Brokers explore opportunities in takaful, microinsurance

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Chuks Udo Okonta

The leadership of Nigerian Council of Registered Insurance Brokers (NCRIB) has through its action, debunked the perception that insurance brokers are not interested in retail business, by engaging operators in microinsurance and takaful business to explore enormous opportunities inherent in their field of operations.

The brokers fraternity, in its maiden edition of the NCRIB Mid-Year Workshop, brought experts from takaful and microinsurance companies to interact with brokers on how they can help expand insurance business within their scope.

President of NCRIB, Rotimi Edu, at the event with the theme:’Exploring Huge Potentials of Takaful & Micro Insurance’, said the event, was timely, considering the fact that the registration of Takaful and Micro Insurance firms by the National Insurance Commission (NAICOM) was to achieve the 40 per cent financial inclusion target in the insurance industry.

“The Commission had disclosed that it had planned programs to promote the Takaful and Micro Insurance. In my opinion, the best response by any Insurance Broker is to plug in to the NAICOM planned programs, hence, the benefit of this training,” he posited.

Edu, who represented by the Deputy President of the NCRIB, Tunde Oguntade, noted that the objective of the workshop amongst others was to educate participants on the essentials of takaful & micro-insurance and the different products available under the classes of Insurance, stressing that it would also enlighten members on how to increase and strengthen the company’s client base.

He submitted that in view of the besetting challenges posed by the poor knowledge gap, the Council loaded the workshop with three titillating and educative topics, adding that the choice of speakers for the papers was deliberate and concerted going by their pedigree and their exposure, especially, on the subject of consideration.

“It would be recalled that at the beginning of this administration, we emphasized on the need to put our Members at the front burner of development to ensure a well-rounded professional practice. In discharging this essential responsibility, we coined and code-named our vision ‘Broker-Centrism’.

“To give impetus to this vision, we rolled out programs that were of immense benefit to all Registered Insurance Brokers under the aegis of the Nigerian Council of Registered Insurance Brokers. Some of these programs are talk of the industry till today. I am convinced beyond measure that, in terms of image and publicity, our Council had gone passed the level of obscurity, even though, we hope we would still do more. Again, from the stable of this administration,

“I am delighted to inform you that the NCRIB Mid-Year Workshop has come to stay, with the approval of our Governing Board. With God on our side, we shall leave no stone unturned to ensure that all our Members across the Country are better in all ramifications.
Having realized the knowledge gap in the area of Takaful and Micro Insurance business, in spite of the huge potentials, the Council has been magnanimous enough to coin this maiden edition around the subject of Micro Insurance and Takaful,” he said.

Executive Director, Business Development and Strategy, Salam Takaful Nigeria Limited, Dr. Nurudeen Liman, speaking on the topic, “How to increase and strengthen your Company’s Client base with Takaful & Micro Insurance”, gave a background on the evolvement of takaful and how it is making positive impacts in the lives of Policyholders.

Managing Director/CEO, Hilal Takaful Nigeria Limited, Alhaja Thaibat Adeniran, who spoke on “Takaful as a Catalyst to Business Growth and Stability”, enumerated the different product offering paraded by her company and how Policyholders are leveraging the products to secure their lives and mitigate losses.

She also said takaful operations allow people insure in line with their faith and share from surpluses made from their contributions.

Managing Director/CEO, GOXI Micro-Insurance Co. Limited, Shina Gbadegeshin, spoke on “Designing and developing sustainable Micro Insurance Products”, stressing that through microinsurance operations, his company has been able to wipe away tears of traders who hitherto never had insurance experience.

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