Standard Insurance Consultants Limited (SICL) has won the ‘Insurance Broker of the Year’ award at the 10th Banks and Other Financial Institutions (BAFI) Awards.
The award was recently organised by BusinessDay.
According to a statement yesterday, the win represented a back-to-back distinction for the company, which won the same award in 2021.
“This feat has never been achieved by any other broker in 10 years of the awards,” the statement added.
The award was received by the Managing Director of SICL Reinsurance Brokers Limited, Zaheed Bolaji Oladipo, who represented the Group President and CEO of the Standard Group of Companies, the parent company of SICL, Prof. Ahmed Salawudeen,
“The Insurance Broker of the Year is awarded for excellence and innovation in insurance broking services utilising methods and channels best suited to client needs. “It recognises a broker that has delivered outstanding performance, and innovation without compromising prudential standards over the coverage period.
“The winning insurance broker embodies the highest values of the profession. The winner selection process began in July with an independent market survey of the top insurance brokers.
“Based on the results survey results, a notification of shortlisting letter, which included a request for information, was sent to leading brokers. This was followed by an extensive review of submissions received.
“Informed by the received documentation and responses, client references, and scored performance on a set of fifteen criteria, a final decision was made by the judges,” the statement added.
It noted that the applied criteria included client retention; regulatory compliance; corporate governance; client proposition; digital transformation; financial performance; claims processed; staff training, development and retention; diversification of services, expertise and clients in different lines; share of domestic brokerage market; client testimonials; corporate social responsibility initiatives; foreign partnerships; brand reputation; public education; and advocacy for the insurance broking industry.
SICL received the highest scores in 10 of the above criteria.
In naming SICL as the Insurance Broker of the Year, the judges’ committee noted that the company “has consistently stood out for first-rate all-round comprehensive broking services.
“The company is known for the breadth and depth of its services. Its tailored approach to catering to the needs of specific client segments was a plus. Further, the decision of SICL’s board to relaunch SICL Reinsurance Brokers Limited, and hire several seasoned professionals in the last twelve months signal a view of market opportunities that flags confidence in its ability to capitalise on them.”
The judges’ committee commended the winner for its “unblemished reputation in an industry where suspicion of collusion, conflict of interest, and unethical practices are not uncommon.”
They noted that, “insurance broking in Nigeria is witnessing rapid change. This transformation is being driven by digital technologies, new approaches to risk leadership, the evolving role of brokers, growing importance of data, shifts in customer expectations and regulatory changes.
“Furthermore, the increasing frequency of black swan events like the COVID pandemic, EndSARS protests, and Russia-Ukraine War have heightened awareness about the new risk environment.
“These trends are redefining the competitive landscape in Nigeria, widening the separation between the top-tier of brokers and the rest of the industry.”
In an acceptance speech read his behalf by Oladipo, he said: “For over 4 decades, SICL has been at the forefront of providing insurance broking solutions of varying tenor and complexity to clients in the public and private sectors.
“Recognised as a leader in insurance broking in Nigeria, the broker has cultivated excellent relationships with stakeholders across the entire risk carrier value chain.
“In order to attain SICL’s vision of becoming a visible player in both domestic and international markets, the management and board of directors are executing assiduously on an international expansion strategy into the United Arab Emirates, Angola and Indonesia.”
