The Nigerian Council of Registered Insurance Brokers (NCRIB) recently welcomed 66 individual and 18 corporate members into its fold during an induction ceremony held in Lagos. President Babatunde Oguntade addressed the inductees, emphasizing the crucial role insurance brokers play in facilitating effective communication and understanding between clients and insurance companies. He stressed that brokers act as a vital link, ensuring clients receive suitable insurance coverage tailored to their specific needs, while simultaneously providing insurers with a robust client base. This symbiotic relationship, he argued, is essential for a thriving insurance industry and contributes significantly to national economic stability and growth. Oguntade’s address set the tone for the inductees’ integration into the professional body, underscoring the responsibility and ethical conduct expected of them.
Oguntade highlighted the significance of the inductees’ commitment to the profession, particularly in a rapidly evolving economic landscape. He posited that their expertise in risk assessment, policy analysis, and claims management is indispensable, especially during challenging economic times. He urged the new members to see their roles not just as jobs, but as crucial components of a broader financial ecosystem. They are expected to act as trusted advisors, guiding clients through the complexities of insurance and helping them secure adequate protection against potential risks. This, he believed, would contribute to individual financial security and, collectively, to broader economic resilience. He challenged them to uphold the highest ethical standards, ensuring not only the growth of the profession but also the trust and confidence of the public.
Central to Oguntade’s message was the importance of active engagement within the NCRIB itself. He urged the new members to participate actively in the Council’s various programs and events, emphasizing the opportunities for professional development they offer. He stressed the significance of accruing Mandatory Compulsory Professional Development (MCPD) points, which are earned through participation in these activities. These points, he explained, are not merely a formality; they represent a commitment to continuous learning and staying abreast of industry advancements. This ongoing professional development is essential for maintaining competency and providing clients with the most up-to-date and relevant advice. Ultimately, he argued, this benefits not only the individual brokers but also strengthens the reputation and credibility of the entire profession.
Furthermore, Oguntade encouraged the inductees to expand their horizons beyond the Nigerian insurance landscape. He advocated for their involvement in international events organized by organizations like the African Insurance Organisation and the British Insurance Brokers’ Association. These international platforms, he explained, offer invaluable opportunities for networking, knowledge sharing, and exposure to best practices from around the globe. By interacting with professionals from different backgrounds and regulatory environments, the inductees can gain a broader perspective on the insurance industry and bring innovative ideas back to the Nigerian market. This global engagement, he emphasized, is crucial for the continued growth and modernization of the Nigerian insurance broking profession.
Beyond professional development and international exposure, Oguntade stressed the importance of financial and moral support for the NCRIB. He underscored the fact that the Council relies on the active participation and contributions of its members to function effectively and achieve its strategic goals. He tasked the new members with being active stakeholders, not just passive recipients of membership benefits. Their financial contributions, he explained, are essential for funding the Council’s various initiatives, including professional development programs, advocacy efforts, and regulatory engagement. Their moral support, manifested through active involvement and adherence to ethical guidelines, is equally crucial for maintaining the integrity and reputation of the profession.
In his concluding remarks, Oguntade emphasized the legacy the new members were inheriting and the responsibility they now carried to shape the future of the insurance broking profession in Nigeria. He entrusted them with upholding the high standards set by their predecessors, emphasizing the need for ethical conduct, professionalism, and a commitment to continuous improvement. He encouraged them to view their induction not as a culmination but as a beginning, a stepping stone to a fulfilling and impactful career in insurance broking. He reminded them that their actions, both individually and collectively, would shape the perception and future of the profession. By embracing the values of the NCRIB and actively contributing to its growth, they could ensure a vibrant and respected insurance broking sector in Nigeria.
