Investment in tech critical to drive insurance growth in Nigeria

Stakeholders in the nation’s insurance industry have identified investment in technology, knowledge acquisition as key in achieving workflow efficiency and growth in the sector.

The stakeholders made the observation at the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee (LAC) April General Meeting held in Lagos, sponsored by Cornerstone Insurance Plc with the theme “Work Flow Efficiency”.

The forum witnessed presentations on workflow efficiency tied to motor policy, as well as marine business, and how insurance consumers could be served better from a knowledge background.

Rotimi Olukorede, chairman, NCRIB Lagos Area Committee, said this was the first empowerment series to equip members with the right knowledge and skills that will enhance their efficiency in the profession.

Olukorede said a lot more should be expected as Knowledge was vital in driving growth and increasing relevance in the profession.

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Bola Onigbogi, president and chairman of council, NCRIB who was the chief host said the empowerment programme was an innovative idea that will impact members positively and enhance their professionalism, urging the LAC to continue improving the knowledge base of members.

Ganiyu Musa, group managing director, Cornerstone Insurance Plc, sponsors of the event said workflow efficiency was critical in driving growth and sustainability, which explains why Cornerstone Insurance attaches importance to investment in technology.

Musa said “What we have done is to invest in technology which enables us to engage effectively with our partners including brokers, and this has reflected in our positive performance over the years.

According to him, the COVID-19 pandemic and lockdown did not have too much impact on the company in terms of business continuity because of its huge investment in technology before the pandemic.

We were not anticipating pandemic before we invested in technology, as that has always been our strategy to improve customers experience and engage our partners effectively, he said.

Tunde Thomas, lead consultant, Value Edge Insurance Brokers in his presentation tied to achieving workflow efficiency in motor business, noted that the more you sharpen your skills as an insurance broker, the more you are able to deliver efficiently.