Stakeholders task insurance operators on digitalisation

Experts in the insurance industry have called on operators to make use of digital channels to increase insurance acceptance and contribute significantly to the economy.

This was an experts’ submission at the 21st Adetunji Ogunkanmi Memorial Foundation Lecture held virtually.

According to them, the insurance industry in Nigeria has continued to hold onto its traditional way of doing things, whereas, the world has moved on with the digital revolution to deepen financial inclusion.

The Chairman, Lagos Building Investment, Hakeem Company Ogunniran, said the insurance industry, which is a traditionally conservative industry, should understand what is happening in the technology space and key into the digital revolution.

The Chief Executive Officer, Africa Insuretech Rising, Tunde Salako, who spoke on the topic, ‘Insurance Sector Ready for Innovative Disruptors’, said insuretech was fast evolving and can unleash new value chains, new markets, and massive opportunities to deepen insurance penetration.

Salako stated that global funding for Insurtech into Africa as of October 2021 has hit $30.3 million, with South Africa controlling 65 per cent of the fund.

According to him, insurers must be ready to take advantage of the opportunities as the market will not remain the same going forward.

The Managing Director/Chief Officer, NEM Insurance Plc, Tope Smart, who was a panellist, said COVID-19 had triggered the value of digitalisation in the insurance industry, hence the industry must continue to challenge the status quo.