SPEECH DELIVERED BY MR. ROTIMI EDU, mni, LLM FCIB, PRESIDENT, NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS (NCRIB), AT A PRESS CONFERENCE HELD AT INSURANCE BROKERS HOUSE, 58, MOLEYE STREET, ALAGOMEJI, LAGOS, ON THURSDAY, MARCH 17, 2022.
PROTOCOL:
Distinguished gentlemen of the Media, it is my utmost pleasure to welcome you here today to the maiden edition of the Media Conference since my assumption of office as the 21st President of the Council. Permit me to start this speech by thanking you for your various support and all your efforts in creating awareness for the Insurance industry, especially, the Insurance Broking arm. Like I mentioned during my Investiture in October, 2021, the poor image of the Nigerian Insurance Industry must be redeemed, not only for us, but for the upcoming generation. I must therefore appreciate the responsible reportage of your various media leading to improving reputation for the entire insurance industry.
As you are aware, the Insurance Broking arm constitutes a critical segment of the nation’s insurance sector, being the professional arm of the industry and so members must be on top of their game at all times, in order to effectively service their clients and attract positive image to the industry. My leadership is not oblivious of this, hence the conception of the thrust of office: “Brokers’ Centrism” as the focus of my tenue in office. The intent of this thrust is to make everything that has to do with Professionalising the Insurance Broker as vortex of this leadership. It is to give a holistic focus towards the empowerment of the Insurance Broker, regardless of their sizes and location in any part of the country.
Happily, there has been considerable momentum given to this focus since my assumption of office as President. Without trying to rehash the various feats, permit me to note that the leadership has created more horizon for business and professional practice by many members as well as sustained the various strategic engagements with reputable institutions in the country. It is my hope that before the first half of this tenure, the personal pride of the Insurance Broker would have increased while they would also be more efficient in their practice as professionals. Like the story of the beautiful damsel winking in the dark, leading to her difficulty in getting a suitor, it is not lost on me that the Council needs the media to beam the klieglight on our activities for which I assure you of renewed collaboration under my tenure as President. It is my personal opinion that the media has contributed significantly to the processes of accountability driving inclusive growth. Insurance has grown in leaps and bounds, but not yet as desired. It is therefore expedient that Journalists should continue to reinvent themselves also in order to align with evolving realities. The impact of insurance journalism in deepening the awareness for insurance services is not negotiable.
NCRIB 60TH ANNIVERSARY:
History provides significant insight into the past, ascertains the current position and predicts the future. According to James L. Athearn, like many other institutional arrangements devised by man to solve human problems, insurance, nay, Insurance Broking has developed over a long period of time. It is my honour and privilege to officially inform you that the Nigerian Council of Registered Insurance Brokers (NCRIB), which started out as Nigerian Corporation of Insurance Brokers (NCIB) is 60 years old. The Council was established in 1962 as an indispensable adjunct of the insurance marketing chain. In spite of the teething challenges at inception, the Council has risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 Members spread across the nooks and crannies of the country. And as at today, the number of Registered Insurance Brokers under the aegis of the Council has continued to grow. To the glory of God and benefit to mankind, the Council would be celebrating this landmark age in a grand style, commencing from today, with Unveiling of 60th Anniversary Mascot and Logo (OKIN – Optimising Insurance Knowledge in Nigeria). The unveiling would be held at T. A Braithwaite Events Hall, by 3pm. We are expecting the Doyen of Insurance, Olola Olabode Ogunlana, OFR; the Commissioner for Insurance, Mr. O.S Thomas, President, African Insurance Organisation, Mr. Tope Smart, President of the CIIN, Chairman of the NIA, President of ILAN, and many other dignitaries, elders of the Industry and our revered Past Presidents to undertake the unveiling. Definitely, the unveiling of Mascot and Logo would be the beginning of series of events lined up to mark the 60th Anniversary.
Gentlemen of the press, the anniversary celebrations would be an epochal and landmark event worthy of celebration in the annals of the Council. It is expedient for the Council to roll out drums in celebration of the anniversary as a way of appreciating the Almighty for the success story and our Past Presidents and members that have contributed immensely to the building and development of this great institution. We shall be using the opportunity of the anniversary to achieve the following:
1. Play up the brand of the Council as a leading professional body in Nigeria to the delight of all its members
2. Serve as an avenue to foster relationship between the Council and its strategic stakeholders in the course of the various commemorative events that would mark the event
3. Avenue for professional exchange of ideas and enhancement of knowledge as well as expand the intellectual base of members during the talk-shops and seminars that would mark the event
Some of the activities lined up for this epochal event include:
• INSTITUTION OF AWARDS IN SCHOOLS: This is part of our plans to invest back into the public and institutionalize Insurance Broking Awards, particularly in schools offering Insurance as a course across the country. At the appropriate time, we shall be unveiling the selected schools across the six geopolitical zones in the country.
• INSURANCE WALK: As the President and Chairman, Governing Board of our Council, I shall be leading Members of the Council and by extension, willing Underwriters on Insurance walks. This would be flagged off in Lagos and be arranged in all Area Committees as part of awareness about Insurance and Insurance Broking.
• INSURANCE OPEN DAY FOR SELECTED SECONDARY SCHOOLS: Our Council is quite passionate about what becomes the future of our industry. It is on that note that selected secondary schools would be invited for Insurance Lectures while we also take awareness to selected schools.. The students would in turn be made to give short talk on Insurance after which gifts will be presented to them.
• CORPORATE SOCIAL RESPONSIBILITY: A suitable CSR is being identified on which the Council could in-print its name and brand
• SPORTING COMPETITION: One of the viable avenues to get the attention of a large chunk of our population is through sporting activities. Imagine the industry sponsoring in part, football game. The resultant effect could only be imagined. Since we may not be able to afford such, we would organize Table and Lawn Tennis Competitions and winners would emerge at the Grand finale to be given a resounding publicity. These are some of the activities that we shall trust your association to partner with us in disseminating to the members of the public.
SUNDRY ISSUES:
-EDGING OUT CHARLATANS
-Enforcement of Professional Practice, Stamp and Seal amongst others.
As we are aware, the image of the Insurance Broker is still being smeared by some members who are not Brokers by training and certification, but masquerade as one. Our Council is not folding its arms to watch this charlatans who flagrantly disobey the law mandating them to be registered with the NCRIB before licensing by NAICOM to practice. Good enough, we have been able to excise more commitment from the Commission under the indefatigable Commissioner for Insurance, Mr. Sunday Thomas to support this purging. More than ever before, the Commission has been quite complimentary to our course and we are most delighted for this.
Furthermore, our Council in a little while would be coming out with Professional Seal of Practice to be used by all Registered Insurance Brokers as we have in similar professions such as Law, Auditing, Architecture, etc. These seals would be affixed to all stationaries and printed materials of our members as a distinctive emblem of professional service and excellence and making our documents admissible as evidence in the Courts of Law.
It is most heartwarming that this initiative has been overwhelmingly received and supported by the NAICOM through the CFI during our visit to the Commission in Abuja early this week.
-Harmonization of list of NCRIB Members with NAICOM List
It is most heartening that the cooperation received from NAICOM in the reconciliation of list of Insurance Brokers Registered with NCRIB and those licensed by NAICOM but not yet on NCRIB Register has been quite progressive. With this renewed commitment, there would no longer be a hiding place for unethical players, for which we appreciate the CFI, Mr. Sunday Thomas and his team.
-DEEPENING INSURANCE
One of the greatest desire of all well-meaning operators in the industry is how to further deepen insurance in the country. In this regards, the Council is already ingeniously creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country. As I assured the Commissioner for Insurance during our visit, we would continue to support the Commission and other arms of the industry to achieve this purpose. In doing this, our Council is not averse to any initiative to drive awareness through technology, just as we would continue to advise our members to embrace shared services schemes in order to present a cohesive and formidable front for the overall benefit of the industry and our economy.
CONCLUSION
Gentlemen of the Press, l am delighted to once again welcome you to the NCRIB Secretariat and to appreciate you for finding time to attend this Media briefing. We are convinced beyond measure that you will continue to do justice to your reportage of our industry for the benefit of all.
Thank you and God bless you all.
Rotimi Edu, mni, BL, LLM, ACII, FCIB
President and Chairman, Governing Board.
