About Us

Priority Insurance Brokers is a high profile technology driven, customer-oriented company conceived to be among the best insurance broking companies in Nigeria in terms of product and service delivery. Incorporated in January 2004, the company commenced full operations in 2005. The company operated under the revolutionary concept of Total Quality Management (TQM). This guarantees that we get things right first time, all the time.

OWNERSHIP AND CAPITAL BASE

The company is fully capitalized and has met the requirements of the supervisory bodies’ i.e National Insurance Commission (NAICOM) and Nigerian Council of Registered Insurance Brokers (NCRIB). The Company is fully owned by Nigerians.

CORPORATE IDEALS

Employing the best hands
Utilizing the best available technologies
Continuous innovation
Personalized services
Unrelenting commitment to professionalism and integrity.

MISSION STATEMENT

To uphold and improve upon the best traditions of insurance brooking practice.

OUR VISION

To be the preferred insurance brooking firm.

WHY US?

Insurance is a complicated business. Insurance companies sell a promise, and that promise is rarely a simple one. The written element of the policy may not be easily understood by the insured and there are many aspects of the promise which are governed by principles that do not appear in the written document. Against this background the service of a good broker like Priority Insurance Brokers Ltd can be invaluable.

Many of the advantages of employing a good broker are latent rather than patent but we detail briefly some of the benefits which accrue from having a professional on your side:

The natural business tendency of insurance company dealing direct with an insured is to give minimum cover at maximum cost. A broker seeks to reverse this and ensure that his client has maximum cover at minimum cost. Effectiveness varies, needless to say, in these areas, some classes of business are “tariff rated” and the appointment of a broker may have no effect on either the premium paid or the cover granted. In Nigeria, Workmen’s Compensation Insurance and Motor Insurance are both tariff rated. However, a broker can still assist in the reduction of premium commitments by deciding when it is judicious to apply for “special rating” and in the case of Motor Insurance, by ensuring that “no claim bonus” entitlements are properly applied. In all other classes of Insurance business, premium is a matter for negotiation, and here a broker’s knowledge of the market is of the utmost benefit.
A broker has the entire insurance market at his disposal and knows each insurance company’s strength and weaknesses. He does substantial business with all of them and can bring the weight of his account to bear in promoting the individual clients.
A broker can assist in the presentation and prosecution of claims and can be of invaluable assistance in ensuring that his clients receive the most favorable hearing when contentious claims arise.
A broker provides personalized services to his clients by regularly reviewing their insurance needs, providing analysis and reports, and by regular visits to their premises to be up-to-date with his client’s requirements

WHY US? (CONT'D)

As professionals, we have extensive knowledge of the insurance market which determines our selection of appropriate insurers. As interpreters, we translate your requirement into the technical language of insurance industry and we provide after-sales service where claims negotiation and satisfactory settlement may arise.

In seeking premium quotations from insurance companies for the various classes of insurance, we are guided by the following considerations:

The financial security of the underwriter[s]
The ability to offer wide scope of cover, at competitive premium;
A prompt and efficient service [particularly with regard to claims settlement]

Our role is to strike a balance in conflicting considerations and to ensure that we do not compromise the scope of cover whilst seeking competitive premium rate. In addition, we assess the financial security of the underwriters to whom we entrust our clients’ insurance portfolios, both with regard to their financial management stability and their reinsurance arrangements.

We consider insurance broking to be a financial service and not one purely restricted to the provision of corporate protection against an occurrence or a catastrophe by means of insurance. Our services extend to the important area of risk management where our advice is geared towards managing risk in the most cost-effective way.Because insurance is important and can be a relative high-cost item, sound insurance management is essential. Managing an insurance program efficiently and economically requires a definite plan. Such a plan should provide a framework within which to organize and control a company’s insurance expenditure.

We have no doubt that we can be of tremendous assistance to you in achieving your corporate objective and will be most grateful if we can be afforded the opportunity to demonstrate our capabilities in this connection.