Insurance operators are searching for growth and continued relevance in the midst of challenges that are being heightened by technological innovation and increased consumer expectation.
The industry believes that the opportunities in traditional space may be shrinking, so failure to do something may pose future dangers that will be difficult to contain.
During the ongoing National Insurance Conference in Abuja with the theme: “Disruption, Innovation and Business Growth”, organized by the Insurance Industry Consultative Council (IICC), stakeholders emphasised the need for insurers to embrace change and technology adoption or be left behind.
Mohammed Kari, commissioner for Insurance in his welcome address said the theme is relevant against the backdrop of the need for the Nigerian insurance industry to remain relevant in an era of dynamism where operating in the same way is an assured route to irrelevance.
Kari also noted that radical reforms have been accentuated by the disruptive impact on the insurance industry of a series of digital innovations.
“While these new technologies are already making it easier for consumers/policyholders to benefit from superior service and more choice as well as lower prices, there are corresponding challenges.
According to him, in order to remain relevant and become a critical contributor to the national economy, the industry must consciously be proactive and organized so as to take advantage of the opportunities provided by these disruptive developments while at the same time curbing their corresponding negative impacts.
“It is important to note that firms will only benefit from digital technology only if they embrace its potentials along the entire insurance value chain, including underwriting and claims management.”
Eddie Efekoha, president, Insurance Industry Consultative Council (IICC), organisers of the conference said the theme of the Conference is a fitting subject matter that brings into perspective, the growing influence of technological advancement and lateral thinking in today’s business clime.
He noted that to capitalize on the great opportunities this cocktail of disruptions provides and to respond to the economic and social challenges we face today, courageous and comprehensive reforms are needed, stating that reforms require the collaborative efforts of governments, businesses and other stakeholders in the society in order for the process to be truly successful.
Modestus Anaesoronye
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