Insurance experts have called on underwriting firms to take advantage of technological innovation to drive product penetration for increased contributions to the economy.
The need for deeper technology adoption in product management was one of the issues raised by experts, who gathered at the second edition of ‘Insurance Meets Tech’ (IMT) with the theme: “Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration,” in Lagos.
IMT is a gathering of visionaries, innovators, and industry leaders, committed to pushing the boundaries of what insurance can achieve in Nigeria.
They also stressed the need for underwriters to offer the needed insurance solutions to Nigerians through collaboration with Insurtech organisations.
However, they posited that the only way to deepen insurance penetration in the country is to make it accessible, dependable, and affordable to subscribers, but stressed that technology will be crucial in achieving that.
Speaking specifically on the Executive Dialogue on ‘Insurance and Insurtech Collaboration: The AIICO-ETAP Case Study,’ Founder and Chief Executive Officer of ETAP Insurtech, Ibraheem Babalola, said there is a need for insurance companies to collaborate with Insutech companies to make insurance solutions accessible and affordable to public instead of seeing it as a competition.
Babalola said his company’s collaboration with AIICO Insurance is to modify the insurance experience in Nigeria not only by giving the public the right product but also by making the product affordable and accessible.
He called on operators and brokers in the sector to see insurance and insurtech collaboration as the way to go and to increase insurance uptake among Nigerians, which will also result in increased premium and profitability for underwriters.
To the Chief Digital and Innovation Officer, AIICO Insurance, Olusanjo Shodimu, insurance and insurtech partnership cannot be over-stressed in a bid to deepen penetration. He said that the power of technology behind Etap is helping to reach out to customers all over the world through technology.
Earlier, the Convener of IMT 2.0, Odion Alebua, highlighted the importance of technology to insurance growth even as he called on insurance operators to take opportunities provided by technology and innovation to shape the future of Insurance in Nigeria.
