Expert harps on importance of technology to drive insurance activities

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EKERETE Gam-Ikon, an insurance expert, has advised insurance companies to adopt technology to drive their activities in line with the digital world.

Gam-Ikon gave the advice in an interview with the News Agency of Nigeria (NAN), on Tuesday in Abuja.

He explained that as the world had gone into Information Communication Technology, it was necessary for insurance companies to key into technology.

The expert decried insurers’ slow pace at adopting modern digital technology because of legacy issues.

“Poor adoption of technology by insurers is another critical reason why people do not key into insurance.

“Unfortunately, insurers are slow at adopting modern digital technology because of legacy issues but this excuse cannot stand for too long if the insurance needs to increase its penetration and contribution to our Gross Domestic Product (GDP),’’ he said.

He also enjoined the companies to create more awareness on why people should key into insurance.

Gam-Ikon said that people hardly key into insurance because the insurance sub-sector was yet to impact on the lives and activities of people.

“There is the big issue of communication which many analysts call poor awareness, education and enlightenment,’’ he said.

The insurance expert added that when good testimonies are been told to others, more people would key in.

Gam-Ikon said that people were reluctant to go into insurance because of the sad tales they had heard from generation to generation, regretting, however, that the insurance industry was not addressing the issues.

“People fail to key into insurance because there are no alternative when the unexpected occurs.

“They have to be proactive because this cannot stand for too long if insurance needs to increase its penetration and contribution to our Gross Domestic Product.

“In addressing this issue, there will be need to improve the connectivity of the insurance sub-sector with the other sectors of the economy with the shared vision to enhance the quality of lives of our people,’’ Gom-Ikon said.

Another insurance expert, Hajiya Hafsat Hassan, urged Nigerians to key into insurance as the advantages were more, in case of any eventuality.

She said that religion was another reason why people don’t insure, since their faith does not support it.

Hassan also advised insurance companies to make their terms flexible so that people could get insured.

NAN

– Jan. 22, 2020 @ 08:00 GMT |

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