Standbic IBTC Insurance Brokers Helmsman Blames Insurance Rebuff On Insufficient Publicity

Chief Executive, Standbic IBTC Insurance Brokers Ltd, Mr. Amslem Igbo

By LOVETH AZODO, Lagos.

In response to solving the seeming intractable insurance rebuff problems in the country, the Chief Executive, Standbic IBTC Insurance Brokers Ltd, Mr. Amslem Igbo has said that the Insurance Product has not been totally accepted by Nigerians because of insufficient publicity.

He further attributed the poor penetration of the insurance product to low standard of processes in the insurance industry

Speaking to Newsmen in his office , Igbo pointed out that over the past three years of existence, Standbic Insurance Brokers Ltd has gone a reasonable extent in changing the perception of the public towards Insurance.

Igbo urged Nigerians to protect themselves, their families and valuables by investing in insurance coverage.

“The insurance industry has numerous bespoke products and services to cater for the insurance needs of all strata of society, including individuals, families, groups, associations, businesses, and large organizations.”

“Stanbic IBTC Insurance Brokers, building on the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, will continue to adopt global best practice in its operations, including exceptional quality of service and facilitating prompt payment of claims for clients.

According to the Chief Executive, the company which commenced full operations sequel to the granting of a licence by the National Insurance Commission (NAICOM) in January 2016 is among the top Ten Insurance brokers “because of our status in the industry we are consulted in determining the tier for brokers.” he said

Optimum Times has earlier reported NAICOM’S justification for tier based minimum solvency capital https://optimumtimes.com/tier-based-minimum-solvency-capital-requirement-essential-naicom/ On that, Igbo said “The commission is doing the right thing but the consolidation period is too short.”

On the 2004 insurance Act, he revealed that processes are on ground at the National Assembly to facilitate the review of the Act.

Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.