Babalola, a former Minister of State for Finance, urged insurance brokers, and members of the Council to help their clients keep pace with the steep developments influencing changes in the Nigerian society, thus ensuring their business stability even in the face of economic challenges.
While baring his mind on how insurance brokers can stay relevant in the insurance business in Nigeria, he said: “the future is only assured for insurance brokers who demonstrate analytics, innovation, expertise in risk identification, management and transfer and who can design and supply bespoke solutions to risks.”
He bemoaned the 0.43 per cent insurance penetration rate, less than $5 insurance density in the country and its less than one per cent contribution to the gross domestic product (GDP). He however affirmed that there are abundant opportunities for growth.
Babalola identified information advantage as a game changer for insurance brokers, who wish to differentiate themselves in offering cutting-edge solutions in remaining relevant both in the present and the near future.
Speaking further, he explained that the retail segment is the future of insurance market in Nigeria, given its untapped growth opportunities, hence a need for brokers to deploy technology to unlock the growth potential whilst engaging in constant public enlightenment to sensitise the people for increased penetration.
He charged members of the Council on the need to place the interest of their clients above all else while applying professionalism, integrity and independence.
He stressed that it is important for the insurance brokers to constantly identify and develop viable yet innovative solutions to constantly changing risk environment.
