KBL Insurance provides a new application to drive insurance penetration

To deepen insurance penetration in the country, KBL Insurance Limited has initiated new enterprise resource planning (ERP) software called IES-Online Application to make available its products to Nigerians.

According to the underwriter, IES Online is a digital application that comes with modules structured to assist transforming manual operation and processes of underwriting claims settlement to policyholders.

The application also delivers certificates, discharge vouchers (DVs) and insurance policy documentation to customers with speed as has never been seen in the insurance business in Nigeria.

The Managing Director/Chief Executive Office, Ukachi Orji, who spoke about the development, said the application is designed to facilitate activities in human resources, finance and re-insurance.

Orji said the underwriter had no choice but to upskill its operation modules to match the ever-dynamic lifestyles of customers and satisfy them much better than in the past, particularly considering the very stiff competition in the financial services sector and their ever-growing demands.”

She noted that the essence is to serve customers faster and at lower costs. Saying the approach resonates with customers as almost 85 per cent of them want to buy insurance policies more quickly, and get all their issues, including claims settlement sorted out, eschewing the typical back-and-forth and unnecessary delays, associated with the industry in the past.

Insurance companies in Nigeria had operated with low-profit margins and faced increased competition both in terms of price and time to serve.

But the adoption of emerging tech (e.g., advanced analytics, NLP, digital twins, etc.) to serve customers faster and at lower cost, is introducing expected relief. And to keep it up, Insurers are now renewing their underwriting departments, re-insurance, and claims operations, to price risk better and in less time. We have had to up our game to ensure that we satisfy stakeholders,’’ Mrs. Orji said.

Among new solutions brought to the firm’s underwriting business, its IES-Online Application is more flexible, comprehensive, multi-facility-structured, optimises data, and is entirely cloud-based.KBLInsurance Limited’s claims settlement process which was before now categorised as being in the middle by industry rating is now handled with record speed and currently enjoys the high admiration of industry practitioners, the entire process having been digitalized with greater efficiency and speed.

A few reasons have been opined by experts why insurers must regularly renew their underwriting approach, and strategies and introduce key technologies that enable more effective underwriting. These include underwriting risk at prices that optimise profits, making suitable diversification, and operating at speeds that are generally seen to be acceptable to customers, to mention but a few. These objectives have inspired KBL Insurance.