The Chairman, Heirs Holdings, Tony Elumelu, says the capital base for the insurance brokerage sector should be increased from N5 million to N50 million.
Elumelu stated this on Thursday at the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th anniversary colloquium and book launch in Lagos.
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According to him, to remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry must embrace technology fully.
“Brokers embrace technology and digital adoption, adding that current analogue processes need to be eliminated to improve service delivery to customers. The sector also needs to recapitalised from the current N5 million to N50 million.
“The brokers industry cannot advance when the other financial services are transitioning to online real time and brokers are still stuck with a system that relies on hard copy files and documents,” he said
According to him, the broker community should rally and become the hub for the education and training of the youths to guarantee a smooth transition.
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