Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited have called for stronger collaboration between insurers and insurance brokers to develop customer-focused products, improve public confidence and strengthen the Nigerian insurance industry.
The two companies, subsidiaries of Consolidated Hallmark Holdings Plc, made the call at the Ibadan Professional Brokers Forum, where industry stakeholders discussed the theme, “Industry’s Next Chapter Will Be Written by Many Hands.”
Participants agreed that building a stronger insurance sector would require collective efforts by brokers, underwriters and other industry players to understand customers’ needs, develop relevant insurance solutions and improve public trust.
The discussions were led by the Managing Director and Chief Executive Officer of Consolidated Hallmark Insurance Limited, Mrs Mary Adeyanju, and her counterpart at CHI Life Assurance Limited, Mr Tope Ilesanmi.
Both executives advocated deeper industry cooperation, greater innovation and a stronger focus on customer needs.
Adeyanju said insurance played an important role in helping businesses maintain operations and recover from unexpected disasters.
“Business continuity is about ensuring that a company continues in business even after experiencing a catastrophe,” she said.
She highlighted the importance of insurance brokers in the industry’s value chain, citing their close relationships with policyholders and their understanding of customers’ experiences.
According to her, brokers are often the first point of contact when policyholders experience losses and need to make claims.
“You are the first point of contact, and you know the reality of insurance,” she said.
Adeyanju urged brokers to work more closely with underwriters to identify underserved markets and develop products that address specific customer challenges.
She stressed that insurance offerings should be designed around genuine customer needs rather than created simply to increase sales.
“We need to develop products that speak to the needs of people, not just products created to sell insurance,” she said.
The forum underscored the need for insurers and brokers to combine their expertise to improve product relevance, strengthen service delivery and build greater confidence in insurance among Nigerians.
