Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited have called for stronger collaboration among insurers, brokers and other industry stakeholders to accelerate the growth of Nigeria’s insurance sector.
The companies, both subsidiaries of Consolidated Hallmark Holdings Plc, made the call at the Ibadan Professional Brokers Forum, where they engaged insurance brokers on the need to build a more customer-focused industry.
The companies said closer cooperation across the insurance value chain would be critical to understanding customers’ changing needs, developing relevant products and rebuilding public confidence in insurance.
They emphasised the role of brokers as an important link between insurers and policyholders, particularly in identifying emerging risks and ensuring that insurance solutions are properly matched with customers’ need
Leading the charge were Managing Director/Chief Executive Officer of CHI Limited, Mrs. Mary Adeyanju, and Managing Director/Chief Executive Officer of CHI Life Assurance Limited, Mr. Tope Ilesanmi. Both called for deeper cooperation, bolder innovation and a sharper focus on the customer.
Speaking on business continuity, Adeyanju explained that insurance helps companies stay operational and recover after disaster strikes. “Business continuity is about ensuring that a company continues in business even after experiencing a catastrophe,” she said.
She placed brokers at the heart of the value chain due to their closeness to policyholders. “Brokers are the first respondents when a claim occurs. You are the first point of contact, and you know the reality of insurance,” she noted.
Adeyanju urged brokers to partner with underwriters to spot market gaps and shape products that solve real problems. “We need to develop products that speak to the needs of people, not just products created to sell insurance,” she said.
She also challenged the industry to reshape its image. “The insurance industry needs to get out of its shell. Underwriters and brokers must work together towards changing the history and narrative of the insurance industry,” she said. Brokers, she added, should help policyholders understand their coverage, their responsibilities and the true value of insurance.
On financial strength, she reassured participants that CHI Limited stands on solid ground after recapitalisation, with N52bn in capital and a readiness to work flexibly with brokers.
Ilesanmi traced CHI Life’s evolution from a micro life insurance company into a full life assurance business. He noted that its capital rose from N10bn to N11.2bn after recapitalisation, and that the company paid out about N1bn in claims over the past six months. “This reflects our commitment to meeting our obligations to our customers,” he said.
He pointed to Rent Secure as proof that gap driven innovation works. “We need to look for the gaps in the market and build products around those gaps. Rent Secure is an example of a product created to meet a specific need,” he explained.
His closing thought captured the spirit of the forum: “The future of insurance will not be built by insurance alone. It will be built through stronger partnerships between insurers and the insured, better products, stronger service, deeper customer understanding and, above all, trust.”
Both leaders highlighted the wider capabilities of the Consolidated Hallmark Holdings Plc Group, whose companies also offer financial services and health insurance solutions.
The forum underscored a shared conviction: 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 other stakeholders to raise service standards, deliver customer focused solutions and deepen trust in insurance.
