Insurance chiefs in Nigeria express plans to reposition sector for growth
Insurance Operators in Nigeria have expressed determination to effect necessary changes in their modus operandi that will illicit growth and development of the insurance sector.
This is in line with lessons they learnt from the 47th African Insurance Organisation conference hosted by Nigeria recently.
The insurers said their efforts would be channeled towards new product development, customer satisfaction and digitalisation of their business processes.
Speaking on Nigerian insurers renewed commitment, the Group Managing Director, AIICO Insurance Plc, Mr Babatunde Fajmirokun said that to achieve this, there is need for Nigerian insurers to harness the potentials of the African Continental Free Trade Agreement (AFCFTA) for growth and development of the Nigerian insurance market.
Fajmirokun, also urged Nigerian insurers to develop new insurance products and solutions, especially, property and casualty insurance market segments.
This, he stressed, would accelerate insurance penetration in Nigeria and would prepare the insurers for the systemic nature of climate-induced damages.
He called for increase access through digital innovation and wider distribution of insurance products in Nigeria.
On claims payment, he urged Nigerian insurance operators to leverage on a wide range of digital ecosystems so as to take out or reduce manual interventions in claims related tasks.
According to him, this initiative will stimulate improvements in claims processing, administration as well as fraud detection operations.
Similarly, the Managing Director/ CEO, African Alliance Insurance Plc, Joyce Ojemudia, noted that digital expansion and continuous training of staff are keys the industry needed to tap into the opportunities provided by the Conference.
According to her, the world is totally digital and for the industry to improve, it must be totally committed to digital expansion.
She also added that local and intentional collaborations would be critical to scaling “our impact and deepening penetration in Nigeria as well as on the continent.”
On his part, the Managing Director Tangerine Insurance Plc, Mr. Ademuyiwa Adeduro, noted that claim settlement was key to the core value proposition of the industry.
“It’s expected that players will key into ever evolving technology in upscaling service delivery with respect to claims management the use of drone, robotics and artificial intelligence and electronic payment platform and synchronisation of enterprise resource programs will assist the industry in better claims management, prevention of fraudulent claims and availability of data for decision making, “he said.
He also noted that product development was no longer a buzz words, “It is either we innovate or will die. One thing for sure is that insurance will not die but some companies may die due to lack of innovation.”
He added that cyber risk cover and technology-enabled services are areas seeking innovative products from the industry.
Also, the Executive Director, Technical, AIICO Insurance Plc, Adewale Kadiri, noted that, some companies have been committed to prompt claims payment and will continue to do so as long as they are in business.
“The conference has added color to the need to enhance our reputation as an industry and I think prompt claims payments can assist us to achieve the desired heights,” he pointed out.
Kadiri also noted that it was imperative to invest in research and development to facilitate Product developments in the industry.
“There are a lot of emerging risks which need insurance covers. But there is need for reinsurance support to enable insurers get required capacity and underwrite the business on a large scale except you want to take the risks for your Net account which may not be significant, “he said.
Leveraging on the federal and state government participation at the conference, the Chief Executive Officer, Royal Exchange General Insurance Limited (REGIC), Benjamin Agili, urged the regulator and the umbrella body to continue their engagement and enforcement of market rates and compulsory insurances.
According to him, “these relationships have to be ongoing and NAICOM, the NIA as well as NCRIB need to take the relationship to the next level. Lobby group within the industry to scale up the relationship are also important.”