Experts see enhanced infrastructure boosting insurance brokerage services
Insurance brokers as intermediaries in risk management occupy a very important position in the nation’s insurance industry, particularly which it controls about 70 percent of total industry premium.
This presupposes that brokers given their role of relating directly with the clients have a responsibility to build consumer confidence for the industry to attain expected height.
This therefore points to the need for insurance brokers to acquire necessary infrastructure, which will not only enable them provide quality service to clients, but also comply with numerous regulatory requirements to be able to remain in business.
Analysts who emphasised on the need for improved services, said this has become very important this time more than ever because consumers will make difficult choices to take insurance given the declining economic activities.
Mohammed Kari, commissioner for Insurance said during the investiture of Kayode Okunoren, new president of the Nigerian Council of Registered Insurance Brokers (NCRIB) that there is need for insurance brokers to show commitment and install necessary organization infrastructure to ensure they comply with all the laws of the land.
Kari who was represented by George Onekhena, deputy commissioner, Finance and Admin, said “as professionals, you should take equitable interest in discharging your duties in the interest of all the stakeholders.
“They should ensure their function is not exploited as a vehicle for corruption including money laundering; they should recognize their role in insurance penetration especially as it includes the development of financial inclusion product and they should recognize their role as employers of labour and to improve their quota to the resolution of the economic problem that is affecting the nation”
Ron Agypt, vice president of Broker Sales at Aflac, Columbus said providing quality service, always an important business practice is essential in today’s environment, where individual customers and business clients are searching for ways to better manage personal finances and streamline operating expenses. A commitment to customer service is especially vital for insurance sales professionals who are responsible for not only keeping a promise to policyholders, but also offering quality products that add value to an employer’s business.
For insurance agents and brokers alike, customer service is key to gaining and retaining business, particularly during an economic downturn. Because insurance is an intangible good–the purchase decision is based upon life events that have yet to occur–establishing oneself as a benefits solution provider is a must for agents and brokers in the current economy.
He said in addition to offering the right products and having a trusted name, look for a voluntary benefits partner that has the appropriate infrastructure in place to support ongoing quality service to your clients. Collaborating with a voluntary insurance company that has an organizational structure, including top-notch enrolment solutions, enhanced processes that produce operational efficiencies and a dedicated team responsible for managing customer service, will help strengthen your client relationships.
During challenging economic times when customers are carefully re-evaluating their finances, brokers and agents have a unique opportunity to serve as a solutions provider in an even greater capacity than usual. Becoming more of an advocate for your clients will not only assist in sustaining your sales operation during an economic downturn. It will also better equip you to provide the quality service necessary to help employees safeguard their families and business owners protect their companies, the Expert said.
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