Stakeholders within the insurance and expertise sectors have known as for partnerships, collaborations, and expertise adoption as expedited methods for Nigeria’s insurance penetration on the Insurance Meets Tech (IMT) inaugural version convention.
The landmark multi-industry discourse, convened by Modion Communications in Lagos, final month, was headlined by over 20 industry-leading thought-leaders from the insurance, finance, and expertise sectors from throughout Africa, akin to Microsoft Nigeria, Ecobank Nigeria, Old Mutual Group, Leadway Assurance Company Limited, AXA Mansard, Curacel, ActivEdge Technologies, MediSmarts amongst others.
The convention additionally had in attendance over 300 C-Suite executives as delegates representing a number of corporations. Speaking on the function of massive knowledge and cloud computing in bolstering the operations of the Nigerian insurance sector, Ola Williams, Country Manager, Microsoft Nigeria, defined that leveraging expertise elevated the model worth of insurance organisations and permits insurers to release their capital outlay to accommodate potential prospects. “Data is a supply of wealth and energy, and it has change into a key disruptive issue that organisations leverage for aggressive benefit. Cloud computing can be key to organisations’ perception acquisition for detailed reporting of various features of their operational efficiencies. “Since insurance is the switch of threat from one entity to a different, as an insurer, knowledge offers perception into the behaviours and preferences of people and as such, helps the availability of differentiated choices to prospects.
Indeed, the restrict to how we will use knowledge is in our creativeness,” she mentioned. Also talking on the occasion, Olusegun Omosehin, Chairman, Nigerian Insurers Association (NIA), cited the irrefutable significance of collaborations and partnerships between the insurance and expertise industries in operationalising a digital-led buyer acquisition journey, thereby deepening insurance penetration in Nigeria.
“To swiftly embark on this digital expedition, we must be willing to rethink our existing processes, especially the customer acquisition journey. We must also remember that this is not necessarily a race for intra-sector prominence but an opportunity to up the ante collectively for global dominance and deepening access to insurance,” he acknowledged in his opening tackle. Speaking on the performance of expertise for driving change within the Nigerian insurance ecosystem, the Group Chief Executive Officer, Old Mutual West Africa, Samuel Ogbu, mentioned: “Insurance exists to solve problems and create value, and this can be achieved through collaboration and partnerships. However, the problems with insurance value creation in Nigeria have evolved, and solutions provided by insurers in this regard must align with the fundamental evolution and revolution of strategies. Innovation technology has a key part to play in the evolution of insurance value creation, and the knowledge of revolutionary insurance strategies relies heavily on data analytics which is a key provision of technology.” Sola Ajayi, Executive Head of Sales, Leadway Assurance Company Limited, additionally defined that the insurance {industry} was smitten by technological innovation. He additionally famous that although the sector had progressively slowed within the final two years, it will expertise a number of unbundling of insurance merchandise utilizing expertise.
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