President, Nigerian Council of Registered Insurance Brokers (NCRIB)
SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, PRINCE BABATUNDE OGUNTADE, AIIN, FCIB AT THE 2023 INSURANCE AND PENSION ROUND TABLE ORGANISED BY THE INSURANCE AND PENSIONS EDITORS OF NIGERIA (IPEN) AT THE RADDISON HOTEL, IKEJA, LAGOS ON THURSDAY, NOVEMBER, 23, 2023
The Commissioner for Insurance, Mr O.S Thomas
Other Special Guests
President of IPEN and Exco members
Ladies and Gentlemen
It is a great honour to be invited to this auspicious occasion of the 2023 Insurance and Pensions Roundtable being organised by the Insurance and Pensions Editors of Nigeria (IPEN).
Permit me to use this medium to appreciate the crucial roles and support which our Council has been enjoying from your Association, particularly since my emergence as the 22nd President of The Nigerian Council of Registered Insurance Brokers. There is no doubt that the image of our Council and the entire insurance industry has been greatly enhanced through your rich reportage of insurance events as they unfold. There could never be a better time to solicit more of such support than now when strident efforts are being made by all stakeholders in the industry to position insurance as the first port of call by the insuring public, be they individuals or corporates.
I must also felicitate your Association for the thoughtfulness of always throwing up issues that are quite stimulating for public discourse. This effort is capable of enriching the professional and intellectual content of all professionals and concerned institutions in the nation’s financial sector. Your action in this regard is quite consistent with the cardinal mandate of journalism which is to educate, entertain and inform.
I must say that I am also particularly fascinated by the theme of this year’s roundtable discourse which is “Customer Satisfaction: Key to Insurance and Pension Sector’s Growth”. Without any doubt, the issue of enhancing customer satisfaction in the service sector cannot be over emphasized. Unlike tangible products which could be seen and touched, marketing intangible products like insurance and pension requires greater measure of dexterity to connect the buyer with the products. The seller must as a matter of fact demonstrate great ability to persuade the existing and potential clients to feel the product through product integrity and value. It is most disheartening that in developing economies, services are difficult to market due to multifarious reasons, of which perception is one. It is obvious knowledge that insurance and pension are one, save the dichotomy that seems to be created between the two in our clime. Notwithstanding, the issue of satisfying customers should be at the front burner of consideration by the two if the two sectors are to accomplish the expected ends. While the insurance industry still continue to battle the albatross of poor patronage due to low understanding and acceptance, leading to the belief that insurance is only sold in Nigeria and not bought, the potential of the pension industry on the other hand is far from being reached also due to the same reasons. There is a large pool of potential clients of the two sub- sectors of the financial services sector that have not been reached, leading to probing questions as to whether the product offerings of the two are well understood and accepted by those they are supposed to serve.
It is most heartwarming that we have an assemblage of very erudite professionals majorly from the two sub-sectors to dissect this subject and deepen conversations on how best operators in the sectors could curry customers for enhanced penetration. It is a conversation that I personally feel excited about and trust same goes for other delegates here.
Before I conclude my speech, please permit me to use this medium again to assure your Association of the support of our Council towards all efforts aimed at growing the insurance sector in the country. As insurance brokers who are professional intermediaries, the crucial role and responsibilities which we owe the insured are not lost on us. Under this leadership, the NCRIB as a body would sustain its strategic partnerships and alliances with notable institutions and bodies in the country that could help to deepen our practice, and by extension, buoy the acceptance of insurance by the public.
I thank you once again for the honour of inviting me to Chair this event as I wish everyone a very fruitful discourse.
BABATUNDE OGUNTADE, FCIB
PRESIDENT & CHAIRMAN, GOVERNING BOARD
