How digital platform drives insurance uptake during pandemic

Reacting to the impact of coronavirus pandemic on the businesses, about 50 per cent of insurance transactions are done through digital platforms.

The Managing Director/Chief Executive Officer, Anchor Insurance Company Limited, Augustine Ebose, expects more businesses will be generated through digital platforms within the next three years.

Ebose said Nigerian youths prefer to do insurance businesses through the social media platforms than in person.

According to him, the pandemic has drawn humans to Information Communication Technology (ICT) processes, and has forced operators to reinvent their processes and customer experience as well as how to meet public expectations.

On reasons for the fall in insurance contribution to Nigeria’s Gross Domestic Product (GDP) by 29 per cent, he said: “Before the pandemic, insurance awareness in Nigeria was very low compared to other advanced economies. And that is why the Nigerian Insurers Association (NIA) is sensitising the public and creating awareness to deepen insurance penetration. The pandemic affected every business, so we expect that insurance will also be affected.”

He also assured that stakeholders are putting measures in place to deepen insurance penetration, adding that, “part of that initiative is what our regulator is doing to upscale the compulsory insurances so that members of the public that are not buying insurance will buy at all levels, this will impact positively on the GDP.”

Speaking on the survival of the sector post-Covid-19 era, the Executive Director, Technical, Ademola Ikuomola, of the underwriter described sound work ethics as imperative in staying relevant as a professional.

He said the Chartered Insurance Institute of Nigeria (CIIN), has a code of ethics for all professionals, and they are expected to show due diligence and professional skills in dispensing their services to the public.

Ikuomola said: “The new normal makes it very imperative for the employees of different companies to work from home and still make the same threshold of services to customers. In the insurance industry, the new normal has made it mandatory by the government-stipulated protocols that 60 per cent capacity must be at work at every given time, so the remaining 40 per cent should be at home with their device. So, whether you are working at home or in the office, it is the same employees.”