers and have a couple of insurance covers in place for their property. However, the pertinent questions a Brokers as professional in the insurance industry, wish to ask are:
Does the current insurance programme adequately protect the risk exposures of Clients in terms of its assets and personnel?
Is the cost of doing so effective and competitive? Do clients have an effective administrative machinery to carry out their insurance and risk management function? Is the client satisfied with the broking service it receives?” He submitted.
Alhaji Mamman said that an insurance broker and consultants in employee benefits and risk management is expected to provide the technical know-how required to ensure: Proper education of the clients on the insurance necessary for their operations, fair pricing of insurance policies, fair and prompt settlement of claims, proper documentation of terms and conditions of policies, adequate compensation packaging commensurate with staff level and experience and adequate loss prevention and hazard control practice.
“There is the need therefore, to review Client’s existing insurance covers in order to evolve a process flexible enough to accommodate their shifting needs and strong enough to sustain a consistent commitment to employees and the corporate organization it serves,” he added.
Mamman, who was the lead the lead speaker, recalled that the history of insurance brokerage in Nigeria is no longer modern.
“The insurance brokers came into the scene in the fifties through government patronage of foreign insurance brokers. The Nigerian Ports Authority was in dire need of professional insurance advice and the Authority invited an expatriate firm of brokers to look into the insurance needs of the Authority. The expatriate firm or brokers recommended certain measures for improving the existing policies of the Nigerian Ports Authority. Other government corporations later followed, seeking advice from expatriate firm of brokers which appeared in the Nigerian market with 50% Nigerian participation of its share holdings. A year later, a fully owned indigenous firm of insurance brokers was established,” he said.
In his welcome address, Chairman Kaduna Chapter of Insurance Brokers of Nigeria, Mr. Vincent Akinbami said that the week was set in motion by previous excos with the aim of sensitizing the public on the roles of insurance brokers as well as better equip practitioners.
He explained that the week is also geared towards uniting the members in the industry.
As part of activities of the week, 10 organisations and individuals were presented with merit awards.
Also, in a football match played at the Ahmadu Bello Stadium on Saturday, Insurance Professionals thrashed UBA team 3-0.
Other papers presented at the 2017 Week include; ‘Effective Branch Managing and Self Development’ presented by Mr. Ayo Arokoyo and ‘Takaful Insuance’ presented by Head Marketing Jaiz Takaful Insurance Plc, Malam Aliyu Buhari Ali.
The two-day event had as special guest of honour, the Kaduna State Commissioner of Finance, Alhaji Abdu Kwari.