The Nigeria Licensed Insurance coverage Institute has known as on insurance coverage firms to evolve, embrace change and digitize their processes in order that they’ll meet the wants and expectations of shoppers.
It was a part of a communiqué issued on the finish of the 2021 Insurance coverage Professionals Discussion board in Abeokuta, Ogun State, on the theme “Insurance coverage Trade within the Digital Age”.
The consultants urged the regulator to encourage, help and facilitate the digitalization of the insurance coverage business and supply steering to different stakeholders.
They mentioned: “Information analytics is crucial to advance digitization; there may be an pressing have to implement digital salespeople.
“There’s a want to advertise moral requirements within the business so as to acquire public confidence within the providers offered by operators; and make the most of the present cost system in Nigeria to advertise a number of premium cost strategies reminiscent of USSD and the cell app. ”
CIIN highlighted the necessity for professionals to digitize the insurance coverage business area.
He acknowledged the necessity for professionals to study and purchase the brand new comfortable expertise required to carry out digital operations.
The Institute emphasised the necessity to assess or assess the influence of digitization on the insurance coverage business and to work collectively to handle threat.
Talking on the convention, Insurance coverage Commissioner Mr Sunday Thomas mentioned: “The insurance coverage business is at present lagging behind and must rethink its enterprise mannequin, re-evaluate its technique and prioritize the digital agenda.
“If this isn’t executed, it will likely be troublesome to fulfill buyer expectations, and new entrants, insurance coverage firms and main digital rivals will make the most of this weak spot. It is time for insurers to develop and do what is critical. ”
He mentioned that this could require totally different expertise, tradition and working mannequin.
The one choice out there to analysis for the business, he mentioned, is to maximise its positioning within the digital age, as ready just isn’t an choice.
He mentioned that an insurance coverage firm in Columbus, Ohio, USA, has applied the usage of AI, cloud computing and machine studying in order that anybody with a smartphone can calculate driving velocity based mostly on their driving conduct within the first place, as an alternative of to depend on historic demographic information. decide charges.
Thomas mentioned: “The Fee needs a totally digitalized business. What’s extra, the COVID-19 pandemic has accelerated the adoption and use of digital know-how in Nigeria’s insurance coverage sector.
“On this sense, the NAICOM Portal was efficiently launched on September 1, 2021. To make sure environment friendly and efficient use of the portal, the fee instructed all operators to combine, join and add five-year historic information for all insurance policies issued from January 1, 2016 to the NAICOM portal no later than March 1, 2021. ”
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