Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited, subsidiaries of Consolidated Hallmark Holdings Plc, have urged insurers, brokers, and industry stakeholders to collaborate more closely to accelerate the growth of Nigeria's insurance sector. This call was made at the Ibadan Professional Brokers Forum, where the companies engaged insurance brokers on the need to build a more customer-focused industry. The forum aimed to foster stronger relationships between insurers and brokers.
The companies emphasized the crucial role of brokers as a link between insurers and policyholders, particularly in identifying emerging risks and ensuring that insurance solutions match customers' needs. CHI Limited's Managing Director/Chief Executive Officer, Mrs. Mary Adeyanju, and CHI Life Assurance Limited's Managing Director/Chief Executive Officer, Mr. Tope Ilesanmi, led the charge, advocating for deeper cooperation, innovation, and a sharper focus on customers. They highlighted the importance of understanding customers' changing needs and developing relevant products.
Mrs. Adeyanju explained that insurance helps companies maintain operational continuity and recover after disasters. She stressed that brokers are at the heart of the value chain due to their closeness to policyholders, often being the first point of contact when a claim occurs. Adeyanju urged brokers to partner with underwriters to identify market gaps and shape products that solve real problems, rather than just creating products to sell insurance.
Adeyanju challenged the industry to reshape its image, emphasizing that underwriters and brokers must work together to change the history and narrative of the insurance industry. She encouraged brokers to help policyholders understand their coverage, responsibilities, and the true value of insurance. CHI Limited has solid financial ground, with N52 billion in capital after recapitalization, and is ready to work flexibly with brokers.
Mr. Ilesanmi discussed CHI Life's evolution from a micro life insurance company to a full life assurance business, with its capital rising from N10 billion to N11.2 billion after recapitalization. The company has paid out about N1 billion in claims over the past six months, reflecting its commitment to meeting obligations to customers. Ilesanmi cited Rent Secure as an example of a product created to meet a specific need, highlighting the importance of gap-driven innovation.
Ilesanmi emphasized that the future of insurance will be built through stronger partnerships between insurers and the insured, better products, stronger service, deeper customer understanding, and trust. Both leaders highlighted the wider capabilities of the Consolidated Hallmark Holdings Plc Group, which offers financial services and health insurance solutions. The forum underscored the shared conviction that stronger collaboration between brokers and underwriters improves customer experience and drives growth across Nigeria's insurance industry.
CHI and CHI Life reaffirmed their commitment to working with brokers and stakeholders to raise service standards, deliver customer-focused solutions, and deepen trust in insurance. The companies' efforts aim to contribute to the growth and development of Nigeria's insurance sector, with a focus on customer needs and innovative products. The industry is expected to benefit from increased collaboration and a more customer-centric approach.
Key points
- Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited call for stronger collaboration among insurers, brokers, and stakeholders to grow Nigeria's insurance sector.
- The companies emphasize the crucial role of brokers in identifying emerging risks and ensuring insurance solutions match customers' needs.
- CHI Limited and CHI Life Assurance Limited are committed to working with brokers and stakeholders to raise service standards and deliver customer-focused solutions.
