Experts task underwriters on digital adoption for industry’s growth

For the insurance industry to be relevant to the economy this year, there is a need for underwriters to adopt digital tools in marketing, claim processing and other critical operations.

This was the position of the industry’s players, who gathered at the 2022 Insurance Industry Consultative Council (IICC) Media Retreat themed, ‘Media as Catalyst for Insurance Inclusion’.

The professionals said digital has become necessary given changing consumer needs.
They also stressed that the millennials are critical for either the success or failure of the industry, both at local and international levels.

According to them, with over 160 million mobile phone users in the country, insurance business communication needs to change to achieve phenomenal growth.

They warned that a brand that does not show up in online searches is not likely to be taken seriously by millennials.

The Head of Corporate Communications, Polaris Bank Limited, and President of the Association of Corporate and Marketing Communications Professionals in Banks (ACAMB), Rasheed Bolarinwa, said: “There is a need for a deliberate collaborative campaign for national awareness about the importance of insurance.”

Bolarinwa identified pessimism, a hostile economy, trust issues, inadequate access to information technology, weak regulatory framework, lack of skilled personnel, and poor awareness among others as factors affecting insurance adoption.

“The response that follows the mention of insurance or insurance companies to an average Nigerian is predictable. Negative reactions and lukewarm attitudes are the kinds of feelings that come with an invitation to insurance policies,” he said.

Yet, the Chairman of the Insurance Industry Consultative Council (IICC), Edwin Igbiti, said the industry is one of the most resilient and fast-expanding sectors in Nigeria.