Experts urge insurers to leverage technology
Senior Advocate of Nigeria, Gbenga Oyebode has advised insurers to invest in emerging technology driven and efficient distribution channels to improve service delivery.
Oyebode lamented that most insurance brokerage firms in the country are passively investing in technology, despite the increasing benefits that come alongside.
He stated this during a lecture, titled: ‘Insurance Brokers: Necessity for National Growth’, at the investiture ceremony of Mrs. Bukola Ifemade as the 9th Lagos Area Committee (LAC) Chairman of the brokerage fraternity, Nigerian Council of Registered Insurance Brokers (NCRIB), in Lagos.
Oyebode who is also the Chancellor, Elizade University, Ondo State said, “Technology is the only thing that is going to take us forward. How many brokers have social media presence for their businesses? How many can develop apps that can be used to check crises, can we understand that the next roll of the dice is the Payment Service Banks, what we call mobile money.
“Partnering with telecommunication firms is a necessity for growth. These are the things that are not unique to Nigeria. If the insurance industry is going to grow, all of us have to be ready to make the necessary changes.”
He also called for financial inclusion of the youth population in the marketing strategies of insurance firms, to further drive growth in the industry.
According to him, the industry remains pivotal to the country’s economy, referencing the sector’s contribution to the 2018 Q2 Gross Domestic Product (GDP) figures, which was 3.31 percent in real terms.
Meanwhile, the new chairman of NCRIB, Mrs. Ifemade, has charged industry professionals on the need to collaborate in order to achieve more goals in their efforts to propagate the industry’s growth.
In her acceptance speech during the ceremony, she expressed her commitment to service, diligence and focus on targeted goals and objectives to move the association forward.
She said that her administration would execute many industry-focused project that would also impact the society.