Stanbic IBTC Brokers to bridge insurance distribution gap

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Stanbic IBTC Insurance Brokers Limited, a member of Stanbic IBTC Holdings Plc, has said it plans to deploy trust-building measures that will plug major gaps in the insurance value chain in Nigeria.

With the ultimate aim of enhancing insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps were required to restore public confidence and put the sector on a stronger footing.

The Chief Executive of Stanbic IBTC Insurance Brokers, Mr. Anselem Igbo, said this during a media interactive forum in Lagos.

He identified some of the perceived gaps in the industry to include inadequate support to clients for effective management of their risks and claims management process.

Through effective risk transfer mechanisms, seamless insurance cover payment and impeccable quality of service, he said the customer would have peace of mind, and subsequently provide the testament required to convince the insuring public to embrace insurance and deepen participation.

Igbo said, “This will in turn empower the industry to play its catalytic role in economic development by mobilising savings for investment, mitigating loss, ensuring financial stability and promoting trade and commerce.

“Public trust and integrity are the bedrock of the insurance business. By applying global best practice and corporate governance, the result will be transparency and openness, which are instrumental in building trust.”

He said that global best practice, including facilitating prompt payment of claims, would underline the operations of Stanbic IBTC Insurance Brokers as it aimed to become one of the top five insurance brokerage firms in Nigeria in the next 10 years.

The company commenced full operations in February 2016 following the granting of licence by the National Insurance Commission, paving the way for the firm to offer a full spectrum of insurance brokerage services in Nigeria.

Part of the company’s goal, Igbo said, was to introduce micro-insurance products targeted at the informal sector in order to expand insurance coverage to more Nigerians.

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