Lord of Insurance: Demystifying the benefit of Brokers in Nigeria

Nigerians have been advised to patronise duly licensed insurance brokers for professional counseling and value auxiliary services in buying insurance products.

The Chairman, Boff & Company Insurance Brokers Limited, Babajide Olatunde-Agbeja, gave the advice during an interview with journalists.

Olatunde-Agbeja, who is also a former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), stressed that prospective buyers stand to gain greater benefits from policies by dealing with a broker rather than dealing directly with the insurance companies.

He argued that due to the complex nature of insurance contracts, prospects are served better brokers who understand the nitty-gritty nature of the business. An insurance broker ensures that a comprehensive analysis of the prospect’s individual or business risk is carried out to identify the insurance needs and advise accordingly.

Agbeja said: “For any individual or corporate body to enjoy maximum benefit in the insurance value chain, they need to engage the service of insurance brokers who are professional consultants focused on providing optimum guidance to them.

“The insurance broker understands the rudiments of insurance, and as such would sit with a prospect, debrief the prospect, understand what exactly his business is about and how it operates and then provide a report on the possible insurance policy or policies needs of the prospect’s business and how best to buy them.

“As a broker, we ensure that the prospects are rightly guided by making sure that whatever insurance policies they purchase cover the risk exposures of their entities. The key aspect of what we offer our clients is free consultancy as we derive our earnings from the premium paid by our clients to the insurers,” he explained.

While commenting on Boff & Company Insurance Brokers, Olatunde-Agbeja noted that the company is one of the leading insurance brokerage firms in Nigeria, offering top-notch for an array of clients in the last 25 years, adding that the firm is known for offering personalised, efficient and customer-focused insurance solutions.

He stated that the unique selling point for Boff & Co is the integrity built over the years through prompt remittance of premium and efficient claims settlement, as it has zero tolerance for non-compliance with National Insurance Commission (NAICOM) rules.


Source: Guardian