Stakeholders have unanimously agreed that technology and the use of data will help deepen insurance inclusion in a country that lags peers across Sub-Saharan Africa in penetration.
They made this known at the first edition of the Insurance Meets Tech conference held in Lagos.
Participants said it is important to accelerate the adoption of tech innovations and digitalisation in Nigeria’s insurance sector.
Sola Ajayi, Executive Head of Sales, Leadway Assurance, said that the fact that this young generation reveals information about themselves on social media is an opportunity for insurance firms.
“Everybody wants to do things at the tip of their fingers,” said Ajayi.
“Just as a lot of customers can carry out transactions without stepping into a banking hall, customers are getting cover without stepping into the offices of insurers,” added Ajayi.
Jonah Adams, Managing Director, Interswitch Systegra, is of the view that innovation will help the revolution as technology and deliver societal values.
“We should be collaborating with them as technology allows us to get results,” said Adams.
On his part, Wole Odeleye, Client Technology Lead, Microsoft, said strengthening of core systems, data analytics and building technology are pivotal to the growth of the Insurance industry.