Nigeria: Insurance Sector Urged to Embrace Digital Adoption to Boost Penetration

Insurance Sector Urged to Embrace Digital Adoption to Boost Penetration
Share this article

Enterprise Life Nigeria has called for widespread digital adoption in the insurance industry to enhance financial inclusion and education for Nigerians. Mrs. Funmi Omo, Managing Director and Chief Executive Officer of the company, emphasized the need for the industry to develop user-friendly insurance apps with flexible payment options and 24/7 customer support.

During a recent virtual Q&A session themed “Digital Transformation in African Insurance,” Omo highlighted the transformative role of digital technologies in reshaping the insurance landscape. She discussed how digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology are revolutionizing traditional insurance models.

Tailoring to the African Market

Addressing the specific needs of the African market, Omo stressed the importance of creating user-friendly insurance apps optimized for low-bandwidth connections and offline capabilities. These apps should offer flexible payment options and provide round-the-clock customer support to meet the demands of the diverse and widespread customer base.

Innovation in Action

Omo showcased the innovative product AdvantageConnect, Enterprise Life Nigeria’s digital insurance platform that leverages geolocation technology to improve customer interactions and efficiency. “Prospective and existing customers can now connect with any of our LifePlanners closest to them, access a range of services, and receive a tailored policy in less than five minutes,” she explained.

Overcoming Digital Transformation Challenges

Omo also acknowledged the significant challenges that traditional insurers face in digital transformation. These challenges include integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security. “Modernizing legacy systems is complex and costly, but it is essential for providing more efficient and responsive service,” she noted.

By embracing digital adoption, the insurance sector can enhance service delivery, increase customer satisfaction, and significantly improve financial inclusion across Nigeria.

Share this article

Africa: Telcos Face Revenue Challenges

Previous article

Nigeria: SEC Calls for Stakeholder Support to Address Unclaimed Dividends and Market Infractions

Next article

You may also like


Comments are closed.

More in News