Experts urge Nigerians to embrace insurance brokerage services

Experts in the insurance industry have advised Nigerians to patronise duly-licensed insurance brokers for professional counselling in buying insurance products.

The Chairman, Boff & Company Insurance Brokers Limited, Babajide Olatunde-Agbeja, gave the advice during a workshop in Lagos.

He said prospective buyers stand to gain more benefits from policies by dealing with brokers rather than going directly to insurance companies.

He argued that due to the complex nature of insurance contracts, policy holders are served better by brokers who understand the nitty-gritty of the business.

“An insurance broker ensures that a comprehensive analysis of the individual or business is carried out to identify the insurance needs and advise accordingly.

“For any individual or corporate body to enjoy the maximum benefit in the insurance value chain, they need to engage the services of insurance brokers who are professional consultants focused on providing optimum guidance to them.

“The insurance broker understands the rudiments of insurance, and as such, would sit with a prospect, debrief the prospect, understand what exactly his business is and how it operates and then provide a report on the possible insurance policy or policies required,” he said.