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‘Insurers Should Be Product Creative’

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reativity in insurance marketing is very crucial in surviving the present market environment especially with the austerity measures that the Nigerian government has come up with. The decline in oil prices and decline in crude oil production in the global market are signs that the Nigerian economy will be negatively affected and insurance will not be left out.

In tackling this challenge, the insurance practitioners in Nigeria must be creative not only in management but also in product development. This will enable the insurance industry to increase its base of premium incone and check the malaise of the austerity system.

Towards this end, the Nigerian Council of Registered Insurance Brokers (NCRIB) has advised insurance Brokers in Nigeria to be more creative in product marketing in order to survive the current challenges confronting the country.

This charge was given by the President of Council, Ayodapo Shoderu,  at the investiture of new executives of the Kano Chapter of the council. He advised the insurance practitioners especially in the northern Nigeria to brace up to the challenges.

Shoderu lamented the challenges poised to insurance and the economy generally in the North following the grinding security challenges in the region.

He specifically told the brokers who are professional intermediaries in the insurance value chain, to study their environment as well as people’s needs and come up with tailor made insurance policies to suit their needs.

In the same token, the NCRIB boss also implored government in the region to stem up strategies for combating the security challenges so that the economy of the area could be afoot again.

According to him, the importance of the North to the nation’s economic growth cannot be undermined going by its antecedents. He explained that the Northern part of Nigeria constitutes the industrial hub of the nation, considering the existence of large industries sited there.

“Permit me to state that in spite of all odds, if you are doggedly determined, the sky can only be your starting point. This is definitely an auspicious moment to admonish all my professional colleagues to brace up to the challenges confronting our practice, and strive at all times to be ingenious.

“My take is that if other professions and trades are thriving in Kano State in spite of the present challenges, insurance brokers can also thrive, if you brace up and evolve products that will naturally meet customer’s needs and aspirations”.

In his acceptance speech, the newly elected Chairman of Kano Chapter, Mr. Olalekan Olaniran craved the indulgence of all stakeholders in the industry for support and cooperation at all times while stressing the need for the broking arm in the region to wake up to fully participate in the activities of the nation’s economy.

He said, “insurance industry plays a pivotal role in engineering of a nation’s economy hence the industry players cannot afford to be on the fence in the scheme of events within the nation’s economy. For us to be reckoned with by the government and other players in the economy, we must have to make ourselves relevant at all times.

“The window of opportunities which the law on local initiative contents afforded our industry has not been fully tapped as Commissioner for Insurance (Mr. Fola Daniel) has challenged our industry for not taking full advantage of the law. Of course, we cannot be there to take full advantage of the law if we are not organized and work together to provide and share information that will be useful to the members of the industry.

Also, a Northern based Past President of the Council, Dr. Mohammed Koguna encouraged the national secretariat not to be too far from the local chapters particularly, the northern chapter in view of the fact that insurance awareness there is still low compared to the south.

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