Elumelu charges insurance Agents on professional appeal
Tony Elumelu, Chairman of Heirs Holdings, has urged insurance professionals to make their industry and profession more engaging and alluring because there is still a lot of room for growth.
Additionally, he urges the business to have a minimum capital base of N50 million and repeatedly emphasizes the necessity to recapitalize the brokerage sector in our nation, arguing that N5 million is insufficient for a capital base.
Although members of NCRIB have over the years facilitated insurance businesses in hundreds of billions of naira, delighted millions of Nigerians with their professional insurance services, and ensured that claims are duly settled, Elumelu said in his keynote address at the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th anniversary held in Lagos, NCRIB still has a lot to offer to its members and the Nigerian insurance industry as a whole.
“There is always room for improvement. We must strive to achieve the highest levels of professionalism and dedication to delivering excellent service to the public who rely on us to provide them with comfort”.
“In the area of Governance, we as an industry need to enforce strict adherence to corporate governance by all NCRIB members. There is the need for the body to weed out non-registered and non-compliant members from its fold. These are the ones tarnishing the image of the broking profession and the industry at large. An insurance broker must be professional at all times”.
Elumelu recommended that NCRIB take the lead in redefining the profession of broking and its practitioners as well as fighting many of the unethical activities that have plagued the sector for years.
These, according to him, include lowering premium rates, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, fraudulent claims, collusion to commit fraud, mis-selling, unfavorable competition, misrepresentations, manipulation of policy conditions, self-enrichment techniques passed off as marketing costs, and many others.
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