STANDARD INSURANCE CONSULTANTS: The Ideal Insurance Brokerage Partner With Global Experience
With over 40 years of expertise within the insurance business, Standard Insurance Consultants Limited (SICL) has persistently stood out as one of the reliable and customer-focused insurance brokerage companies in Nigeria. Without a doubt, the corporate has continued to develop steadily and has had a big impression on the business. This is just not far-fetched on condition that the corporate has continued to ship on its core values of belief, integrity, and professionalism by offering top-tier companies to organizations each inside and outdoors of Nigeria.
It is due to this fact no gainsaying that the success of SICL wouldn’t have been attainable with out the competence and astuteness of the founder and chief government officer whose dexterity and doggedness have contributed considerably not solely to the corporate’s development but additionally to the insurance business as a complete.
Professor Ahmed Salawudeen, a profitable Chartered Insurance Practitioner and Real Estate Investment Advisor with over 4 a long time of expertise within the Global Insurance Industry has constructed a popularity for himself as a frontline chief within the placement and administration of varied kinds of insurance dangers, which has endeared him to a clientele spanning the non-public and public sectors who frequently rely on his experience on insurance, reinsurance, and threat administration. He can also be the President of Standard Group Holdings which homes SICL, SICL Reinsurance Brokers Ltd and Signature Global Real Estate LLC (SGRE); a multinational actual property brokerage and property administration firm primarily based in Dubai, United Arab Emirates.
“I congratulate the Nigeria Council of Registered Insurance Brokers (NCRIB) on 60 years of professional excellence, which I regard as a landmark, and I give glory to the Almighty ALLAH that I am a part of this celebration. Looking back on the last 42 years of SICL, I give thanks to Almighty ALLAH for the accomplishments we have made in the insurance industry and as an organization. We have continuously contributed towards the educational awareness of members and clients through training and retraining. We considered this as a big intervention and we are very proud of it. Several insurance brokers rose up at the same time and either failed or were swallowed up, but SICL is still standing and waxing stronger”, he stated.
Given the corporate’s achievements through the years, it’s value noting that SICL is strategically positioned as the best accomplice within the insurance business in Nigeria, as evidenced by the extent of professionalism with which the corporate executes its companies. It is no surprise that the corporate has continued to obtain awards and recognition, demonstrating its place as an business chief.
Notable amongst these awards is the BIZZ Award from the World Confederation of Businesses (WORLDCOB), which the corporate has received twice and locations it among the many elite members of WORLDCOB alongside Sohar Bank (Oman), Dubai Duty-Free (UAE), Doha Bank (Qatar), Saudi Telecom Company (Saudi Arabia), BBK BSC (Bahrain), National Bank of Kuwait (Kuwait), Emirates Identity Authority (UAE), and Ethiopian Airlines. SICL has additionally obtained the International Socrates Committee’s Excellence in Quality Award in Oxford, England.
The firm was named Insurance Broker of the Year at the Business Day Banks and Other Financial Institutions (BAFI) awards in October 2021. “This one is especially meaningful to us because it is the only award we have received in Nigeria. It is very satisfying to be rated against other leaders in our industry and come out on top in an independent assessment,” he added.
Professor Salawudeen counseled the NCRIB’s governing physique for its professionalism in uniting members and its actions in selling insurance within the nation by putting in academic applications to teach members of the general public on the significance of taking insurance insurance policies, in addition to the advantages of utilizing an middleman in insurance placement.
He additionally applauded the National Insurance Commission (NAICOM) for being alive to its regulatory capabilities and different initiatives which contributed considerably to the expansion recorded within the business this 12 months. Some of such initiatives embrace the Market Development and Restructuring Initiative (MDRI), enforcement of obligatory insurance, collaboration with state governments to widen the insurance dragnet, Takaful Insurance, Bancassurance, micro-insurance and native content material regulation.
“As the market evolves, the role of insurance brokers in the success of the NAICOM’s market development agenda will become increasingly important.” Insurance brokers will function a significant hyperlink between the shopper and the market, not solely aiding within the placement of business but additionally educating and collaborating with threat managers and different insurance patrons by aiding them in understanding the extent of insurance safety accessible and advising them on the newest developments in threat administration and greatest observe,” stated the WORLDCOB Ambassador.
Mr. Tony Aniemeke, CEO, Heirs Insurance Brokers Limited
HIB: CELEBRATING 12 YEARS OF EXCEPTIONAL INSURANCE BROKING SERVICES
“Heirs Insurance Brokers Limited (HIB) is one of Nigeria’s leading insurance broking companies, registered and licensed by the National Insurance Commission (NAICOM) to transact all classes of insurance business including Life and Reinsurance”. The MD/CEO, Heirs Insurance Brokers Limited, Mr. Tony Aniemeke shares the achievements of the corporate over the previous 12 years and the imaginative and prescient for the subsequent decade.
Heirs Insurance Brokers is celebrating its twelfth anniversary. What would you say are your most vital accomplishments and how have you ever been capable of keep related within the business all these years?
It has been 12 fulfilling years of reworking an thought to actuality. We are proud to say that Heirs Insurance Brokers Ltd is presently one of many high ten insurance broking companies within the nation with a presence in all six (6) geopolitical zones within the nation and certified professionals in all departments. Apart from our superlative companies in all of the generic insurance merchandise comparable to Property/Assets insurance; House house owners & Householders dangers, Motor, Marine, Money, Burglary, Equipment/Plant & Machinery along with Construction, Accident and Group Life Assurance, we’re one of many main gamers in Oil & Gas and particular threat broking companies. We have achieved this by offering world class insurance broking, threat administration, and consultancy companies. Our companies are repeatedly and quickly evolving to match the particular wants of our purchasers as we offer one of the best customer support at every stage of the client journey. Recently, we acquired our Reinsurance Broking authorisation license from NAICOM which opens extra alternatives to satisfy the wants of all Insurance Underwriters and Reinsurance Companies. These our counterparties are assured of our very good data of Treaty preparations, Facultative and retrocession placements to their passable conclusions. Indeed, the previous twelve years have been nice, however extra importantly, we’re excited for the subsequent twelve years.
What Role do Insurance Brokers Play within the Insurance Industry?
The function of an insurance dealer is essential particularly to start with of the insurance shopping for course of. The dealer is a educated skilled grounded within the business of insurance as purchasers might not perceive the completely different covers that might appear related however are literally very completely different. In reality, purchasers can lower your expenses when working with a dealer who has already constructed relationships with a number of insurance underwriters and possesses full data of the dangers concerned. This data equips the dealer with higher negotiation expertise and so can supply a number of cowl choices from completely different insurance firms which give flexibility and advantages, so the shopper will get the protection that’s vital, and they don’t have to pay for issues they don’t want. Clients want to know that there isn’t any extra or further value in having brokers symbolize them. Insurance brokers earn fee, often known as brokerage, which is a proportion of the particular premium charged by the insurance firm.
There are many insurance brokers on the market providing completely different advantages to clients. What units Heirs Insurance Brokers aside from them?
At Heirs Insurance Brokers Ltd, we help our purchasers to mitigate their varied dangers by our strong threat administration frameworks, in order that they will focus on their core business. We have developed an array of solution-based threat administration instruments aimed at assembly purchasers’ distinctive wants. We determine business disruptive dangers and meticulously articulate cost-effective mitigating options, comparable to hedge merchandise and insurance insurance policies. We additionally perceive the significance of letting clients select the plans they’re most snug with, so we assist them overview protection from completely different suppliers, select one of the best supplier, and then design a plan that meets their wants and their finances. We work with a number of insurance firms, to information purchasers by complicated processes making it simpler, quicker, and simpler and help in immediate declare settlements.
Where do you see Heirs Insurance Brokers within the subsequent decade?
These previous few years have witnessed a fast transformation in the way in which all business sectors do business, particularly within the space of digital transformation. At HIB, we’re presently enhancing our business processes. We are within the means of digitalising our companies benchmarked towards world greatest practices. As promised, HIB is properly on its strategy to changing into a pacesetter within the insurance broking sector, and thus, our quick aim is to create an built-in digital ecosystem the place insurance processing from buyer onboarding, and advising on the citation to claims settlement can be totally processed on-line in report time. We are excited for the subsequent part of our development.
Mr. Lekan Ajisafe, CEO, Post Assurance Brokers Limited
POST ASSURANCE BROKERS: Creating Value, Driving Growth Through Excellent Service
Insurance brokers are uniquely positioned to champion the connection between the first insurers and reinsurers by designing an modern insurance and reinsurance program that may maintain tempo with market modifications and new tendencies. Policies like aviation, vitality and marine dangers due to their specialised nature and quantity requires help from overseas reinsurers, particularly from the Llyod’s market. The native insurance dealer can not place or reinsure most of those specialised dangers with out partnering with the overseas insurance brokers which have entry to the Llyod’s market, such partnership support cross-border brokerage for insurance of large-scale industrial dangers.
The National Insurance Commission (NAICOM) have been doing lots in making certain that native insurers and reinsurers are well-positioned to underwrite and retain a larger proportion of dangers domestically by introducing measures to spice up the monetary capability to allow them to retain extra dangers domestically. The Prudential guideline requires the exhaustion of the native market capability earlier than in search of reinsurance help overseas. Brokers/Insurers in search of to reinsure dangers overseas shall apply for Approval in Principle from the Commission 10 days earlier than the graduation of the insurance and such overseas Reinsurers shall have a minimal Financial Strength Rating of “A-“by Standard & Poor and “A” by AM Best. The cause for the rule is to scale back capital flight, enhance the capability of native insurer/reinsurers and guarantee insureds’ dangers are in protected fingers that may reply promptly and fulfil their obligation of declare settlement ought to the insured occasion crystallise.
Over the years a number of insurance markets have emerged throughout the globe and a few of these markets have their challenges and alternatives. The London market is properly regulated and simple to entry with the capability to underwrite varied lessons of dangers ranging property and casualty, marine, aviation and vitality insurance and so on and immediate in settlement of claims, Post Assurance Brokers Ltd by her Llyod’s accomplice Lockton LLP and others have been capable of deepen and promote Nigerian dangers viz-a-viz aviation, marine and vitality and once in a while we invite our companions within the worldwide market to go to our purchasers and native insurers in order to make our shopper’s dangers enticing. In doing that, we work intently with the Nigerian underwriters to make sure that the native market underwriting capability is boosted by our market intervention by our partnership which positions them for worthwhile long-term development by the elevated capability and experience to underwrite and retain extra dangers of their books but keep sturdy monetary place.
To this finish Post Assurance Brokers is ISO 9001 licensed by DNV, a member of the International Marine Contractor Association (IMCA) and has obtained a number of native and worldwide awards to say however a couple of are the European high quality award and Bizz Hybrid award (UK). The firm is situated in main cities in Nigeria and London, UK.
