Patience SAGHANA
National Insurance Commission (NAICOM) has challenged insurance brokers in the country to assist the industry in achieving the sector’s target of 3.0 percent contribution to Gross Domestic Product (GDP).

Mr Fola Daniel, Commissioner in Lagos recently that Market Development and Restructuring Initiative (MDRI) is not only for insurance agents but also  insurance brokers too to  support and generate  business for the industry would go along way to speed up the target of N6trillion naira premium income by 2020.

Aside business generation from the broker, Daniel said that insurance brokers could also make good the target by remitting premium to underwriters and imbibing good ethical standard in the way and manner they conduct their businesses.

According to him, “It then behooves to represent the industry effectively through prompt payment of claims and sustenance of high ethical standard. Insurance brokers must also strive to add greater value to the insuring public.

Insurance consumers have become more demanding and as such brokers must be more pro-active in meeting their changing needs”

In spite of the difficult business environment in view of the global financial meltdown, insurance commissioner still believes that insurance brokers are go getters when it comes go business.

He said, “The present economic situation poses challenges to insurance3 brokers particularly, from the perspective of rendering insurance services with utmost professionalism. To be able to do this, they must be above board in professional knowledge and ethical standard”

“Clients must be able to rely on brokers advise to purchase the right products for their operations. Insurers should also be able to rely on brokers to reach clients and explain the nature of insurance transactions to them and only a properly equipped professional can deliver on these responsibilities”

The commissioned the NAICOM boss reiterated, “Is determined to sanitise the market and this is aimed at protecting the insured and the insurance market and we could wield the bid stick if need be. Let me also assure you that we will continue to do our utmost best to facilitate the development of the sector to the level comparable to international standard” He further said, “I believe insurance brokers and the agency system that we are about to revive have a crucial role to play in ensuring the success of the MDRI  programme given their business network.