The Nigerian Council of Registered Insurance Brokers (NCRIB) has been urged to deploy technology drive penetration in the Nigerian insurance market.
This was disclosed at the 2019 Mid-Year Workshop of the Lagos Area Committee of brokers and other stakeholders in the industry in conjunction with global tech giants, Microsoft Nigeria in Lagos.
Delivering a keynote address theme, “Deploying Technology to Drive Insurance Penetration,” the Executive Director, Business Development, of First City Monument Bank, FCMB, Mrs. Bukola Smith, decried the low insurance penetration level in Nigeria, blaming professionals for not leveraging on technology to promote growth in the industry.
Smith, explained that insurance penetration in Nigeria is less than one percent, compare that to other countries like South Africa, which has the highest penetration in Africa, you will realise we have a long way to go.
“Opportunities are huge in the Nigerian market and strongly believe that technology is about to disrupt the status quo in the insurance industry, it is the only way that your penetration can be improved,” she said.
Speaking on global trends in the insurance industry, she explained that basic technology is shaping the way insurance companies across the world to do business. “Consumers are looking for companies that will make a shift from paper to digital and are able to enhance insurance purchase and management experience from start to finish.
Customers want a seamless experience that enables them to complete transactions in a matter of minutes as opposed to the status quo. The traditional model where a broker/ agent has to be encountered in a person is fast becoming archaic,” she said.
While imploring brokers to maximise the use of social media in their operations, she advised insurance brokers and stakeholders in the industry to embrace digital marketing too as it is a significant part of any business today.
“With Artificial intelligence, for instance, we can do a lot of business analytics. We can profile and understand our customers a lot better than what we could do before among other things,” she concluded.
The Lagos Area Committee Chairman, Mrs. Bukola Ifemade, insurance operators to take the insurance industry to the next level. If there is going to be a change in the insurance industry, it would be brought about by we brokers.
In a goodwill message, President of the NCRIB, Shola Tinubu represented by the Executive Secretary of the NCRIB, Fatai Adegbenro thanked the LAC Executives for the successful organisation of the event. He said the critical issues discussed were part of the agenda in the works by the national body to enhance the use of technology by members of the industry to promote the insurance sector.
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