Wednesday 22nd February, 2017
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Play more active role in economy, insurance operators urged

Play more active role in economy, insurance operators urged

Insurance sector has been de­scribed as a critical stake­holder in the global econom­ic market.
In Nigeria the sector opera­tors have been called upon to start playing an active role in the nation’s economic development through intensive lobby and pol­icy advocacy.
This was contained in a ten-point communiqué issued at the end of the 2016 National Insur­ance Brokers Conference and Ex­hibition of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Abuja recently.
The communiqué reads: “That the insurance sector is a critical stakeholder in the global eco­nomic market and that it should start playing an active role in the nation’s economic development through intensive lobby and pol­icy advocacy.
“That to continue to stay rel­evant in the insurance industry, Brokers should diversify from over reliance on corporate busi­ness to retail clients and imbibe the use of information technolo­gy and internet in rendering pro­fessional service to clients.
“That there is the need for change in the perception of in­surance in the minds of the pub­lic, partly through the deploy­ment of social and traditional media as a means of selling and proving the genuineness of insur­ance products.
“That insurance brokers need to reinvent themselves as tradi­tional roles and being replaced with novel roles and brokers need to keep up with the pace of glob­al development so as to continue to remain relevant in the insur­ance industry.
“That there is the need for col­laboration by operators via merg­er, acquisition, limited liability partnership, etc for the purpose of growth and development as well as continue to be relevant.
“That the insurance industry in collaboration with Nation­al Insurance Commission (NA­ICOM) should work on rating system and business procure­ment procedure, particularly on Motor Insurance, as well as oth­er Compulsory Insurances so as to reduce unhealthy competition in the industry.

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