The Nigerian Council of Registered Insurance Brokers (NCRIB) and the National Insurance Commission (NAICOM) have advocated for increased cooperation in utilizing opportunities for operating the underwriting and brokerage businesses through technology.
The choice was decided at the 2022 mid-year workshop, which was held in Lagos and was sponsored by the Lagos Area Committee (LAC) of NCRIB and had as its theme “Opportunities and Challenges of Insurtech.”
At the event, Rotimi Edu, the president of NCRIB, criticized the low insurance penetration in the nation and urged attendees to take advantage of insurance opportunities to tap not only the accounts of large government corporations like the Nigerian National Petroleum Corporation (NNPC), but also other large, medium, and small-scale industries that are abundant in the nation’s business environment.
Gbenga Agboola, a guest speaker at the event and the CEO of Flutterwave, emphasized the need for more collaboration between licensed brokers and core insurance practitioners by saying that the brokerage and underwriting industries offer several opportunities.
Agboola discussed the implementation of a domain presence for the successful execution of insurance enterprises among brokers and underwriters and the need for developing a technology-dependent insurance sector.
He maintained that chief executives who fly across the country do so for business negotiations and that more than 80% of travel in Nigeria is related to business.
All areas of the Nigerian economy, including oil and gas, aviation, banking and finance, maritime, transportation, and telecommunications, among others, have plenty of prospects, he claimed.