THE ROLE INTERMEDIARIES INSURANCE INDUSTRY (A CASE STUDY OF ADDOSSER INSURANCE BROKERS LTD)

Intermediaries play a crucial role in the Nigerian insurance industry, serving as a vital link between insurance providers and policyholders. This study focuses on the functions, impact, and challenges of insurance intermediaries in Nigeria, using Addosser Insurance Brokers as a case study. The research explores how intermediaries like Addosser facilitate access to insurance products, improve market penetration, and support policyholders by providing expert guidance and customized insurance solutions. Furthermore, the study examines the regulatory framework governing intermediaries, assessing how compliance with standards set by the National Insurance Commission (NAICOM) influences brokers’ operations and trust in the industry. Despite their essential role, intermediaries in Nigeria face challenges, including regulatory constraints, evolving client expectations, and intense competition from digital platforms. Findings reveal that Addosser Insurance Brokers has successfully adapted to these challenges by leveraging technology, maintaining a strong customer service focus, and adhering to regulatory requirements. However, issues such as limited digital infrastructure and occasional client distrust underscore the need for innovation and increased transparency within the sector. This study concludes that intermediaries like Addosser are instrumental in expanding insurance coverage and consumer confidence in Nigeria. Strengthening the role of brokers through regulatory support and technological advancements can further enhance the accessibility and reliability of insurance in the country.