The role of the banks in the insurance market took the centre stage at the just concluded two-day annual conference of the Nigerian Council of Registered Insurance Brokers (NCRIB). This is even as the insurance brokers bitterly complained against the activities of the Universal banking in the country.

The popular Sharaton Hotel and towers which played host to the conference was filled to the brim as some insurance practitioners and newsmen struggled for space amid the intermittent epileptic power supply.

Members of NCRIB could not tide their displeasure at the attitude of some senior bank managers incharge of universal banking operations. Apparently, their grouse is that the banks have allegedly taken over the insurance brokage business from them.

Indeed, the forum was designed to x-ray the role of universal banking as it affects the brokers vis - a - vis what the association should do to advance insurance brokage as a profession amongst other pertinent issues militating against effective performance of the brokers.

The commissioner for insurance Mr. Fola Daniel was charged with the responsibility of leading discussion on the crucial issue which remained a source of headache for insurance brokers.

Represented by the senior personnel in the agency Mr. Thomas Sunday, the commissioner said that contrary to impressions in certain quarters, investment into the insurance sub sector by the banks was a good development. He argued that the coming of the banks into the insurance business would tremendously assist in not only sharpening the mind of the brokers but reorientate their attitude towards the business and make them more creative and innovative in their thinking and approach to issues.

"Let us have the right people doing this business, creativity is very important. I like the banks coming into your business because they will help to sharpen your mind.

Two of us may be involved in the same business but at the end of the day I go home with better profit because I have better ideas, he stated.

He also charged the brokers to cultivate the habit of good record keeping, emphasizing "let the banks know that you have better ideas, they are there to help you more forward, what we have achieved today is that we have reminded ourselves that as insurance brokers what we should do to remain focused and survive on the business". Without mincing words, the commissioner said he was looking forward to the day the insurance firms would own the banks, and banks owning them.

Mr. Daniel said the brokers should work towards finding solution to the perennial societal problem of unregistered broking firms operating in the country rather than dispense much energy on how the banks are managing the business of broking firms.

He however pointed out that some of the banks that established broking firms are presently doing well.

On debt management and recovery, the commissioner advised the brokers to be more creative in their approach to the matter, stressing, "Creativity is the issue now. The question yearning for answer now is how do we create fresh ideas?

He observed that the number of leakages is currently on the increase and frowned over a situation whereby a broker connives with an insurer to cut a premium by 70 per cent.

Another issue that agitated his mind was the poor level of awareness on the activities of the brokers. The commissioner is not happy that more than 50 per cent of the insurers do not know that brokers exist.

Subsequently, he harped on the need for the brokers to convince the public that they exist by marketing themselves and further queried, who are your members? "We have to register and know our selves as well as insure ourselves".

In his own contribution, a renowned insurance practitioner. Mr. Fred Udechukwu urged the insurance brokers not relent in their effort to ensure that the Insurance Act pending at the National Assembly was reviewed, reminding them that the legal document which would take care of the issue of universal banking would still be subjected to public hearing by the appropriate arm of the legislature at the appropriate time,

MR. Ude Chwkwu assured the brokers that he would follow-up the controversial issue of universal Banking until the Act was reviewed.