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The low level of professionalism in the conduct of insurance brokerage activities, one of the major challenges for IBAB

ByWebmaster

Feb 20, 2023

BUJUMBURA February 20th (ABP) – The Insurance Brokers Association of Burundi (IBAB) organized, on Friday February 17, in Bujumbura, a second regional conference under the theme “the role and place of the broker in the future of insurance in Burundi”.

In his remarks, IBAB chair Abdul SALUM Rucekeri said the conference aims to give a new impetus to the insurance sector by positioning the broker as a major player to double the turnover by 2025. However, he deplores the lack of information among many citizens on that subject.

“When a person goes to the insurer, instead of providing him with the necessary information about the insurance, the insurer only talks about himself/herself,” he regrets. According to Rucekeri, this is due to the low level of professionalization in the conduct of insurance brokerage activities.

Moreover, he continued to say, the rules of diligence, the duties and obligations that govern the broker’s relationship with his clients are sometimes not respected.

At the end of the conference, many challenges that haunt the field of insurance were noted, in particular the lack of knowledge of insurance techniques and insurance products.

In the exchanges led by the insurers of the East African Community, the partners of the banks and the reinsurers proposed solutions to enrich the knowledge on the strategies to be adopted in order to improve the activities and the commitments towards the end customers. Those solutions include, among other things, the strengthening of compliance with brokers’ obligations towards their partners and clients, the establishment of a code of ethics and professional conduct to which brokers will be subject.

IBAB’s mission is to promote the profession of broker par excellence for the development of the insurance industry in Burundi, Abdul SALUM Rucekeri explains in an interview with the media.