Following deliberations at the recently concluded 47th African Insurance Organisation (AIO) Conference in Lagos, insurance managers have vowed to implement some of the resolutions by improving on their product and service delivery.
This, they said, would equally lead to increased insurance penetration in the country.
Speaking on the resolution, the Group Managing Director/ CEO, AIICO Insurance Plc, Mr. Babatunde Fajmirokun, said there was the need to harness the potential in AfCFTA for growth and development in the Nigerian insurance market.
He also sees the need to develop new insurance products and solutions, especially in the property and casualty segments.
This, he said, was in readiness for the systemic nature of climate induced damages, while calling for increase access through digital innovation and wider distribution.
On claims payment, Fajemirokun tasked operators to leverage on a wide range of digital ecosystems so as to take out or reduce manual interventions in claims related tasks. According to him, this initiative will stimulate improvements in claims processing, administration as well as fraud detection operations.
Similarly, the Managing Director/ CEO, African Alliance Insurance Plc, Joyce Ojemudia, noted that digital expansion and continuous training of staff were keys the industry needs to tap into the opportunities provided by the conference.
According to her, the world is totally digital and for the industry to improve, it must be totally committed to digital expansion. She also added that local and intentional collaborations will be critical to scaling “our impact and deepening penetration in Nigeria as well as on the continent.”
On his part, the Managing Director, Tangerine Insurance Plc, Mr. Ademuyiwa Adeduro, noted that claim settlement was key to the core value proposition of the industry.
According to him, “it’s expected that players will key into ever evolving technology in upscaling service delivery with respect to claims management the use of drone, robotics and artificial intelligence and electronic payment platform and synchronisation of enterprise resource programs will assist the industry in better claims management, prevention of fraudulent claims and availability of data for decision making.”
He also noted that product development was no longer a buzz words, saying “it is either we innovate or we die. One thing for sure is that insurance will not die, but some companies may die due to lack of innovation.”
He added that cyber risk cover and technology-enabled services were areas seeking innovative products from the industry. Executive Director, Technical, AIICO Insurance Plc, Adewale Kadiri, also noted that some companies had been committed to prompt claims payment and will continue to do so as long as they are in business.
“The conference has added color to the need to enhance our reputation as an industry and I think prompt claims payments can assist us to achieve the desired heights,” he pointed out.
Kadiri also noted that it is imperative to invest in R & D to facilitate product developments in the industry.
“There are a lot of emerging risks which need insurance covers. But there is need for reinsurance support to enable insurers get required capacity and underwrite the business on a large scale except you want to take the risks for your Net account which may not be significant.”