• Friday, February 23, 2024
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BusinessDay

Brokers move to stop account poaching by underwriters

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Determined to protect its business and remain relevant in the insurance industry, brokers under the umbrella body, Nigerian Council of Registered Insurance Brokers (NCRIB), have expressed their readiness to stop poaching of its accounts.

They frowned at some insurance companies who undermine insurance brokers on existing accounts, noting that such unethical act could stall the desired progress of the industry.

Ayodapo Shoderu, president, NCRIB who disclosed this in Lagos noted that the Council had received complaints from many of its members against some underwriters who poach clients currently being serviced by them through insurance Brokers.

According to Shoderu, “Worst of this concerns existing businesses which the broker and the insurance company are already handling, for which some underwriters go at the back to collect with promises of offering the clients reduced premium.”

The NCRIB President used the medium to appeal to the Nigerian Insurance Association and the National Insurance Commission to dispassionately investigate and handle the matter with a view to sanctioning the culprits, for the purpose of protecting the image of the industry and ensuring its steady growth.

While stressing that all over the world insurance brokers occupy pivotal places in insurance arrangements, Shoderu noted that their enormous wealth of experience were usually brought to bear in assisting clients to get the best possible terms, as well as assist them in claims collection when a loss arises.

Furthermore, the NCRIB President opined that the exclusion of brokers from insurance accounts leaves the clients with no advantage of competitiveness in services of insurance companies, in terms of the kind of insurance policy being offered, premium charged and fairness in claims settlement.

The Council expressed its determination to challenge the unwholesome practice which it perceived as a threat to the existence of Insurance Brokers as it will diminish their contributions to national economy.

By: Modestus  Anaesoronye