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Chuks Udo Okonta
Insurance brokers have been told to consider Standard Operating Manual (SOM) as a strategic tool that enhances efficiency; ensures compliance; reduces risks; supports training and fosters growth in the competitive insurance broking industry.
The former Director Inspectorate Department, National Insurance Commission (NAICOM) Leonard Akah, said this while delivering a paper themed; ‘Code of Ethics and Operational Standard in Insurance Broking Firms: The Regulators’ Expectations ‘ at the Nigerian Council of Registered Insurance Brokers Lagos Area Committee (NCRIB-LAC) March 2025 General Meeting today in Lagos.
According to him, standard operating manual is not just a procedural guide, but ensure brokers operate in a professional, efficient and compliant manner, providing high-quality services to to their clients.
It submitted that it also defines the roles of key personnel within the brokerage, including their duties and reporting structures.
He said other importance of SOM are: Clients management; clients account policy; Know Your Customer compliance procedures; sales and policy management; compliance and regulatory requirements amongst others
On why brokers need SOM, he said it ensures compliance with Insurance Act; consistency; enhances operational efficiency by outlining clear procedures for operations; supports consumers protection, reduces misunderstanding and disputes; supports business continuity amongst others.
The Chairman of NCRIB-LAC Oluremi Oduwole, noted that the Area Committee has been at the forefront driving ethical conducts amongst members, adding that members would continue to operate within the statutory regulated requirements.
He appreciated the participants for gracing the event and pledged that his regime would continue to build on the foundation laid by the founding fathers
The Area Committee also at the event awarded winners of insurance teachers training conducted with a Reinsurance expert Kehinde Adeyemi, their prizes which included N100,000 each and enrollment for the Chartered Insurance Institute of Nigeria (CIIN) professional examinations.
The winners are: Science Teacher Liberty School , Ayobo, Jatto Emmanuel who took the first position;; Insurance Teacher Government Secondary School Bako, Abuja, Ogbuewu Godwin and Principal Liberty College Ayobo, Lagos, Mrs. Okeke Nneka.
