NCRIB, TPL partner on insurance awareness

By Joshua NSE

THE need to deepen insurance penetration in the Nigerian market was re-echoed on in Abuja at the weekend during the inaugural meeting of the Nigerian Council of Registered Insurance Brokers ( NCRIB), Abuja branch.

During the "brokers evening" sponsored by Mutual Benefits Assurance/ Life PLC,

NCRIB expressed willingness to partnered Transparent Protection Ltd/Gte to create awareness about insurance in the country .

According to the Abuja Committee Chairman of NCRIB, Dimeji Adewole, in his remarks stated that Insurance penetration is still very low owing to wrong perception people hold about insurance, as well as the way insurance products are sometimes packaged by the service providers. These often result in the insuring public believing that there is no benefit to derive there from."

He used the occasion reaffirm NCRIB's partnership with Transparent Protection Ltd/Gte (TPL), an NGO working for insurance penetration in Nigeria.

"We are partnering with Transparent Protection (TPL) to ensure that insurance is taken to the grassroots, he said. It is only when insurance is consumer friendly and made affordable to such people as market women and artisans that insurance can contribute its quota even GDP of the nation ."

Godson Ibekwe-Umelo , the Programme Manager of Transparent Protection Ltd/Gte , said that the concern of his organization was to make insurance work in Nigeria, adding that partnership would boost penetration insurance.

"our burden as an NGO is to make insurance work in Nigeria. We have realised that insurance is not actually working the way it ought having regards to our population and the development drivers in the sector. We feel enough is not done to making insurance work in Nigeria. There is need for a collective efforts to make sure that insurance works." He expressed gratitude to NCRIB for identifying with TPL in an effort to deepen insurance penetration in the country.

Also , the Managing Director, Mutual Benefits Assurance PLC, Segun Omosehin, lamented that the major problem of insurance penetration in the country was the channel of distribution .

"For us in Mutual Benefits Assurance PLC , it is not talking about issues surrounding insurance but we have come up with concept that will assist the industry in actually benefitting on the reach of insurance. The major problem of insurance is the distribution channel . The distribution channel we are all hanging unto is a traditional distribution channel which is brokerage . We have not exploited the direct reach of our customers and that is where mutual benefit have the edge. We are creating a platform where the grassroots can actually be reached."

According to him , one of the areas that we need awareness is in changing the negative perception that the public have about insurance adding that the company was ready to partner TPL to boost the industry .

"At Mutual Benefit life , the issue of low insurance penetration in Nigeria is a our major concern . So the idea of making insurance work in Nigeria is a noble idea and we are willing to all it takes to boost the insurance penetration in Nigeria."

TPL used the occasion of the 'Brokers night' to represent the public and brokers the research on the "No Premium No Cover" policy it carried out.

Source: The Guardian