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Insurance brokers decry moves to diminish commission rates

The Nigerian Council of Registered Insurance Brokers (NCRIB) said that the downward review of commission rates on Group Life Insurance by the National Insurance Commission (NAICOM) is counter-productive.

President of NCRIB, Dr. Teslim Sanusi, who stated this at the brokers evening hosted by Guinea Insurance Plc in Lagos recently, noted that the move would lead to a diminution in the commission accruable to insurance brokers.

Teslim however stated that the NCRIB has registered its views with NAICOM as well as the Nigerian Insurers Association (NIA) because it received the directive with some reservations.

Meanwhile, Guinea Insurance Plc which hosted the brokers said it will ensure that the insured are adequately compensated when the unexpected happens, especially as the company is going through reformation process.

This, the company said is needed so as to boost the confidence of Nigerians toward insurance services.

Managing Director of Guinea Insurance Plc Mr. Soji Emiola, while speaking at brokers’ forum of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos last week said his company is planning to reposition itself as one of the best underwriters in the country, adding that prompt settlement of claims will boost credibility of his firm.

According to him, “We want to pay compensation as and when due. This process is going to be driven through proper adoption of technology. We are working hard to make sure it is successful.”

Speaking further, he said the repositioning of his company was to inject new blood into the system as well as update its services to meet international standard. While saying Guinea Insurance is planning to be the most respectable brand in Nigeria, he promised that his firm will provide professional services to various customers.

Presently, we are working on different types of products to suit the yearnings and aspiration of the people, he said. To him, “We came together recently to strategise and re-launch Guinea Insurance back into the market. In the 1980’s, it is the fourth insurance firm in Nigeria, before the twist of event. In our reformation agenda, we plan to grow businesses, while making people our major asset.”

Emiola pointed out that the insurance house will build and deepens its operation to expand its reach, saying that it will capitalise on the opportunities in the underwriting industry in Nigeria.

“Insurance penetration in Nigeria is not up to five per cent, so, opportunities abound. As we continue the drive to make Guinea Insurance a market leader, we promise to use technology to process businesses and communicate values to our customers.”

Stating that the major focus of his company will be underwriting and risk management, he solicited for partnership from insurance brokers and patronage of Nigerians to take it to its dream land.


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