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Broker strategises to drive industry’s penetration

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Stanbic IBTC Insurance Brokers Limited has unveiled plans to deploy trust-building measures that would plug major gaps in the insurance value chain in Nigeria.

With the aim of improving insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps are required to restore public confidence and put the sector on a stronger footing

The Chief Executive, Stanbic IBTC Insurance Brokers, Anselem Igbo,who spoke to The Guardian, at a media parley organised by the firm in Lagos affirmed that insurance penetration in the country is low and does not augur well for the wellbeing of individuals, businesses and the economy.

Igbo said the insurance business is a unique one, which has been set up to help clients effectively manage their risks, including theft, accidents, robbery, injuries, manmade and natural disasters, and even death, thereby ensuring peace of mind through risk transfer and efficient insurance claims.

“The insurance industry has numerous bespoke products and services to cater for the insurance needs of all strata of society, including individuals, families, groups, associations, businesses, and large organisations.

I therefore urge Nigerians to protect themselves, their families and valuables by investing in insurance coverage,” Igbo urged.

The insurance chief stated that one of the reasons the Stanbic IBTC Group established the Stanbic IBTC Insurance Brokers was to fill this perceived gaps in the industry and ensure Nigerians are adequately protected. Igbo said the company commenced full operations sequel to the granting of a licence by the National Insurance Commission (NAICOM) in January 2016, paving the way for the firm to offer the full spectrum of insurance brokerage services, a development that will help in deepening insurance penetration in the country.

According to the chief executive, Stanbic IBTC Insurance Brokers, building on the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, will continue to adopt global best practice in its operations, including exceptional quality of service and facilitating prompt payment of claims for clients.

“Our services apply to individuals and corporate entities, existing customers and non-customers of the Stanbic IBTC 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 restated.

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


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