Insurance

Unmanaged IT deployment threat to brokers, insurers relationship – Expert

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Chuks Udo Okonta

Insurers and brokers have been urged to effectively manage the deployment of information technology so that it would not create strains on their relationship.

The Past President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, said this in a paper entitled: ‘Pathway to Sustainable Brokers Underwriters Relationship’. He noted that the relationship between brokers and insurers will be significantly impacted by growing innovations and massive deployment of information technology on both sides, which if unmanaged will rather than cement relationship create strains.

According to him, the relationship between the two will also continue to be affected by enhanced knowledge of clients who would be more demanding of quality service and value delivery, even with decreasing premium, where possible.

He urged brokers and underwriters to see the need to work in tandem with respect to insurance portfolio management.

According to him, brokers must ensure that the two parties do not deviate from the client’s insurance philosophy which involves planning, developing, implementing and monitoring of all client’s insurance to ensure they are adequate and effective.

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