Insurers, Brokers Call for Greater Collaboration to Transform Nigeria’s Insurance Industry

Insurance companies and brokers have called for stronger collaboration, innovation and customer-focused solutions to drive the growth and development of Nigeria’s insurance industry.

The call was made at a forum organised by Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited in Ibadan, where industry stakeholders discussed the theme, “Industry’s Next Chapter Will Be Written by Many Hands.”

The discussions were led by CHI Managing Director, Mary Adeyanju, and CHI Life Assurance Chief Executive Officer, Tope Ilesanmi, who highlighted the importance of closer cooperation between insurance companies and brokers.

Adeyanju noted that brokers play a vital role in the insurance value chain because of their close relationships with policyholders, particularly when claims arise.

She urged industry stakeholders to prioritise the development of insurance products that address customers’ actual needs rather than focusing solely on creating products for sale.

Participants at the forum also emphasised the importance of building public trust in the insurance sector and developing solutions that enable businesses to recover from unexpected disasters.

The discussions highlighted the need for insurance providers and brokers to work together to improve customer experiences, strengthen confidence in insurance services and deliver products that offer practical value to policyholders.

The stakeholders said a more collaborative and customer-focused approach would be important in shaping the future of Nigeria’s insurance industry.