Insurer Advocates Digital Transformation To Accelerate Insurance Penetration

The CEO of Enterprise Life Nigeria, Mrs. Funmi Omo is advocating digital transformation to accelerate insurance penetration in the country.

This, she said, is needed to raise adoption even as Enterprise Life is leading the charge in advocating digital adoption across the insurance industry to enhance financial inclusion and education of Nigerians.
In a recent virtual Q&A session themed: ‘Digital Transformation in Africa Insurance,’ Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.

Omo detailed how digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology are disrupting traditional insurance models. Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support.

Emphasising the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency, she explained that, “Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes.”
Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security. Modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service, she noted.

Furthermore, Omo highlighted the transformative potential of AI and ML in expanding coverage to underserved segments by analysing alternative data sources and automating claims processing. She underscored the importance of upskilling employees and fostering a culture of innovation, suggesting the establishment of dedicated innovation labs and cross-functional teams to drive collaborative efforts.

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Despite regulatory challenges, Omo pointed out that, the rise of insurtech has significantly boosted financial inclusion, while emphasising the significance of balancing innovation with trust to ensure customer confidence and compliance.

Insurers who can strike the right balance between innovation and trust will be well-positioned to thrive in the digital age, Omo stated.

She said, Enterprise Life’s commitment to digital transformation is driven by its need to make insurance more accessible and beneficial for all Nigerians.