The Chief Executive Officer of the Insurance Brokers Association of Canada (IBAC), Mr. Peter Braid, has advised the umbrella body of insurance brokers in Nigeria, the Nigerian Council of Registered Insurance Brokers (NCRIB), to engage in advocacy and lobbying of government to help fast-track the growth of insurance in Nigeria. Insurance penetration in Nigeria currently stands at 0.3 per cent.
Chief Executive Officer of the Insurance Brokers Association of Canada (IBAC)
Speaking via Zoom from Ontario, Canada, during the recently held two-day virtual Mid-Year Workshop of the Lagos Area Committee of NCRIB, Braid said through advocacy IBAC was able to get the Bank Act passed into law in Canada, which separates the pillars of banking and insurance in Canada and “prevents banks from selling insurance at the point of granting credit, protects consumers from real or perceived ‘tied selling’ and ensures a fair and competitive marketplace.”
Braid also informed his Nigerian counterparts that compulsory motor insurance and mortgage insurance are the main drivers of insurance penetration in Canada. He urged the NCRIB to get close to government, explain its position on key financial and economic issues and get government support.
His presentation was followed by that of the Deputy President of the NCRIB, Barrister Rotimi Edu who drew the parallel between IBAC’s pillars with the Nigerian market in a presentation titled, “Federal Government Advocacy.” Among other things, he noted: “the Canadian experience in advocacy and its effect on the brokers growth in the Canadian insurance market becomes very important so that we can draw from the experiences of both nations and make comparative inference on topic and the practice in both countries.”
The second day of the workshop featured two broad presentations with the first focused on fintech, title “Fintech for Insurance penetration as a Financial Service.” Presentations on this were made by foremost Mobile Money providers in Nigeria, Systemspecs, EFinA; an organization that has been helping Banks to increase customer base in the rural areas, driving penetration to assist Banks reach out to the unbanked.
Wragby Business Solutions & Technologies who equally made a presentation through Dr. Oluyomi Alarape, an Executive Director of the firm who introduced the iBroka and shed more light on the All-in-One Solutions that can be accessed from a single platform based on Brokers’ subscription level. The Application according to Dr. Alarape is to assist Insurance Brokers deliver efficient and quality service at optimal cost.
The second focused on a health talk, “Effect of COVID-19 on Mental Health of Families and Business Owner,” delivered by Dr. Maymunah Y. Kadiri, popularly known as ‘The Celebrity Shrink’ a multiple award winning Mental Health Physician & Medical Director of Pinnacle Medical Services. The Mental Health session also featured Dr Dr Umeh, Consultant Clinical Psychologist at the Psychology Department of the Lagos University Teaching Hospital (LUTH) who is also a first responder with COVID 19 Team.
The workshop equally featured two very robust panel discussions moderated by Mrs Olufunke Adenusi, CEO, Colximate Insurance Brokers and Mrs Enitan Solarin, MD, YOA Insurance. Speakers at the panel included Mr. Deremi Atanda, Executive Director, SystemSpecs and Mr. Tope Adeniyi, Managing Director, AXA Mansard HMO.
Earlier while welcoming virtual participants and setting the tone for the workshop, the Lagos Area Committee Chairman, Mrs Bukola Ifemade said that this year’s workshop is designed exactly for what it is, a workshop with three segments focused on different areas but interlinked for innovations to take the insurance industry and Brokers to the next level with Insurance Brokers as the key players.
“Our beloved country, Nigeria is a great country indeed and we as Insurance Brokers are about to make it greater through new ideas. We are poised to take away from this Workshop fresh ideas to drive insurance penetration and enhance service delivery to every stakeholder in the industry, especially the customers.
“This is time for our industry to evolve with us insurance Brokers as the game changer. To take insurance into every corner of our great nation, deploying insurance solutions for the stability of families and businesses and doing so in the most effective and efficient manner,” she concluded.