Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited are advocating for stronger partnerships among insurers, brokers, and other stakeholders to foster growth in Nigeria's insurance sector. This call to action was made during the Ibadan Professional Brokers Forum, where the companies engaged with insurance brokers to emphasize the importance of a customer-centric approach in the industry.

Both firms, which are subsidiaries of Consolidated Hallmark Holdings Plc, highlighted that collaboration across the insurance value chain is essential for understanding the evolving needs of customers. They stressed that this cooperation would aid in developing relevant products and rebuilding public confidence in insurance.

Leading the discussions were Mrs. Mary Adeyanju, Managing Director and CEO of CHI Limited, and Mr. Tope Ilesanmi, Managing Director and CEO of CHI Life Assurance Limited. They both underscored the critical role brokers play as intermediaries between insurers and policyholders, particularly in identifying emerging risks and ensuring that insurance solutions align with customer needs.

Adeyanju pointed out the significance of business continuity in the insurance landscape, stating that it is vital for companies to remain operational and recover from disasters. "Business continuity is about ensuring that a company continues in business even after experiencing a catastrophe," she said. She positioned brokers as pivotal in this process, noting that they are often the first point of contact for clients when claims arise.

The industry leaders urged brokers to collaborate more closely with underwriters to identify market gaps and develop products that address real-world issues. "We need to develop products that speak to the needs of people, not just products created to sell insurance," Adeyanju remarked. She also called for a transformation in the industry's image, encouraging underwriters and brokers to work together to reshape the narrative surrounding insurance.

Ilesanmi shared insights into the evolution of CHI Life, highlighting its growth from a micro life insurance provider to a comprehensive life assurance company. He noted that the company's capital increased from N10 billion to N11.2 billion following recent recapitalization efforts, and they have paid out approximately N1 billion in claims over the last six months, demonstrating their commitment to fulfilling customer obligations.

He also cited the innovative product, Rent Secure, as an example of how addressing market gaps can lead to successful offerings. "We need to look for the gaps in the market and build products around those gaps," he stated, reinforcing the idea that the future of insurance relies on stronger partnerships between insurers and clients, enhanced products, superior service, and trust.

The forum concluded with a shared commitment from both companies to work alongside brokers and other stakeholders to elevate service standards, provide customer-focused solutions, and deepen trust in the insurance sector. The overarching message was clear: collaboration is key to driving growth and improving customer experiences in Nigeria's insurance industry.