• Friday, February 23, 2024
businessday logo

BusinessDay

Insurers to leverage tech for increased sector contribution to economic growth

Insurers focus on claims to restore public trust, confidence

Insurance companies in the West African sub-region are charting ways to increase sector contribution to economic growth.

According to them, the focus is on aligning its practices in a way that confidence and trust are built, taking advantage of emerging technologies to meet customers’ expectations.

Eddie Efekoha, president and chairman of the council of the West African Insurance Association (WAICA) stated this at the 2023 WAICA Education Conference in Freetown, Sierra Leone.

Efekoha said WAICA was working to position the insurance industry as a key contributor to economic growth, while promising to galvanise the collective knowledge, strength and willpower of members to build WAICA.

Read also: FIN, Brokers expose secondary school students to benefits of insurance

“With the efforts of the association coupled with the support of insurance professionals, practitioners and regulatory bodies, we shall achieve the insurance industry of our dreams which will contribute meaningfully to the West African countries’ GDP.

“Our collective goal is to turn challenges into opportunities for the growth of the insurance industry regionally. I am positive that our collaboration will go a long way in helping us to achieve this goal”

Commenting on the theme of this year’s education conference, “Aligning insurance practice in the 21st-century to serve public & private sectors,” Efekoha said, it is an expression of what we all want the insurance industry to develop into.

According to him, as our esteemed clients are evolving and displaying various innovations, you will agree with me that there is a need to align our insurance practice to meet their needs and demands.

“The relentless match of online and mobile technology will continue to fuel the constant change in clients’ expectations. Online social networks are becoming pooling mechanisms for insurance and whether we like to admit it or not, insurance companies are fast changing roles. The evolution is here, therefore, we must embrace it.”

“Advances in software and hardware are transforming “big data” into information that gives enough insight into the future for decision-makers to act. As the insurance industry reaps the gains from the most recent wave of automation, new technologies (Insuretech) are significantly enhancing operational efficiencies, increasing revenue opportunities, and improving customer experience.”