MainOne hinges insurance sector’s growth on advanced technologies

For the insurance sector of the economy to be impactful the need for practitioners to adopt use of modern and advanced technologies has been stressed.

According to MainOne Cables, which gave this charge, challenged the insurance industry to adopt the use of data and analytic tools to drive sustainable growth in the sector.

MainOne, at the one-day BusinessDay Insurance Roundtable held in Lagos, stressed that the Insurance sector must embrace advanced technologies to keep afloat.

Speaking at a panel session on theme “Data and analytics within the insurance industry”, MainOne’s Product Manager, Data Center, Vremudia Oghene-Ruemu, explained that Nigeria’s insurance industry could achieve distinction through effective distribution channels. According to him, there is an ever increasing amount of data that insurance companies need to collect, analyze and store in order to properly manage risks. MainOne has identified the need for effective data storage and analytics and, being an innovative solutions provider, has developed efficient hosting solutions through its Tier III Data Center–MDXi.

“Adding analytics to the claims life cycle
can deliver a measurable ROI with cost savings. Our data center, currently the largest in West Africa, provides a platform for insurance companies to embrace efficient and cost effective hosting solutions. The industry can close product distribution gaps, enhance premium collection, reduce agency fraud and also build consumer confidence”, he stated

According to him, risk analytics helps in changing the insurance industry by making adjustment and custom calculation based on different types of clients. He noted that brokers now focus on their client’s data, using the analytical methods to come up with better strategic decisions about the possible risks they will face. The usage of analytical risk is very helpful in making possible risks measured, avoided, and even transferred.

He explained further that MDXi, which is a subsidiary of MainOne and is PCI DSS certified with the ISO 9001 and 27001 certifications, offers 99.98 per cent availability, multiple layers of security and has won several awards including the Frost and Sullivan award for providing advanced data center infrastructure in West Africa.

The forum, which was well attended by senior executives of insurance companies operating in Nigeria, provided the platform for the exchange of ideas among insurance agents, insurance companies, insurance support organizations and information technology experts. As part of the roundtable’s commitment to raising the professional and information standards of the industry, MainOne highlighted the importance of data and analytics within the insurance industry.