Insurance experts have charged underwriting firms to increase the use of Information Technology (IT) to increase insurance penetration and adoption in the country.
The experts, who spoke at a recent virtual seminar organised by the Funmi Babington-Ashaye Foundation and themed: ‘Insurance In The New Normal’, said, this becomes necessary as the global economy and industries embrace technological transformation in the new normal, now worsened by Coronavirus pandemic (Covid-19).
The Conveyer of the foundation, Mrs. Funmi Babington- Ashaye, while speaking on the seminar that focused on helping new generation of insurance professionals identify challenges posed by Covid-19 pandemic and how to remain relevant in the global ecosystem, noted that the foundation realised the need to train future generation of insurance professionals who are in middle level management, young officers of insurance companies and brokerage firms and insurance students to open their mind on opportunities and challenges brought by Covid-19 .
Babington-Ashaye, who is also the CEO of Risk Analysts Insurance Brokers Limited, said this will assist the future leaders to come up with ideas that will help in the growth and development of the insurance industry.
According to her, any company that refuses to adapt to changes in the new normal is posed to the danger of competitive displacement by firms more willing to evolve, threat from Insurrects who are already ahead of the technology curve, and also loss of business due to changing customer behaviours and expectations.
“This period has offered operators in the industry chance to build trust, brand and employee morale, Babington-Ashaye said.
The seminar witnessed presentation from president, Chartered Insurance Institute of Nigeria (CIIN), Muftau Oyegunle; president, Professional Insurance Ladies Association (PILA) Joyce Ojemudia, and group CEO, VAS2Nets Technologies, Ayo Stuffman.
Oyegunle, who applauded the efforts of FBA Foundation in organising the seminar for the benefit of young professionals said, mentoring is key in achieving leadership qualities because whatever career you find yourself, you need discipline.
He said, with the Covid-19 impact, a lot has changed in the way insurance business is conducted including face to face interaction, consumers now more concerned about health issues and willing to pay, connected living and smatter homes, unprecedented uncertainty and as well as the need to show empathy and care to consumers.
Muftau Oyegunle said this is the time for insurances companies and all other players in the industry to adopt multi-channel distribution platforms to key into the new normal and grow the industry.
Joyce Ojemudia, who also took a cursory look at the environment and how to join the global ecosystem to deliver insurance to the consumer, said, key success factors include resilience, agility, paperless, transparency among others.