AvanGarde Insurance Brokers deepens advisory, risks management to grow sector

AvanGarde Insurance Brokers Limited is strategically positioning itself to strengthen insurance advisory and risk management services, bridging protection gaps and delivering tailored solutions that enhance client confidence and industry growth.

Benjamin Agili, managing director/CEO of Avangarde Insurance Brokers Limited, who founded the brokerage firm after leaving Royal Exchange General, said the establishment of the company was driven by a desire to deploy decades of industry experience to expand insurance awareness and recommend adequate protection of both human and material assets.

According to him, the company was fully registered and certified by the National Insurance Commission (NAICOM) in 2023 before commencing operations, positioning it to provide professional intermediary services to individuals, corporate organisations and public sector institutions.

Explaining the motivation behind the venture, Agili said insurance brokers play a critical role in deepening market penetration by helping clients understand their risks and matching them with the most suitable insurance solutions. “Insurance penetration in Nigeria is still less than one per cent, which shows there is a lot of work to be done. Having spent many years on the underwriting side of the business, I felt it was important to contribute to the industry through insurance broking and help bridge the gap between insurers and customers,” he said.

He explained that the goal of AvanGarde is to become a trusted advisory partner by helping clients identify risks and obtain appropriate insurance cover at competitive prices. “Our aim is to position AvanGarde as a go-to insurance broking company. We want to provide professional advisory services to individuals, corporate organisations and public entities by assessing risks and recommending suitable insurance solutions,” Agili said.

He noted that brokers carry significant professional responsibility because their advice can determine the quality of protection clients receive. “An insurance broker is liable for the advice given to clients. That is why we focus on providing cutting-edge advisory services, assessing risks carefully and placing business with competent underwriters that can deliver the best protection for clients’ assets,” he added.

Agili said the company is building a portfolio of corporate clients and intends to expand its market presence while maintaining strong service standards. We are passionate about building an innovative and outstanding brand that stands for superior customer service.

Beyond broking services, he emphasised that risk management remains a core strength of the firm, drawing from his extensive professional background.

“I practiced risk management for many years before moving into underwriting, technical services and administration. That experience helps us view businesses from a broader risk perspective and provide practical solutions,” he said.

According to him, the company often conducts risk surveys, evaluates risk exposures and recommends cost-effective measures that help their clients to eliminate or minimize risks to the barest minimum.

“We assess businesses, conduct surveys, analyse risks and recommend solutions that provide effective protection. We offer this advisory support at no cost because our goal is to help clients understand their risk exposure and secure appropriate coverage,” Agili explained.

He added that building trust in claims settlement is critical to strengthening public confidence in insurance. While acknowledging industry concerns in the past, Agili said regulatory reforms and stronger oversight have improved the situation greatly in recent years.

Looking ahead, Agili said ongoing reforms under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 could reshape the industry and create opportunities for long-term growth. One of the most significant aspects of the legislation is the recapitalisation requirement for insurance companies, expected to strengthen the financial capacity of operators.

“The Act has set the regulatory framework for how the industry will evolve. One of the key issues is the new capital thresholds, which many insurance companies are working to meet,” he said.

He also pointed to enforcement of compulsory insurance policies, including coverage for public buildings and structures under construction, as another potential driver of industry growth.

“If compulsory insurance policies are properly implemented and enforced, they will significantly boost insurance uptake and revenue in the industry,” Agili said.

Beyond regulatory reforms, he stressed that broader economic growth would play an important role in expanding insurance adoption.

“Insurance is largely driven by disposable income and the general standard of living. As economic growth translates into improved incomes for individuals and businesses, more people will see the need to protect their assets,” he said.

Agili expressed optimism that with stronger regulation, improved economic conditions and greater professional advisory support, the Nigerian insurance industry can achieve broader market confidence and sustainable growth in the years ahead.