Empower Brokers To Grow Insurance Market in Nigeria-LAC Chairman
The Lagos Area Committee Chairman of the Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs. Bukola Ifemade has called on insurance companies and other stakeholders in the insurance industry to empower brokers who she said are the marketing arm of the industry, to grow the industry.
Mrs Ifemade made this call recently while speaking to the media at the training organised for brokers of the Lagos Area Committee on Anti-Money Laundering and Combating Financing of Terrorists (AML/CFT) at the Insurance Brokers House in Yaba, Lagos, last Thursday.
Speaking on the training which was organised in partnership with insurance giants, Axa Mansard, she stressed that the training was to better equip brokers who will serve as catalyst to further grow the industry. “This training would have cost individual brokers more to attend if they are to attend on their own. Many of our members do not have the financial capacities to meet up with many of these regulatory requirements. These people already have their own regular expenses they expend in running their regular day to day operations. They have a lot of subscriptions to be paid to regulators and government, etc.
“What we do at Lagos Area Committee is to find ways for our members to manage their financials. So, rather pay money from their pockets, we try to find partners who will collaborate with us, and do it for us for free. All we need to do is make ourselves available and take advantage of this because that is the only way we can encourage our members as we believe very strongly that our councils can only be as strong as our members.
“That is where companies like AXA Mansard come in. You see, they are one of those companies that recognise the importance of insurance brokers in Nigeria and the critical roles we play. Knowing that if they are able to empower and help brokers, it will grow the insurance market. Growing the insurance market means that insurance companies are growing. Not many insurance companies have bought into that, but those that are visionaries know that if you grow the brokers, you are growing the industry and effectively the industries themselves,” she concluded.
The full-day training was facilitated by LeishTon Centre for Leadership and Governance Thinking and fully attended by members of the LAC. McLeish Otuedom, Director, LeishTon Centre for Leadership and Governance Thinking, led the highly engaging and interactive training. Brokers were provided leading practice insights into the world of AML/CFT as well as the legal and regulatory frameworks guiding it, money laundering offences, predicate offences and sanctions, risk-based approach to effective to effective AML/CFT among others.