Insurers urge stronger broker collaboration at the Ibadan Professional Brokers Forum to drive growth.
Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited recently called for stronger industry collaboration. The subsidiaries of Consolidated Hallmark Holdings Plc urged stakeholders to accelerate the growth of Nigeria's insurance sector during a professional gathering.
The companies engaged insurance brokers at the Ibadan Professional Brokers Forum to build a more customer-focused industry. Closer cooperation across the insurance value chain is critical to understanding changing customer needs and developing relevant products, according to information published by punchng.
Leadership from both underwriting firms emphasized the vital role of brokers as a direct link to policyholders. Mary Adeyanju and Tope Ilesanmi spearheaded the discussions, highlighting innovation, financial strength, and trust as core pillars for future sector development.
Enhancing business continuity and market gap analysis
Mrs. Mary Adeyanju, Managing Director and Chief Executive Officer of CHI Limited, explained that insurance helps companies stay operational after a disaster. She placed brokers at the heart of the value chain because they act as first respondents when a claim occurs.
Adeyanju urged brokers to partner with underwriters to spot market gaps and shape products that solve real problems. She stressed that the industry must develop products speaking directly to the needs of people, rather than creating policies merely to sell insurance.
Rebuilding public confidence and insurance industry image
During the forum in Ibadan, Adeyanju challenged the industry to reshape its public image and step out of its shell. Underwriters and brokers must work together to change the historical narrative surrounding Nigerian insurance coverage.
Brokers should actively help policyholders understand their specific coverage, personal responsibilities, and the true value of financial protection. Adeyanju also reassured participants that CHI Limited stands on solid financial ground with N52bn in capital following recapitalization.
Expanding micro life assurance and innovative products
Mr. Tope Ilesanmi, Managing Director and Chief Executive Officer of CHI Life Assurance Limited, traced the company evolution into a full life assurance business. The firm successfully raised its capital from N10bn to N11.2bn after recent recapitalization efforts.
Demonstrating a strong commitment to clients, Ilesanmi noted that the company paid out about N1bn in claims over the past six months. He pointed to specialized offerings like Rent Secure as proof that gap-driven innovation successfully meets specific consumer needs.
Leveraging broader financial services and group capabilities
Both executives highlighted the wider capabilities of the Consolidated Hallmark Holdings Plc Group, which delivers comprehensive financial services and health insurance solutions. This ecosystem supports broader collaboration across the Nigerian market.
The forum underscored a shared conviction that closer cooperation improves customer experience. CHI and CHI Life reaffirmed their dedication to working alongside brokers to raise service standards and deepen public trust.
Frequently Asked Questions
What did Consolidated Hallmark and CHI Life discuss at the Ibadan forum?
The companies called for stronger collaboration among insurers, brokers, and industry stakeholders to accelerate the growth of Nigeria's insurance sector and build a customer-focused industry.
Who are the key executives leading CHI Limited and CHI Life Assurance?
Mrs. Mary Adeyanju serves as the Managing Director and Chief Executive Officer of CHI Limited, while Mr. Tope Ilesanmi leads CHI Life Assurance Limited as its Managing Director and CEO.
What financial strength do CHI Limited and CHI Life possess?
CHI Limited stands on a solid capital base of N52bn following recapitalization, while CHI Life Assurance increased its capital from N10bn to N11.2bn and paid out N1bn in claims over six months.
What is the role of insurance brokers according to Mary Adeyanju?
Adeyanju noted that brokers are the first respondents when a claim occurs, serving as vital links who understand policyholder realities and help bridge market gaps.
