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Leveraging on technology to grow the insurance industry in Nigeria




Mr. Ayotunde Coker, managing director of Rack Centre, Nigeria’s first Tier of the design-certified data centre, has advised insurance executives on the need to leverage on technology to be able to meet the rising expectations of their clients for the anticipated growth in the Insurance Industry.

Mr. Coker who was speaking in Lagos at a seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief Information Officers (CIOs) said, if the banking industry had not been embracing new technology, they would not have been able to meet the expectations of their customers, in particular, with the introduction of the cashless policy.

In some instances, the industry has leap frogged banks in other international markets.

The Insurance industry currently has many opportunities for growth and therefore, explosion of data, and Mr. Coker, who was a former CIO of a leading Nigerian bank and UK Government, said the situation may change so soon and drastically, especially if there was a policy directive by the regulatory authorities that enhances high customer drive -“when that demand comes as am sure it will come, it will be better not only to anticipate it but to be well prepared for the scale, level of reliability and customer experience if companies are to avoid customer churn.”

Mr. Bode Ojeniyi, executive director, Sales and Distribution of Wapic Insurance Plc, said the Nigerian Insurance Industry is still characterised by paper work and needs to move to an era where more could be done with the aid of technology from the comfort of the customers’ homes.

He emphasised that effective delivery of customer value, satisfaction and efficiency, can only be achieved by the use of technology.

Mr. Ojeniyi said technology should help in transforming the Nigerian Insurance market in so many ways by helping the industry know the needs of clients, analysing the marketing trends as well as in developing and getting appropriate products to the client faster – “I need technology to help in serving the clients better, to drive revenue, to be able to deliver value to the customers to give solutions, a technology leadership that sees itself as a business partner”

Mr. Audu Oladokun, CIO of Guinea Insurance, in his own contribution and speaking from a personal experience said with the application of technology, his company was able to raise its customer base by 3, 500 within a space of few months.

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