Thursday, July 29, 2021

    NCRIB seeks collaboration with arbitrators on insurance acceptability

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    Lagos, July 9, 2021 The Nigerian Council of Registered Insurance Brokers (NCRIB) has sought collaboration with the Nigerian Institute of Chartered Arbitrators (NICArb) to enhance the public acceptability of the insurance industry.
    This is contained in a statement made available by NCRIB’s Public Relations Manager, Mr Dele Ayeleso, on Friday in Lagos.
    The Council said that the collaboration was initiated through its Executive Secretary, Mr Tope Adaramola, when he led a delegation of the council to the institute .
    Adaramola, according to the statement, said that there was a need for better synergy between insurance brokers and the arbitrators’ body in order to shore up the image of the industry .
    He said that the policy direction of the council’s present leadership was to establish collaboration with professional institutions.
    According to him, this will help the council and insurance brokers to accelerate insurance awareness and obviate the image challenges of the industry generally.
    “As professional intermediaries in the insurance value chain, insurance brokers are in a position to restore public confidence in the insurance industry by reducing areas of conflict between the insured and insurance companies,” the executive secretary said.
    In her response, NICArb Registrar, Mrs Shola Oshodi-John, said that arbitration was the new way to resolve conflicts in social, business and professional relationships.
    Oshodi-John noted that if arbitration was fully imbibed, it would help to reduce unnecessary litigation between insurance clients and insurance companies, particularly when claims arise.
    According to her, the institute has accelerated its collaboration with strategic institutions and the training of individuals to become professional arbitrators and make them more valuable in their professions and lives.

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