COVID-19: We are attuned to new normal says NCRIB President

The President of the National Council of Registered Insurance Brokers (NCRIB) the umbrella body of all registered insurance brokers in Nigeria, Dr Bola Onigbogi said members of the Brokerage fraternity have been positioned to face the challenges of Covid-19 pandemic as professionals.

The NCRIB President said this in a media interview in Lagos recently.

According to her, “The Covid-19 as you are aware, is a global phenomenon that has affected the entire global order, including our professional practice and operations and we are already attuning our minds to the challenges of the new normal.

“At the level of the council under my leadership, we have left no stone unturned in the sensitisation and enlightenment of our members on the need to have a paradigm shift in their operations. We have held training on leadership, on coping with digitalisation, among others. But most importantly, brokers, like other professionals, have to square up to the new twist in the relationship with their clients, the type of changing demands that the clients would have.

“You may recall that some policies may have to be tweaked a little bit by brokers and underwriters to cover the emerging realities of the Covid-19. Of course, we must not forget that the Covid-19 is also affecting the human resource and work patterns of members, which as a council we are pointing their attention at.

Dr Onigbogi who expressed optimism on the possibility for many insurance companies to meet the recapitalization deadline also commended National Insurance Commission (NAICOM) on the handling of the ongoing recapitalization exercise.

“Well, NCRIB is quite delighted at the pace of the recapitalisation process and particularly the midwifing roles of the National Insurance Commission (NAICOM), under the leadership of the commissioner for Insurance, Mr. Sunday Thomas.

“There is high optimism on our part that many of the companies would be able to meet the deadlines, given the extension already given to them by NAICOM.

“The only aspect where brokers are concerned has to do with the aspect of intermediation between the clients and the industry. You know we are professional insurance advisors who owe our clients the duties and responsibilities of giving them valuable advice about where to insure.

“We actually need some measure of caution to watch the goings-on, by on one hand, helping clients to know which company would be afloat at the end of the day and those that may not make it. But we are trying to do this responsibly so as not to create panic in the minds of the insured, and by so doing, having a run on the industry,” the NCRIB boss explained.