Insurance brokers eye modern strategies for relevance, growth

As the business environment gets tougher and competitive, the insurance brokerage fraternity has set eyes on modern business strategies to remain relevant and sustain growth.

The brokers, who control about 80 percent of the industry’s revenue, believe that equipping its members with modern business tools and strategies will enhance their service delivery and relevance.

Ademola Olutusin, chairman, Nigerian Council of Registered Insurance Brokers (NCRIB), Lagos area committee, who spoke during their May general meeting with the theme ‘Operating in a turbulent environment: Insurance brokers’ CEOs challenges’, said the event was packaged to enhance members’ capacity for better result.

He urged the CEOs and COOs of various insurance brokerage firms present to take full advantage of the lecture to enrich themselves in preparation of the challenges ahead.

Rotimi Edu, president of NCRIB, represented at the occasion by Tope Adaramola, the executive secretary/CEO of the council, said the brokers were operating in a turbulent environment.

Olusola Olowoyeye, chief business officer, Arkounting Professional Services Limited, tasked the chief executive officers of insurance broking firms to embrace change and carve a niche for themselves.

Olusola, who described insurance as one of the game-changers, urged stakeholders in the sector to see themselves as partners in progress.

Other discussants at the event sponsored by Guinea Insurance plc included Dipo Olanrewaju, the president Institute of Loss Adjusters of Nigeria (ILAN), and Oluyombo Bammeke, managing director, United African Insurance Brokers Limited.