The Nigerian Council of Registered Insurance Brokers was established by an Act of the National Assembly (NCRIB Act No. 21 of 2003) which was signed into law by the then President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, on 4th July 2003. The Council is the Umbrella Association of all Registered Insurance Brokers in Nigeria who are by law expected to be registered by it before they can be licensed to operate in the Nigerian Insurance market by the National Insurance Commission.
The Nigerian insurance industry successfully transitioned from decades of retardation to an enduring trend of impressive growth. By deploying an arsenal of regulatory, communication, and operational tools, the industry recorded an average growth rate of 42.77%, which stabilized to 35.7% by 2018. This positive trend led to two relevant developments. Firstly, it encouraged investment in the sector, including the entrance of Old Mutual and Axa. Secondly, it increased the operational pressure on insurance brokers
Since the launch in December 2019, iBroka has provided services to a growing number of insurance brokers in Nigeria:
- iBroka enabled a 60% decrease in processing time and effort, saving the clients much-needed resources while increasing their agility.
- It also powered convenience and business continuity, due to its web-based multi-device access.
- Enabled Brokers to continuously serve customers, and meet regulatory requirements
- It also supported employee remote access, and brokers can work from anywhere via www.ibrokang.com, paying for their subscription in the local currency.