Chairman of Heirs Holdings, Mr. Tony Elumelu has called on registered insurance brokers to lead the war against unethical practices that have troubled the industry for years.
Elumelu, who is also the Founder, Tony Elumelu Foundation, made the call while making keynote remarks in Lagos at an event to mark the 60th anniversary of the formation of the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th Anniversary.
He listed these unethical practices to include preium rate cutting, delayed premium remittance, unremitted premiums, overloading of premium, returned premium, fake documents, and fraudulent claims.
He further listed collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, and self-enrichment methods disguised as marketing expenses.
Describing these as “stains (on) those who want to do right”, the Chairman of Heirs Holdings, which components include Heirs Life Assurance and Heirs Insurance Limited, called on the NCRIB to ensure that appropriate sanctions are imposed on any of its members found using unethical practices.
Suggesting ways to grow the industry for the benefit of all, Elumelu called on NCRIB and other insurance industry bodies to collaborate more, to deepen insurance penetration in Nigeria.
He further urged the NCRIB to play a key role in government advocacy for pro-insurance laws and policies, even as he called for innovation in the industry, arguing that practitioners need to look at the biggest yet untapped market – the retail market – to deepen insurance penetration.
He further stated: “To remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully.
“NCRIB also needs to work towards positioning its members properly for digital integration, mediating between the insuring public and the underwriters digitally.”
According to him, there is also need to “capture our young in the insurance habits from cradle to grave”, adding also that “there is an urgency to develop the next generation of talent to serve the Nigerian insurance industry.”
