Sierra Leone: 'Universal Brokerage Insurance Is Here to Stay'

-Consultant Victor Sheriff

The Consultant for Universal Brokerage Insurance Services (UniBS), Victor Sheriff has assured the general public that they are here to stay and change the face in the business of insurance.

He was speaking last week at the opening of the UniBS office at Berwick Street in Freetown which attracted top officials in the in the insurance sector.

Sheriff said they are here to take the business of insurance to the people as they have come with new products in the market.

He stated that " we will be operating an insurance call center for the first time in the country, where customers can be attended to wherever they might be after calling one of these numbers 076 237522/033 237522,".

He added that they would be engaging in massive registration of motor drivers, Keke and commercial bike riders, united commercial boat owners, and host of other informal organisations.

He said they have trained young graduates that would be placed in all districts across the country to deal with employers' liability, public liability and the registration of members of the aforementioned organisation.

According to him, the Insurance Act of 2016 urged companies to have the compliance liability scheme for their workers, but that such hasn't been effective over the years.

He disclosed that within three months they were going to establish offices across the country.

In his keynote address, President of Sierra Leone Insurance Company (SLICOM), Arthur Yansky said 'an increase in the number of broker firms is a clear manifestation that Insurance industry is making steady progress at a time when insurance penetration is still low not only in Sierra Leone but across our sub region.'

He stated that in the past, some insurance brokers have been more or less like a post office, thus warning that it must stop immediately as the commission was expecting brokers to be more professional in dealing with their clients and insurance companies.

He added that the 'role of an insurance broker is not only to cater for insurance business, but also to act as an intermediary between the insured and the insurance company right through the sales circle, that is from sales to claims settlement if any claim arises. In between the two, there is also the need for servicing the policy'.

He noted that the commission was working on a new regulations and guidelines that would cover market conduct and business guidelines for all insurance institutions in the country.

"When completed and launched, the commission expects all insurance entities in this country to abide by the guidelines. For a start, there will be punitive measures taken against any insurance entity that falls short of the said guidelines," he added.

Earlier, the president of Sierra Leone Insurance Association Raymond Macauley commended UniBS for fulfilling what he describe as stringent requirements to operate as a broker, this calling on the entire Insurance industry to work amicably with them.

He said the insurer, policy holder and the intermediary are the three key players in the business of insurance.

Meanwhile statements were made by representatives from Tanker Drivers Union, and Keke drivers' union

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