Insurance
The Association of Registered Insurance Agents of Nigeria (ARIAN) has revealed plans to transform insurance industry with the target of 10,000 registered members across the country that would regain Nigerian confidence in the underwriting business.
The President of the association, Ademola Ifagbayi, in an exclusive chat with The Inforrust, on the sidelines of the association’s 2019 yearly national conference, investiture and general meeting in Lagos, said insurance agents across the federation have determined to enhance the nation’s insurance input in Gross Domestic Product (GDP) by taking advantage of the social media platforms to reach out to the uninsured in the country.
The guest speaker and Managing Director, ARM Life Plc, Steve Alangbo, in his paper titled: “Retail Insurance and Digital Transformation”, discribed how technology would help make insurance agents more relevant, foster huge premium generation and enhanced service delivery at a seamless process in the country.
He urged agents to help their offices initiate easy ways of paying premium and settling claims, adding that digital technology has helped to transformed business practices.
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Alangbo implored agents to esteem good service delivery, stressing that one dissatisfied customer could make an organisation lose more than 20 others who would have buy insurance.
Chairman of the event, Dr. Olufemi Ogunlowo, urged agents to create value for the insuring public, adding that until people begin to see the equivalent value of what agents are selling, there would not be growth in the industry.
The Special Guest, Dr. Oladipo Bailey, who was represented by his son, Babajide Bailey, applauded agents for their commitment towards taking insurance to the grass roots and urged them to do more in educating the public on the need to secure their lives and properties with insurance.
Chairman of Council, National President, ARIAN, Gbadebo Olameru, implored agents to acquire more skills, especially in the area of non life insurance business, stressing that there are enormous untapped potentials in non life insurance business which could help shore up insurance premium.
He urged agents to focus more on value creation than premium, adding that the public would embrace insurance when they get value for their premium.
On ethics and sanctions for defaulting agents, he said that ARIAN is working with the Nigerian Insurers Association (NIA) to blacklist any agent, who engages in fraudulent practices, stressing that the bodies are working to ensure that such individuals do not get employment in the insurance industry.
He said the association is also collaborating with underwriters to ensure agents are properly trained go beyond what they are doing to boost insurance penetration in the country.
