Standard Insurance Consultants Limited has won the hotly contested “Insurance Broker of the Year” award at the 10th Banks and Other Financial Institutions (BAFI) Awards organised by BusinessDay.
The win represents a back-to-back distinction for the company, which won the same award in 2021. This feat has never been achieved by any other broker in 10 years of the awards.
The ceremony took place on November 5, 2022, at the highbrow Lagos Continental Hotel, in Victoria Island, Lagos.
The award was received by Zaheed Bolaji Oladipo, managing director of SICL Reinsurance Brokers Limited, who represented Ahmed Salawudeen, group president/ CEO of the Standard Group of Companies, the parent company of Standard Insurance Consultants Limited.
The Insurance Broker of the Year is awarded for excellence and innovation in insurance broking services utilizing methods and channels best suited to client needs. It recognizes a broker that has delivered outstanding performance, and innovation without compromising prudential standards over the coverage period.
The winner selection process began in July with an independent market survey of the top insurance brokers. Based on the results, a notification of shortlisting letter, which included a request for information, was sent to leading brokers.
This was followed by an extensive review of submissions received.
A final decision was then made by judges informed by the received documentation and responses, client references, and scored performance on a set of fifteen criteria.
The applied criteria were client retention; regulatory compliance; corporate governance; client proposition; digital transformation; financial performance; claims processed; staff training, development and retention; diversification of services, expertise and clients in different lines; share of domestic brokerage market; client testimonials; corporate social responsibility initiatives; foreign partnerships; brand reputation; public education; and advocacy for the insurance broking industry.
SICL received the highest scores in 10 of the above criteria.
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In naming SICL as the Insurance Broker of the Year, the judges committee noted that the company “has consistently stood out for first-rate all-round comprehensive broking services. The company is known for the breadth and depth of its services. Its tailored approach to catering to the needs of specific client segments was a plus. Further, the decision of SICL’s board to relaunch SICL Reinsurance Brokers Limited, and hire several seasoned professionals in the last twelve months signal a view of market opportunities that flags confidence in its ability to capitalize on them.”
The judges committee commended the winner for its “unblemished reputation in an industry where suspicion of collusion, conflict of interest, and unethical practices are not uncommon.”
Insurance broking in Nigeria is witnessing rapid change.
This transformation is being driven by digital technologies, new approaches to risk leadership, the evolving role of brokers, growing importance of data, shifts in customer expectations and regulatory changes.
Furthermore, the increasing frequency of black swan events like the COVID pandemic, EndSARS protests, and Russia-Ukraine War have heightened awareness about the new risk environment.
These trends are redefining the competitive landscape in Nigeria, widening the separation between the top-tier of brokers and the rest of the industry.
In an acceptance speech read on behalf of Professor Salawudeen, Oladipo said “Standard Insurance Consultants Limited is honoured to be recognized by BusinessDay, organisers of the prestigious BAFI Awards. This is a strong vote of confidence in our commitment of providing excellent insurance solutions that clients can rely on during the most challenging of times. Through continuous collaboration and partnerships with reliable and reputable insurance providers, SICL has been able to expand our roster of services. We thank Almighty Allah for giving our company the wherewithal to remain at the top in a very competitive industry. We also give gratitude to Allah for helping up to abide by the highest ethics in all our client dealings. A good name is better than gold.”
For over 4 decades, SICL has been at the forefront of providing insurance broking solutions of varying tenor and complexity to clients in the public and private sectors.
Recognised as a leader in insurance broking in Nigeria, the broker has cultivated excellent relationships with stakeholders across the entire risk carrier value chain.
With a client retention rate of over 95 per cent, SICL enables clients to succeed by helping them to understand and better manage the risks they face, advising them on emerging risks, and ensuring that they have the resilience to withstand the unforeseen adverse events.
SICL is a functional member of National Council of Registered Insurance Brokers (NCRIB). It is fully licensed by National Insurance Commission (NAICOM) to transact all classes of insurance business including but not limited to Oil & Gas, Aviation and Space, Construction/Operational, Agriculture, Life and Pension, Marine, including but not limited to Protection & Indemnity (P&I), Special Risks, as well as Reinsurance Programme generally.
The company is also licensed by the Nigerian Upstream Petroleum Regulatory Commission (NPRC), Nigerian Petroleum Exchange (NIPEX) and National Petroleum Investment Management Services (NAPIMS).
SICL has strong relationships with three reputable Technical Partners at Lloyd’s of London namely, Gallagher, Willis, and London Marine Insurance Services.
As part of its strategy to offer end-to-end broking solutions to the Nigerian market, the board relaunched SICL Reinsurance Brokers Limited. The reinsurance broker was registered at the Corporate Affairs Commission in 1987.
In 2021, it was re-registered at NAICOM in compliance with regulatory directives. Since then, it has been working closely with reputable overseas risk-carrier partners to arrange cover for local client risks that are beyond the capacity of the domestic market.
In order to attain SICL’s vision of becoming a visible player in both domestic and international markets, the management and board of directors are executing assiduously on an international expansion strategy into the United Arab Emirates, Angola and Indonesia.
When fully operational, SICL’s international operations will deliver mutually beneficial gains to both Nigeria and the foreign countries through exchange of best practices, and wider service offerings to clients.
This growth will have a positive impact on the local underwriters by helping them to build capacity. It would also empower them to retain more business at an attractive cost to their operations.
SICL is part of the Standard Group of Companies, a multinational cross-sectoral business group with interests in agriculture, pharmaceuticals, and property investment through Signature Global Real Estate (SGRE), a real estate brokerage and property Management Company based in Dubai, United Arab Emirates.
