Chuks Udo Okonta
Stanbic IBTC Insurance Brokers is set to provide bespoke risk management and insurance services in Nigeria, as it has commenced full operations sequel to the granting of a licence by the National Insurance Commission (NAICOM) in January 2016, paving the way for the offering of full spectrum of insurance brokerage services, a development that will help in deepening insurance penetration in Africa’s largest economy.
According to the broker, global best practice, including facilitatory prompt payment of claims, will underlinethe operations of Stanbic IBTC Insurance Brokers as the insurance brokerage firm enters the Nigerian market.
Part of the Stanbic IBTC Group, which has a clear focus on Corporate and Investment Banking, Personal and Business Banking and Wealth Management, the new business broadens the scope of financial services offered by the group whilewidening its holding company structure.
Chief Executive of Stanbic IBTC Insurance Brokers, Anselem Igbo, said the business was established to fill perceived gaps in the industry, part of which includes helping clients effectively manage their risks and claims processes, thereby ensuringpeace of mind through risk transfer, efficient insurance claims payment and exceptional quality of service.
On claims management, Igbo stated, “We believe that the test of any insurance arrangement is in prosecuting claims to a satisfactory conclusion for our clients. Our role as brokers also ensures that insurers, as a matter of obligation, pay claims equitably and promptly. Prompt payment of claims is a key factor in any insurance contract. We continuously develop key relationships and requisite logistical processes to ensure that your claims are promptly settled.”
Whilst benefiting from a strong, dynamic and vast group structure, Igbo said the company will be differentiated from the competition as it will be driven by a team ofreputable and financially strong underwriters; fully customized solutions,and innovative insurance productsat no additional cost to the client. “Stanbic IBTC Insurance Brokers’professional services are at no additional cost. We will negotiate your insurance premiums and get the best quotes available,”Igbo said.
“Our services apply to both individuals and corporate entities. Our services are also offered to both existing customers and non-customers of the group. As insurance professionals with a vast knowledge of the workings of the insurance market, we are able to arrange the most suitable policies for our individual and corporate clients. We proffer advice on the management of risk, secure protection against such risk and reduce exposure to the risks of business disruption, injury and death. We also deliver creative risk management solutions that enable our clients create, protect and preserve wealth,” Igbo stated.
Headded that in an industry inundated by a persistent lack of trust and confidence from customers, the reputation of an insurer in Nigeria is critical to its success. “We are proud that the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, echoes stability, financial strength, expertise and reliability. Consequently, we believe customers who truly want to protect the people they love will put their trust in the reliability we offer. We will work tirelessly to provide the best solutions and service to our clients. We are motivated and determined to continue to deliver innovative and optimal insurance and risk management solutions to our clients.”
Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally