Stakeholders call for more technology-driven innovations in insurance industry

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SOME stakeholders in the insurance industry have called for digitization and more technology-driven innovations to help the sector meet up with current trends.

They made the call at a webinar meeting tagged `Insurance and Sustainability’ in Abuja on Tuesday.

Mrs Chizor Malize, the Managing Director of Financial Institutions Training Centre (FITC), said that the gap in the adoption of technology between banks and insurance companies was too wide.

Malize also said that insurance penetration in the country was not more than 25 percent.

She said that operators needed to do more in terms of educating the people.

“Consumers are becoming mature in their understanding of insurance but companies will have to think of innovations that will bring more people into the industry.

“They have to work more on educating the marketplace, building trust by paying the premium, speed of response, partnerships, and collaboration with the regulator.

“Operators must consistently see where the market is going and where the products are going to be able to penetrate the market,’’ she said.

Mrs Shalom Asuquo-Ankoh, the Managing Director of Travellab Limited, called for effective collaboration with stakeholders outside the industry to be more responsive to clients.

Also speaking, Prince Lekan Fadina, the Executive Director, Centre for Investment, Sustainable Development, Management and Environment (CISME), advised insurers to move away from the traditional ways of their operations.

He called on operators to always consider issues around accountability, transparency and trust in the sector.

Ms Adetola Adegbayi, the Executive Director of Leadway Assurance Company Limited, said it was time for insurers to take up cyber insurance policies.

In a keynote address, Mrs. Ekeoma Ezibe, the Managing Director, Crystal Trust Insurance Brokers Limited, said that the industry was already collaborating with the National Insurance Commission (NAICOM) to ensure improved service delivery.

She appealed to professional insurance brokers to always educate and explain to policyholders the terms and conditions of the insurance packages they intend to buy into. (NAN)

– Sept. 29, 2020 @ 16:19 GMT |

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