Expert calls for industry collaboration to boost insurance penetration

Bode Pedro, CEO and Founder of Casava, has urged the insurance industry to collaborate to address unemployment and increase insurance penetration.

Speaking at the recently concluded Insurance Meets Tech 2024 conference, held on September 27, 2024, in Victoria Island, Lagos, Pedro stressed the link between job creation and growth in the insurance sector.

The conference, which brought together over 300 executives, 56 companies, and 50 speakers, was a significant event for discussing the role of technology in transforming insurance. Pedro was part of a panel titled “Mainstreaming Tech in Insurance: Are We Ready for the Fusion?” alongside other industry leaders.

The session was moderated by Chief Client Officer at AXA Mansard, Rashidat Adebisi, the session featured industry leaders including MD of Cornerstone Insurance PLC, Stephen Alangbo; CEO of Heirs Life Assurance, Niyi Onifade; MD/CEO of Peakthrust Insurance Brokers Ltd, Abimbola Onakomaiya; MD/CEO of Sanlam Nigeria, Tunde Mimiko and Co-founder/CEO of Mycover.ai, Adebowale Banjo.

In his remarks, Pedro stressed the pressing need for industry leaders to address unemployment and create opportunities, saying: “I think one of the things we have to do, first of all as leaders, is to remind ourselves that there are no jobs out there.

“People are hungry. People need jobs. People need an opportunity to live their lives and grow. So I’m developing this thought process where we can be truly part of change. Because if you are part of the job creation, you will get insurance penetration. So, learn from the past, collaborate and create jobs to drive insurance.”

He further urged the insurance community to learn from past experiences and collaborate to create job opportunities that will benefit the industry as a whole.

“The question we should ask ourselves is what do we learn from the past as insurance leaders? How can we collaborate to create job opportunities that will drive through in the industry?” he added.

The conference also introduced IMT Redefined, a segment celebrating youth culture and the push for financial inclusion through creativity and Afrobeats, highlighting the vibrant spirit of innovation within Nigeria and Africa.

As the landscape of insurance evolves, Insurance Meets Tech 2024 reaffirmed its role as a catalyst for collaboration and growth within the industry, setting the stage for future advancements in insurance technology.