Insurance brokers tasked on data for efficiency

Insurance brokers of Nigeria have been urged to work more with data to explore areas that are untapped in the sector.

At an event organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) Abuja Area committee and African Alliance in Abuja, a guest speaker, Ejerete Ola Gam-Ikon, stated that non use of data by insurance brokers has limited their penetration of the insurance market.

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Gam-Ikon, who was speaking on the theme “Business Strategies in Uncertain Times: Way Forward for Brokers,” noted that the perforation of digitisation in every sector underscores the need for a new approach to business.

“The time of doing business without numbers has gone. We should no longer sit and wait for government tenders because we are in the business of numbers. I want us to change our approach to business, let us begin to deal with business from the point of numbers.”

He added that there are business opportunities lying fallow in Nigeria as “insurance claims are made from climate change in other countries.”

“Are you aware that a fire can start in a building without starting matches? Cybercrime is with us, what are we doing in that area? There are new areas we can engage in to make money from.

He added that times are uncertain in the sector because there is no information or data, shared data and effective collaboration and effective partnership.

The strategy is that, let us work with the data and drive marketing through data. Once we have this, we can send our staff to get business they will know where to get them from.

On his part, the National President of NCRIB, Bola Onigbogi, stated that being complacent by brokers was the reason they are not included in key government decisions.

She vowed to inaugurate a think-tank to look into ways interest of insurance brokers would be protected.

Earlier, MD/CEO African Alliance, Joyce Ojemudia, disclosed that the company has survived for 6 decades owing to its innovative ideas in serving its customers.