Stakeholders task operators on technology, insurance growth

Stakeholders in the insurance industry have stressed the need for underwriting firms to adopt technology and innovation to deepen market awareness.

The industry players gathered at the Ambassadors Project on Insurance Awareness held at Lagos State University, LASU yesterday, an event organised by the Chartered Insurance Institute of Nigeria (CIIN) in partnership with LSU’s Insurance Department, to drive knowledge and awareness on insurance among the youth.

The experts said insurance awareness plays a key role in ensuring policyholders’ protection and developing the sector.

They agreed that lack of insurance awareness has proved to be one of the hurdles to increasing adoption.

The chief distribution officer at AXA Mansard Insurance Plc, Jumoke Odunlami, said tech and artificial intelligence (AI) will play crucial roles in bridging the knowledge gap in insurance.

She said technology would help get insurance into the hands of more Nigerians and that AI would help in addressing some of the issues that are fuelling distrust.

“Sometimes, knowledge comes from experiencing a product. When you use it, you understand it better. Technology is a tool that can give that level of access. For example, through our telecoms and fintech partners, we are reaching over 1.5 million Nigerians with microinsurance.

“These are people who could have been deprived of the opportunity to try insurance. But through USSD and savings apps, we are now reaching them, and they are enjoying the benefits of insurance. That is the power of technology,” she added.

The Managing Director Sovereign Trust Insurance Plc, Olaotan Soyinka, represented by an Executive of the firm, Dayo Amusa, stressed the need to effectively communicate the principles of insurance to address public misconceptions.