Nigerians – Individuals, corporate bodies and governmental agencies have been urged to patronise duly licensed insurance brokers for professional advisory and value added services in buying insurance.
This advice was given recently by one of Nigeria’s seasoned insurance brokerage experts, Mr. Babajide Olatunde-Agbeja, Chairman, Boff & Company Insurance Brokers Limited, during a chat with the media.
Olatunde-Agbeja, who is a former President of the Nigerian Council of Registered Insurance Brokers (NCRIB), explained that the prospective insurance buyers stand to gain greater benefits from insurance policies by dealing with a broker rather than dealing directly with the insurance companies.
He argued that due to the complex nature of insurance contract, the prospective clients are better served to transact their insurance businesses through the insurance brokers who understand the nitty-gritty nature of the business. An insurance broker ensures that a comprehensive analysis of the prospect’s individual or business risk is carried out to identify the insurance needs and advise accordingly.
Olatunde-Agbeja said,“For any individual or corporate body to enjoy maximum benefit in the insurance value chain, they need to engage the service of insurance brokers who are professional consultants focused on providing optimum guidance to them. The insurance broker understands the rudiments of insurance, and as such would sit with a prospect, debrief the prospect, understand what exactly his business is about and how it operates and then provide a report on the possible insurance policy or policies needs of the prospect’s business and how best to buy them.”
“As a broker, we ensure that the prospects are rightly guided by making sure that whatever insurance policies they purchase cover the risk exposures of their entities. He further clarified that the key aspect of what we offer our clients is free consultancy as we derive our earnings from the premium paid by our clients to the insurers,”he noted
While commenting about his company, Boff & Company Insurance Brokers Limited, Olatunde-Agbeja noted that the company is one of the leading insurance brokerage firms in Nigeria offering top-notch insurance brokering services for an array of clients in the last 25 years. He maintained that Boff is known for offering personalized, efficient and customer-focused insurance solutions.
He stated that the unique selling point for Boff & Co is the integrity built over the years through prompt remittance of premium and efficient claims settlement as we have zero tolerance for non-compliance with National Insurance Commission (NAICOM) rules.