Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited are seeking deeper partnerships with insurance brokers as part of efforts to expand market penetration, improve customer experience and strengthen confidence in Nigeria’s insurance industry.

The companies, both subsidiaries of Consolidated Hallmark Holdings Plc, made the call at the Ibadan Professional Brokers Forum, where industry stakeholders discussed ways to improve collaboration between insurers and intermediaries.

The insurers said stronger cooperation across the insurance value chain would help operators better understand changing customer needs, identify emerging risks and develop products that address specific gaps in the market.

Managing Director and Chief Executive Officer of CHI Limited, Mary Adeyanju, and Managing Director and Chief Executive Officer of CHI Life Assurance Limited, Tope Ilesanmi, emphasised the need for greater innovation and a stronger customer-focused approach.

Brokers Key to Insurance Market Expansion

Adeyanju described insurance brokers as an important link between insurers and policyholders because of their direct interaction with customers.

She said brokers are often among the first points of contact when claims arise, giving them valuable insight into the challenges customers face and the types of insurance products required in the market.

Adeyanju urged brokers and underwriters to collaborate more closely in identifying gaps and designing products around actual customer needs rather than focusing primarily on selling existing policies.

The approach could help insurance companies develop more relevant products while improving customer understanding of coverage, claims and policyholder responsibilities.

Greater cooperation could also support efforts to improve Nigeria’s relatively low insurance penetration by making products more relevant and accessible to individuals and businesses.

CHI Highlights ₦52bn Capital Base

CHI Limited also used the forum to highlight its financial position following the recapitalisation of its operations.

Adeyanju said the company now has a capital base of ₦52 billion, strengthening its ability to meet obligations and work more flexibly with insurance brokers.

A stronger capital position could provide additional capacity for underwriting risks, settling claims and developing new products as competition increases across Nigeria’s insurance market.

The company also highlighted the role of insurance in business continuity, particularly in helping companies recover from unexpected losses and maintain operations following major disruptions.

For businesses, stronger insurance coverage can reduce exposure to financial shocks arising from accidents, property damage and other operational risks.

CHI Life Capital Rises to ₦11.2bn

CHI Life Assurance also highlighted the expansion of its operations from a micro-life insurer into a full life assurance business.

Ilesanmi said the company’s capital increased from ₦10 billion to ₦11.2 billion following recapitalisation.

The insurer also paid approximately ₦1 billion in claims during the past six months, which management said demonstrated its commitment to meeting obligations to policyholders.

Claims settlement remains a significant factor in building confidence in Nigeria’s insurance market, where public trust and awareness continue to influence adoption.

Consistent claims payments could therefore play an important role in strengthening customer confidence and encouraging more individuals and businesses to purchase insurance products.

Insurers Target Market Gaps With New Products

CHI Life is also looking to product innovation as a way of expanding its customer base.

Ilesanmi highlighted Rent Secure as an example of a product developed in response to an identified market need.

He said insurers needed to identify gaps in the market and build products specifically around those opportunities rather than relying solely on conventional insurance offerings.

The strategy reflects a wider shift towards more targeted insurance products designed around specific financial risks faced by consumers and businesses.

Industry Seeks to Rebuild Customer Trust

Beyond capital and product development, both companies identified public confidence as a major issue for the insurance industry.

Adeyanju said insurers and brokers must work together to improve the industry’s image and help customers better understand the value of insurance.

This includes ensuring policyholders understand what their policies cover, their responsibilities and how claims processes operate.

Ilesanmi similarly argued that the industry’s future would depend on stronger relationships between insurers, intermediaries and customers, supported by improved products and service delivery.

The wider Consolidated Hallmark Holdings Group also operates businesses providing financial services and health insurance solutions, giving the group exposure to multiple segments of Nigeria’s financial services industry.

For CHI and CHI Life, deeper broker partnerships are expected to form part of a broader strategy to expand distribution, develop more relevant products and strengthen customer relationships.

As Nigeria’s insurance industry undergoes recapitalisation and seeks to increase penetration, collaboration between insurers and brokers could become increasingly important in reaching underserved customers and translating stronger balance sheets into sustainable market growth.