By Louis Ibah
Stanbic IBTC Holdings has made a foray into Nigeria’s insurance industry with the establishment of a new firm known as Stanbic IBTC Insurance Brokers.
Chief Executive of Stanbic IBTC Insurance Brokers, Mr. Anselm Igbo, who spoke at the media launch of the firm in Lagos described the diversification as “a bold step that will assist boost insurance penetration in Nigeria.
“This is our latest baby in Nigeria. we got the licence in February 2016 and our target is to work to get more Nigerians embrace insurance and in the next 10 years be ranked among the first five best insurance brokering firms in Nigeria,” Igbo said.
“We are coming into the market at a time when the country is under a recession but we believe it is the right time because anyone who is able to buy a new product at this period needs insurance more than ever to indemnify incase of loss or damage or theft. This is not the best of times for anyone to contemplate replacing with his or her own money any new thing destroyed or stolen that he or she bought so expensively. It’s the right time to get insurance in Nigeria,” Igbo added.
Head, Business Development of the company, Ms. Ibiyemi Mezu, said the major advantage that the new insurance brokering firm had was the support of its parent company, Stanbic IBTC Holdings.
“We have an implicit support of the Stanbic IBTC Holdings and Standard Bank Group, which gives us a good capitalisation and liquidity, strong risk management policy, experience management team, and strong corporate governance practices,” said Mezu.
“But above all, we are set up to negotiate and find insurance quotes that are very competitive for our clients as well as ensure prompt payment of claims, which is a key factor in any insurance contract,” she added.
Mezu listed the products and services the company is providing to clients to includelife and group life insurance; travel and goods in transit insurance; homeowners and occupiers liability insurance; personal accident insurance; motor insurance; products liability insurance; professional indemnity insurance; maritime and aviation insurance; and workmen compensation.