‘Using tech tools to drive insurance market acceptance’

Stakeholders in the industry are demanding that greater investment be made in the acquisition and deployment of contemporary technology to address the insurance patronage crisis.

In the last three decades, insurance penetration in Nigeria has remained at one per cent, owing to many factors, among which is apathy.

At various webinar meetings held across the country this year alone, speakers lamented the failure of operators and stakeholders to effectively deploy technological tools to attract more people into insurance coverage.

Speaking on the development, Managing Director/Chief Executive Officer, AIICO Insurance, Babatunde Fajemirokun, said insurance penetration in Nigeria is low, compared to South Africa, which has the highest penetration in Africa with about 16 per cent.

Discussing global trends in the insurance industry, Fajemirokun stated that basic technology is shaping the way insurance companies across the world do business and that consumers are looking for operators that would make a shift from paper to digital process to enhance insurance purchase and management experience.

“Customers want a seamless experience that enables them to complete transactions in a matter of minutes as opposed to the existing practice. The traditional model where a broker or agent has to be attended to is fast becoming archaic,” he said.

According to him, its firm has planned to be the dominant insurer in Sub-Saharan Africa by building on a deep understanding of customer needs and a world-class digital experience. He said its new mission statement is to create the most compelling customer experience by offering best-fit products to drive wholesome peace of mind through a dynamic, highly-motivated workforce and innovative technology.

“At the core of the strategic move is to reposition all operations to drive a new experience, leveraging an in-depth understanding of the need through various life stages,” he said.

He stated that the adoption of digital tools is to provide a unique omnichannel strategy to make it possible for operations to drive automation and end-to-end simplicity.