Insurance Industry Players

Insurance Industry Players
  • Reinsurance companies(Reinsurers)
  • Insurance companies(Insurers)

Intermediaries

  • Reinsurance Brokers Insurance Brokers
  • Medical Insurance Providers (MIPs)
  • Insurance Agents
  • Bancassurance Agents

Insurance service providers

  • Insurance Loss Adjusters
  • Insurance Investigators
  • Motor Assessors
  • Insurance Surveyors
  • Risk Managers
  • Claims settling Agents

Role of Industry players

  1. Reinsurance:
    • Provide protection for Insurance Companies
    • Spread risk worldwide.
    • Increase capacity of insurers to underwrite.
    • Can be inform of capital lending.
    • Provide technical understanding and claims management knowhow to insurers on complex risk.
  2. Insurers
    • They are providers of Insurance products and services.
    • Pay claims, that is compensate under General business.
    • Pay Benefits under long term Insurance business. In terms of Maturities, Surrenders, Death claims.
    • Provide peace of mind to policyholders, beneficiaries.
  3. Intermediaries
    • They act as Intermediation between Insurance providers and Prospects/Clients or Policy holders.
    • They Provide services to policy holders
    • Paid Commission which is prescribed in the act
  4. Insurance Service Provides
    • They provide Non-insurance services such as: Loss assessment, Investigation, Survey, claims settlement, Loss adjusting and risk survey among others.

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