Insurance brokers advised to adopt Standard Operating Manual

Nigerian insurance brokers have been urged to adopt the Standard Operating Manual to enhance efficiency and compliance in their operations.

This advice was given at the March 2025 General Meeting of the Nigerian Council of Registered Insurance Brokers Lagos Area Committee, held in Lagos.

The SOM serves as a procedural guide to ensure the delivery of high-quality services to clients. It also defines the roles and responsibilities of key personnel within brokerage firms, outlining their duties and reporting structures.

Speaking on the theme ‘Code of Ethics and Operational Standards in Insurance Broking Firms: The Regulators’ Expectations’, Former Director of the Inspectorate Department at the National Insurance Commission, Leonard Akah, described the SOM as a strategic tool that enhances efficiency, ensures compliance, mitigates risks, supports training, and fosters growth in the competitive insurance broking sector.

He highlighted key areas covered by the SOM, which include client management, client account policies, Know Your Customer compliance procedures, sales and policy management, and adherence to regulatory requirements.

“SOM ensures compliance with the Insurance Act, promotes consistency, enhances operational efficiency by outlining clear procedures, supports consumer protection, reduces misunderstandings and disputes, and ensures business continuity,” Akah stated.

Meanwhile, the Chairman of NCRIB-LAC, Oluremi Oduwole, emphasised the committee’s commitment to promoting ethical conduct among members, adding that brokers would continue to operate within statutory regulatory frameworks.

At the event, winners of the Insurance Teachers’ Training Programme, organised in collaboration with reinsurance expert Kehinde Adeyemi, received cash prizes of N100,000 each. They were also offered enrolment for the Chartered Insurance Institute of Nigeria’s professional examinations.