EKO NEWS

Sanwo-Olu Advises Brokers, Insurers On Strategic Communication

Published

2 years ago

Oct 1, 2022.

Brokers and Insurers have been advised to have a strategic communication plan in letting the insuring public know that their contribution is pivotal to the growth of the economy.

Eko Hot Blog reports that the Lagos State Governor, Mr. Babajide Sanwo-Olu, who stated this at the Nigerian Council of Registered Insurance Brokers 60th Anniversary Colloquium & Book Lunch held at the Marriot Hotel, Ikeja, Lagos, added that an average Nigerian is still under the wrong impression that claims settlement is still a mirage despite the huge amount of Claims payment made by the industry within the last two decades.

EDITORS PICK

He stated that insurance brokering has enjoyed a significant transition in recent years to positively position the insurance industry for better penetration, noting, however, that more work still needs to be done in terms of communication, public enlightenment and marketing strategy to enable all intermediates to be up to date on new and emerging market trends.

Sanwo-Olu, represented at the event by the Permanent Secretary, Ministry of Finance, Mr. Hundogan Sewanu Temitope, said that the State Government has consistently created an avenue to support the growth of the industry with the engagement of most of the registered Brokers in Nigeria.

This, according to him, is in addition to the enablement of the Small Medium Enterprises and the Micro Enterprises sectors by making huge capital available to same in form of soft loans with a very low-interest rate and a long-term repayment period toward sustaining a positive macroeconomic environment that favours Insurance Brokers in Nigeria.

While commending the Insurance Brokers for their professionalism, Sanwo-Olu averred that for the sector to prosper, brokerage firms need to choose their business model, be technologically driven, tell their stories, especially in the area of laying claims, embrace learning and reward good practice in client management.

FURTHER READINGS

The event was well attended by Stakeholders in the Insurance Sector which include the Deputy Governor, Ondo State, Hon Lucky Orimisan Ayedatiwa; Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. O.S. Thomas and Chairman, HEIRS Holdings, Mr. Tony O. Elumelu amongst others.

Click to watch our video of the week