From left: Vice-President, Nigerian Council of Registered Insurance Brokers, Rotimi Edu; Deputy President, Mrs. Bola Onigbogi, Managing Director, AIICO Insurance Plc., Edwin Igbiti; and President, NCRIB, Shola Tinubu, during the NCRIB Members’ Evening in Lagos.
SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR. SHOLA TINUBU, ACII, FCIB AT THE DECEMBER 2017 EDITION OF THE MEMBERS’ EVENING OF THE COUNCIL HELD ON TUESDAY, DECEMBER 12, 2017
• Governing Board Members (here present)
• Managing Director of AIICO Insurance Plc
• Top Management Team and Staff of AIICO Insurance Plc
• My distinguished colleagues
I am most delighted to welcome you all to the December 2017 edition of the Members Evening of our Council. This is the first time that I will be presiding over this programme as the President/Chairman of the Council.
I cannot but first appreciate all members once again for the overwhelming support, both morally and financially, that you gave towards the success of the investiture ceremony held on October 19, 2017. Permit me to say that the glory which came with the success of the event belongs to all of us. With the event, the Council has been able to further enhance our image as well as underscored the critical place that Insurance Brokers should occupy in the scheme of things in our economy and the nation at large.
In the same token, I will also like to use this opportunity to thank the Management of AIICO Insurance Plc for opting to host this event. Incidentally, the company is also the first to do so under the present leadership, and it is my hope that AIICO would extract significant value for this laudable investment in the relationship with our Council.
You would recall that in the course of planning for the investiture ceremony, the Investiture Planning Committee sent questionnaires to all members soliciting for their input into the policy thrust of this administration so as to make the policy thrust all inclusive. I am most delighted to note that the inputs submitted constituted critical moulding blocks for the thrust of office, which I partly unveiled at the Investiture Ceremony. Without trying to rehash the thrust of office, it would be a delight for me to quickly summarize some of them for our knowledge;
NCRIB INSTITUTION BUILDING
As we are all aware, there could never be a sustainable development in any organization without a strong institution put in place. This regime would stop at nothing to ensure that the Secretariat, under the Executive Secretary, takes its focal position as the face of the Council and its membership. In doing this, members would be able to relate as equals, having in mind that they have a neutral arbiter in the Secretariat. Whilst realising that this is a herculearn task, we are poised to give required impetus to the Secretariat in the area of staff training and retraining, in order to enhance their morale and imbue in them the wherewithal to effectively serve members with utmost competence. This team will unselfishly devote ample time to training and development of the secretariat staff to drive value for members.
SUCCESSION PLANNING AND SUSTAINABLE POLICIES
This definitely brings me to the succession planning for the Council’s leadership to sustain a steady and consistent progress. I am most delighted to note that policy and thrusts to be implemented by this administration already has the buy-in of Past President and leadership, based on their active involvement and input. The intention of this administration is to bequeath a 10-year development plan to the Council that will outlive the tenures of more than five Presidents. This is based on the conviction that for any institution to develop, it must have sustainable plans and goals that would subsist over time. I promise that this team will hit the ground running with this, and with the support of all, we shall succeed.
STRONGER AND MORE IMPACTFUL INTRA INDUSTRY RELATIONS
Permit me to state that since the insurance industry is a composite industry, the NCRIB will continue to advance positive collaboration with such bodies as the NIA, the CIIN and ILAN. While sustaining the tempo of technical relations with the NIA, we shall through the Association encourage underwriters to always see the sense in patronizing only current members of the NCRIB for credibility. If at all, the underwriters would transact business with other “intermediaries”, there must be a difference in commission rates and other benefits to justify the remarkable differentiation in their competencies and experience. The Council will also identify and pursue areas of relationship to the mutual benefits of the NCRIB and ILAN.
Relationship with the National Insurance Commission (NAICOM) will be a cooperative and progressive one, in order to create a more harmonious professional and business environment for our members. Just last week, I led a team of the Council on a courtesy visit to the Commissioner for Insurance, Alhaji Mohammed Kari in Abuja. The outcome of the meeting was quite positive and remarkably encouraging. Among other issues discussed was the yearly renewal of members’ license, with an assurance that modalities for same were being worked on by the Commission to change this. Also, the issue of timely response to mails, both by NAICOM and Brokers to ensure that issues were resolved timeously were highlighted. Furthermore, collaboration by the two bodies in training of Brokers, particularly in regulatory compliance to mitigate fees and penalties often slammed on them was extensively discussed. It is my desire that we continue to parley NAICOM for our members and continually put in place internally strategies to promote self-regulation by the Council. We greatly covet the support of all members in this regards. Our slogan is: SELF REGULATION FOR SELF RESPECT
EFFECTIVE COLLABORATION WITH STRATEGIC PUBLIC/STAKEHOLDERS
Permit me to state that our team would assiduously work on effective collaboration with the relevant publics /stakeholders, especially those whose activities have significant impact on the operations and image of the Broker. NCRIB Corporate membership of reputable trade and bilateral business and professional bodies will be a priority. Similarly, we shall break the ice ceiling by taking proactive steps in relating with, and advising government institutions on policy issues that comes within the ambit of our professional competence. Enough of the Council’s lay back when it comes to advocacy and making proactive input into policy issues that may affect the profession and national economy. Happily, in this respect, I recently honoured an invitation to deliver a paper on importance of Insurance at the Nigerian Institute of Policy and Strategic Studies (NIPSS) in Kuru. It was a thing of delight that it was the first time a presentation on Insurance would be made at the pivotal institution. The result of that initiative has led to the yearly inclusion of insurance in the curriculum of studies of the Institute. I must appreciate the efforts of the Vice President of the Council, Mr. Rotimi Edu who facilitated the lecture as a student of Course 39 of the College. I also seize this opportunity to congratulate him for successfully completing the course.
IMPROVED VALUE FOR MEMBERS
If there is anything that has occupied the minds of many members of the Council for a while now, it is how the NCRIB could accelerate its value rendition to members. I like to note that the agitation of members in this regard was not wrongly placed, considering the challenges they face on all ends, necessitating immediate collective solution from the Council. In addressing this, our team would be quite strategic in first identifying in clear terms the immediate and future challenges threatening Brokers. On the immediate, we shall deploy strategies to engage besetting problems such as captive agency network; direct marketing, quackery, unfriendly legislations, as well as the impact of technology on our practice. With an all-inclusive administration, we shall take time to provide opportunities for resourceful members to serve on committees of the Council, based on the criteria of availability, resourcefulness, experience, competence and ethical values. Some standing committees of the Council have been rejigged to give more pragmatic results that will change the narrative of the Council and the Broking industry.
RECIPROCAL INTERNATIONAL RELATIONS
During the course of this regime, I promise that our Council will firm up relationship with strategic international insurance bodies, such as BIBA and the AIO, in order to continually enjoy the benefits of skills enhancement and improved performance for members. But in doing this, the Council will demand for reciprocity in its relationship with those bodies. We shall not only go to the foreign shores to acquire knowledge, but also encourage exchange visits from such bodies to our country, to give a larger percentage of our members the opportunity to benefit from such resource persons and take advantage for the enhancement of their businesses.
It is pointless to rehash the fact that the Insurance Broker and his services are not sufficiently appreciated by members of the public. Despite being the only professional in the insurance value chain, the perception of him or public understanding of his functions are quite appalling. In solving this challenge, this team would adopt a two pronged approach of examining and improving on those traits found repulsive in the professionals themselves, after which concerted attempts would be made to improve his public image. We shall attempt to carve a niche for the Broker as a trustworthy ally in the insurance value chain by increasing their value proposition and respectability. In doing these we shall be futuristic by borrowing significantly from other climes, like the UK for instance, where commercial insurance broking market looks forward ten years on how brokers will adapt and change to be relevant and successful as far as 2018.
MY DREAM FOR THE NCRIB
I must not fail to emphasis that my dream for the NCRIB is to help in growing members and professionals who would grow to become brands that purchasers of insurance services defer to, with evidence of NCRIB membership as a prerequisite, thereby commanding consumer loyalty. I have an assurance that this is possible through the support of all members. With cohesion of the present team and the support of all members, we are assured this is attainable.
I cannot conclude my address without once again appreciating AIICO Insurance Plc for sponsoring this event. Through this sponsorship, AIICO, has again underscored its pivotal place in the heart of the Council and Brokers. I have no iota of reservation in recommending the company to you all.
I thank you all for your attention and do have a pleasant evening.
SHOLA TINUBU, ACII, FCIB
PRESIDENT/CHAIRMAN GOVERNING BOARD
NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS