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The Nigerian Insurers Association (NIA) has called on underwriting firms in the country to invest more in technology tools to accelerate insurance acceptance among Nigerians.
Speaking at the Insurance Meets Tech (IMT 2.0) conference with the theme: ‘Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration,’ the President of NIA, Olusegun Omosehin, said despite the current inflation and inadequate infrastructure challenges in the country, insurers must embrace technology to drive growth.
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With this, he said, insurance companies would achieve over N1 trillion in gross premiums before the end of 2023 as they leverage technology to drive insurance product adoption and acceptability.
According to him, with a resolve to push insurance penetration beyond its current level of less, the insurers would surpass last year’s record of N726.2 billion gross premium.
Omosehin said in an era that is defined by rising technology advancements and digital disruptions, the insurance industry has remained resilient and strong despite the economic headwinds.
“We reaffirm our commitment to drive innovation for economic growth and secure the future of our businesses, and national assets,” he said.
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