Stakeholders task insurers on digital transformation for sustainability

For Nigeria’s insurance sector to remain relevant, and survive in the future financial services industry, there is a need for operators to develop new technologies that could aid in fast-tracking claims processing and distribution channels in their operations to guarantee a better customer experience.

The insurance professionals gathered at a forum organised by the Chartered Insurance Institute of Nigeria (CIIN), at Abeokuta. Ogun State, said it has become necessary, to boost customer relationships and experiences, redefine value proposition, and optimise business model processes.

Speaking at a panel discussion at the event, the Managing Director of the digital insurance company, Heirs Life, Niyi Onifade, who joined other prominent Nigerians including the Ogun State Governor, Dapo Abiodun, and the Commissioner for Insurance, Sunday Thomas, to promote digitalisation of industry, said the insurance industry serves as an insulator to every other industry.

He stressed that the industry plays a significant role in the economic development of Nigeria, providing support and backup for people and businesses. This means that we must be at the forefront of digitalisation and be better positioned to help them achieve their goals and aspirations continuously.

He stressed the many benefits that the industry stands to gain if digitalisation is embraced quickly. These benefits, including product innovation, customer satisfaction, service excellence, fraud detection, cost efficiency and talent retention, he says, are capable of boosting the industry’s relevance, increasing penetration and ultimately, contributing to the GDP like its counterpart in the advanced countries.

Onifade’s Heirs Life has continued to be at the vanguard of digital insurance, actively pushing the campaign for a digital-first approach not only with its products but also with service.

The Commissioner for Insurance, Sunday Thomas, urged insurers to develop new technologies that could aid in fast-tracking claims processing and distribution channels in their operations to guarantee a better customer experience.

While addressing the professionals at the forum, he added that he was optimistic that after the year’s forum, the Industry would be abreast of the need to encourage disruptive growth – through a reordering of priorities and cultural change.

“Cultural changes from traditional products offering to customer-centric biases, investing in disrupting our traditional business model, matching current workforce with future Needs – the skills that will be critical in the future will likely be quite different and existing roles will likely require broader skill sets in the future,” he stated.

The President, CIIN, Muftau Oyegunle, said one key factor that impacted the way businesses are done, and value communicated to consumers today is information technology.

He said: “The emerging generation of workforce and consumers are now tech-savvy, and require online real-time information on products and their offerings,” adding that the industry appears to be left behind by the changing needs and preferences of the consumers.