By VICTOR NZE
There are about 7,000 unregistered insurance agents in the market as only 3,000 out of the 10,000 identified practitioners have been duly cleared to operate in the industry, according to the Association of Registered Insurance Agents (ARIAN).
The group also warned that business will no longer be guaranteed for Insurance agents not registered by ARIAN and the National Insurance Commission (NAICOM).
ARIAN President, Mr Gbedebo Olamerun, who made this known, Thursday, in Lagos, said that so far only 3000 insurance agents had registered with NAICOM although over 10,000 unlicensed agents were transacting business in the insurance industry, leaving a staggering 7000 unregistered agents in the industry.
He advised insurance companies to ensure that their agents were registered by his association and NAICOM to enjoy robust enterprises in 2018.
He said the association had put in place monitoring and compliance mechanism to check illegal operators.
Olamerun said that larger number of registered agents would improve the quality of insurance practice in Nigeria.
“Increased registered agents will increase premium collection and automatically boost the sector’s contribution to Gross Domestic Product (GDP) in the country,” he said.
Olamerun said his association would continuously equip members with skills needed to sell insurance business at the grassroots.
“Our members, henceforth, will also get certified by Chartered Insurance Institute of Nigeria (CIIN) to enhance their proficiency.
He said ARAIN had been able to push for a reduction of the amount for the proficiency test certification which had been the most expensive requirement for agent’s registration with NAICOM.
He said that the association was working to ensure that the number of registered agents reached 20,000 by 2020