IBTC Insurance Broker’s Boss Explains Low Insurance Penetration

Ebere Nwoji

The Chief Executive Officer, Standbic IBTC Insurance Brokers Limited, Mr. Amslem Igbo, has said that Nigerians are still alien to insurance services, a situation which he blamed on low awareness due to insufficient publicity.

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

Addressing the media in his office in Lagos, Igbo pointed out that over the past three years of existence, Standbic IBTC Insurance Brokers has done reasonably well n changing the perception of the public towards Insurance.

He urged Nigerians to protect themselves, their families and valuables through insurance services.

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

According to him, the company which commenced full operation sequel to the granting of a licence by the National Insurance Commission (NAICOM) in January 2016 is among the top 10 insurance brokers, adding “because of our status in the industry,we are consulted in determining the tier for brokers.” he said