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.