It is high time the Nigerian insurance Industry re-strategize its position, in terms of operations, in order to maximise the many potentials offered by technology, to increase the adoption of what it can offer, through individual and business protection.
These were the thoughts of Deremi Atanda, an Executive Director at SystemSpecs, as he shared valuable insights on how fintechs can be optimized in Nigeria for penetration.
This was at the Virtual Workshop of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers, (NCRIB-LAC).
According to Atanda, the penetration of insurance in Nigeria is, still very weak, as its compliance still depends largely on regulations, while noting that insurance is not a widely accepted concept in Nigeria, hence, not believed to be an important part of an average life.
“We must review the adoption of technology for insurance purposes, with the aim of repositioning to better meet the needs of customers in the exact manner in which they would want to be served”, Atanda said.
“In examining its positioning, practitioners must reconsider, if the nomenclature, ‘insurance’ and what it currently represents, truly speak to how their target audience would want to consume their offerings”, Atanda stressed.
On the part of the insurance industries in the country, there must be a deliberate attempt, to deepen the awareness around the adoption and advancement of technology in its operations.
Atanda emphasized that, in times like these, insurance companies should take technology as a “stakeholder” in the industry, in order to meet the demands of today’s world.
As part of his thoughts, Atanda highlighted four areas that insurance companies ought to seek:
- Exploring the possibilities of a combined product market place
- Harnessing big data in tracking patterns on spending
- Making informed innovative products
- Adopting technology to enhance a premium collection
In a similar vein, the process of automation, tends to be a game-changer for insurance in today’s world.
“Therefore, the insurance industry must implement end-to-end online policy subscription and payment while, also maximising artificial intelligence, cloud hosting and blockchain technology”, Atanda noted.
Atanda observed that, SystemSpecs, the indigenous technology firm behind the development of HumanManager, Remita and most recently, Paylink, is ever ready to offer an innovative transformation in Nigeria’s fintech space.
“The place of fintech, is a veritable tool to unlock the huge and largely untapped potentials of insurance in Nigeria and brokers have to be at the forefront of the transformation”, Atanda concluded.
Featured Image: Deremi Atanda, Executive Director, SystemSpecs
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