The Nigerian Council of Registered Insurance Brokers (NCRIB) has announced a groundbreaking partnership with shopping malls and supermarkets to provide insurance coverage for essential goods sold at these outlets. This initiative, revealed by the NCRIB President, Babatunde Oguntade, during a recent press conference at the Council’s Secretariat in Lagos, aims to embed insurance services directly into the purchase of valuable items, offering shoppers seamless protection.
Innovative Insurance Integration
Oguntade highlighted that this collaboration would allow shoppers to benefit from insurance services on precious items bought at malls and supermarkets. The embedded insurance element will streamline the process, eliminating the need for consumers to search for separate insurance solutions after making their purchases. This integration is designed to provide convenience and peace of mind to shoppers, ensuring that their essential goods are covered from the moment of purchase.
Achievements and Strategic Engagements
During the event, Oguntade reflected on his tenure as the 22nd President and Chairman of the NCRIB Governing Board, under the theme “Breaking New Grounds, Sustaining Legacies.” Since his investiture, he and his team have actively worked to enhance the insurance industry’s image and expand business opportunities for members through strategic engagements.
Oguntade’s eight-point agenda, set at the start of his presidency, has driven efforts to foster relationships with key stakeholders, including government officials, industry leaders, and influential parties. These engagements aim to address challenges, build bridges, and explore opportunities for collaboration, ultimately benefiting the entire insurance sector.
Strategic Visitations
The NCRIB’s strategic visitations to significant figures and institutions have played a crucial role in building the Council’s influence. Notable visits include meetings with the Honourable Minister of Finance and Coordinating Minister of Economy, Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubarkar Bagudu; Honourable Minister of Marine and Blue Economy, Alh. Gboyega Oyetola, and the Executive Governor of Osun State, Senator Ademola Adeleke, among others.
These efforts have aimed to increase the Nigerian Insurance Industry’s credibility, particularly for brokers, enhance business opportunities, improve stakeholder trust, and strengthen partnerships. Oguntade emphasized that these relationships would ultimately benefit NCRIB members regardless of their status.
Collaborations with Other Sectors
The NCRIB’s collaborative efforts extend beyond the insurance industry. The Council has worked with housing developers and government agencies to create affordable insurance products, participating in the 18th Africa International Housing Fair 2024 and the sixth and seventh NISH affordable housing seminars in Abuja. These initiatives aim to make insurance more accessible within the housing and construction sectors.
Additionally, the NCRIB has engaged with the Nigeria Film and Video Censor Board to explore opportunities in the creative industry, which encompasses music, art, design, and other creative fields. This engagement seeks to provide NCRIB members with access to the broader creative sector.
A Vision for the Future
Oguntade’s vision and efforts have set a new direction for the NCRIB, ensuring that the Council remains at the forefront of innovation and growth in the insurance industry. The partnership with shopping malls and supermarkets is just one example of the proactive steps taken to embed insurance into everyday life, providing added value to consumers and expanding the industry’s reach.
With these strategic initiatives, the NCRIB continues to strengthen its position as a key player in Nigeria’s insurance landscape, driving growth, fostering relationships, and enhancing the sector’s overall credibility and influence.
