Insurance

Stanbic IBTC Insurance Broker to deepen underwriting with mobile app

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Chuks Udo okonta

Stanbic IBTC Insurance Brokers Limited has disclosed plans to bring insurance closed to the people through a mobile app it hopes to deploy very soon.

The Chief Executive of the firm, Anselem Igbo, said this yesterday in a virtual media parley, organised to commemorate Insurance Awareness Day, whilst imploring the insurance public to keep an eye out as these solutions will be announced in the coming weeks.

“Think dynamic functionality, easy and prompt log-in capability and even facial and fingerprint biometric recognition. Also think enhanced data protection and ease of reviewing purchased policies and status of claims all from one easy platform and you start to get a sense of the simplicity that we are bringing to our clients in this market. Do keep an eye out as these solutions will be announced in the coming weeks.

“For now, rest assured that we will not relent in providing excellent services to our Clients and Nigerians in general. Please continue to protect yourself, loved ones and belongings and we will be here at all times, along with other industry stakeholders to help provide you cover against unforeseen challenges that may occur in the external environment,” he said.

He posited that the COVID-19 pandemic has thrown a wrench in the works and further complicating the already complicated lives (creating a near precarious situation), stressing that there is no better time than now to emphasise the necessity for insurance, than when stakeholders commemorate the World Insurance Awareness Day.

“This is a notable date commemorated each year on 28 June, to evaluate the insurance industry and sensitise the public on the need to have insurance covers or review existing ones,” he added.

Igbo said insurance plays a critical role in promoting economic growth and development by ensuring the efficient allocation of financial resources from the surplus to the deficit unit and ultimately bulwark for business sustainability, adding that the recognition of the Insurance Awareness Day offers a chance to get familiar with available and accessible insurance covers and to stress the importance to always evaluate present belongings and the corresponding covers they need.

He urged Nigerians to take a step in the right direction by investing in insurance coverage to protect their assets and valuables, stressing that the firm’s anticipated plan to improve its clients’ experience are gradually coming to fruition and that some of these will be in the public space very soon.

“In addition, the World Insurance Awareness Day reminds us of the need to engage the services of brokers for favourable quotes for various insurance classes that suit their needs,” he said.

He maintained that as of today, insurance penetration in the country is at an all-time low and this isn’t favourable for the well-being of individuals, businesses and the economy in general. The insurance business, he posited is a unique one which enables clients effectively manage their risks. Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death. Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims, he added.

“In response to bridging the adoption gap, the Stanbic IBTC group created the Insurance Brokerage business four years ago when the organisation began its full operations sequel to the granting of license by the National Insurance Commission (NAICOM) in January of 2016. Our paramount focus has since been to address identified needs in the insurance brokerage sub-sector and ensure that Nigerians are adequately protected,” he posited.

Stanbic IBTC Insurance Brokers, he maintained is a member of the over 156-year old Standard Bank Group to which Stanbic IBTC Holdings PLC belongs, and “we continually build on our parent company’s brand strength enhancing successful value-creation in our operations across Africa. We will continue to adopt global best practice in our operations, including exceptional quality of service and facilitating prompt payment of claims for our clients,” he said.

He maintained that there are various personalised insurance products and services which serve all classes of the society from individuals to groups, associations and large corporates and that as Nigeria’s leading insurance brokerage company, Stanbic IBTC Insurance Brokers offers life, hope and support particularly in the wake of the current global pandemic.

He said the firm will not relent in its effort to continually seek opportunities to help businesses, individuals and even the government boost resilience in these times, adding that the firm remains keen on providing seamless solutions that suit diverse needs.

“Our solutions serve individuals and corporate entities, as well as existing customers and non-customers of the Stanbic IBTC Group. As insurance professionals with a vast knowledge of the workings of the insurance market, we can arrange the most suitable policies for our individual and corporate clients,” he added.

Igbo said the firm has reach-out to 150 firms on the need for them to procure a cyber risk product it designed to mitigate cyber associated risks.

The firm’s Head, Business Development Division, Ibiyemi Mezu, said the insurance industry presently needs end-to-end digitization that would enable clients start and conclude transaction online.

She noted that the firm is expanding its operations through the deployment of technology and would continue to provide seamless services to clients.

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