The chairman, of Heirs Holdings, Tony Elumelu has said that retail insurance is where the future is in Nigeria.
He said this at an event marking the 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, on Thursday, September 29.
Elumelu urged stakeholders to introduce simple and smart insurance to Nigerians, especially now that there is a widening poverty gap in the country.
He says; “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.
“Ladies and gentlemen, innovation and disruptive practices cannot occur if we do not broaden our thinking
“Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.”
Elumelu emphasized the importance of insurance in Nigeria. He said collaboration with non-industry practitioners will help achieve set goals.
According to him, through insurance, families, businesses, and assets are protected against hazards and losses. So, the economy is as advanced as its insurance sector.
In order to achieve widespread retail insurance in Nigeria, Elumelu said there must be adequate awareness, which showcases the value of insurance to the public, promoting participation, especially in the retail space.