Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited have urged insurance brokers to strengthen their partnerships with underwriters to develop products that respond more effectively to customers’ needs and help rebuild confidence in the Nigerian insurance industry.
The call was made at the recently concluded Ibadan Professional Brokers Forum, where executives of the two companies engaged brokers on ways to improve collaboration across the insurance value chain.
The insurers, subsidiaries of Consolidated Hallmark Holdings Plc, stressed that closer cooperation between brokers, underwriters and policyholders would be essential to identifying emerging risks, creating relevant insurance solutions and improving customer experience.
Managing Director and Chief Executive Officer of CHI Limited, Mrs. Mary Adeyanju, said brokers occupy a strategic position because of their direct relationship with policyholders.
She described insurance as an important tool for business continuity, noting that adequate cover could help companies withstand major disruptions and recover following catastrophic events.
Adeyanju said brokers were often among the first industry professionals to become aware of customers’ challenges when claims arise, making their feedback valuable to insurers.
She therefore encouraged brokers to work closely with underwriters to identify underserved areas of the market rather than simply promoting existing products.
According to her, the industry needs solutions designed around genuine customer problems and not products developed solely for the purpose of selling insurance.
Adeyanju also called for a coordinated effort to improve the public perception of insurance, urging brokers and insurers to work together to explain policy terms, customer responsibilities and the practical benefits of insurance.
On the financial position of CHI Limited, she said the company had emerged from its recapitalisation exercise with N52bn in capital, putting it in a stronger position to engage and support its brokerage partners.
The Managing Director and Chief Executive Officer of CHI Life Assurance Limited, Mr. Tope Ilesanmi, said the life insurer had also strengthened its financial capacity following recapitalisation.
Ilesanmi disclosed that CHI Life’s capital had increased from N10bn to N11.2bn. He added that the company paid approximately N1bn in claims during the preceding six months.
He said the claims payments demonstrated the company’s commitment to fulfilling its obligations to policyholders.
Ilesanmi also cited the company’s Rent Secure product as an example of how identifying specific market gaps could lead to innovative insurance solutions.
He urged brokers and insurers to pay closer attention to unmet needs and develop products capable of addressing those gaps.
The CHI Life chief executive said the future development of Nigeria’s insurance industry would depend heavily on partnerships, better products, improved service delivery, stronger customer understanding and greater trust.
The executives also highlighted the broader capabilities of Consolidated Hallmark Holdings Plc, whose businesses span insurance and other financial services, including health insurance solutions.
