Insurers Brainstorm with Brokers on Building Future of Sector

Insurance giants Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited recently convened insurance brokers at the Ibadan Professional Brokers Forum to discuss the future of the sector. The gathering centered on the notion that the industry's next chapter will be shaped by collective efforts from all stakeholders.

The underwriters and brokers agreed that no single entity can build that future alone – it requires effective collaboration between insurers, brokers, and other key players within the insurance landscape.

The discussions were spearheaded by Mrs. Mary Adeyanju, Managing Director/Chief Executive Officer of CHI Limited, and Mr. Tope Ilesanmi, Managing Director/Chief Executive Officer of CHI Life Assurance Limited. Both emphasized the importance of deeper cooperation, bold innovation, and a strong focus on customer satisfaction.

Adeyanju outlined the role insurance plays in helping businesses stay operational and recover from disasters. "Business continuity is about ensuring that a company continues in business even after experiencing a catastrophe," she stated. She highlighted the brokers' central role in the value chain, given their close relationship with policyholders. As the first responders when a claim occurs, Adeyanju argued that brokers are the primary source of insight into the reality of insurance.

With this in mind, Adeyanju encouraged brokers to work closely with underwriters to identify market gaps and develop products that address real issues faced by consumers. "We need to develop products that speak to the needs of people, not just products created to sell insurance," she urged.