Enterprise Life Digitises To Explore Traditional Insurance Distribution Gap

Enterprise Life Nigeria is digitising its product and service deliveries to explore traditional insurance distribution gap in the country.

Speaking at a media parley at the company’s headquarters in Nigeria in Ikoyi, Lagos on Tuesday, the managing director/CEO, Enterprise Life Nigeria, Funmi Omo, on the lapses of the traditional insurance distribution network, said: “We saw these setbacks as an opportunity to develop an innovative solution that will digitise insurance, accelerate penetration and enhance insurance literacy among our stakeholders.”

To this end, she said, the life insurer started operations by providing customers with the advantage they need using in-person meetings with its Life Planners, but it was not enough, hence, the company created an app that makes insurance business seamless, interactive and engaging.

The successful launch of AdvantageConnect, its innovative digital insurance channel built on geo-technology, she stated that, “ the app is designed to create a new digital experience around insurance, built on geo-location technology like Uber, makes the interactions between Customers, Life Planners, and Enterprise Life quicker, easier, and more convenient. Prospective and current customers can connect with our Life Planners for support, financial advisory, and purchase of insurance products in a secure manner.”

Stressing that, the platform ensures that a life planner is for everyone as the life planners are trained to understand the unique goals, aspirations, and challenges of each customer, adding that they use their knowledge to help customers craft personalised financial plans that cover key aspects of their lifestyle.

“The life planners are a crucial role in enhancing insurance literacy and rebuilding trust within the industry, serves as a mentor, assisting clients in making informed decisions that align with their life goals and contribute to long-term financial stability and provides continuous support and adaptability, ensuring that financial plans remain dynamic and responsive to changing circumstances, she pointed out.

Saying that Enterprise Life continues to pioneer solutions that cater to the evolving needs of its customers, she added that, despite the critical need for insurance, adoption rates among the population, particularly, the youths remain low due to misconceptions and lack of awareness.

“A recent report by the UNDP states that less than two percent of Nigerians have any form of insurance with slow innovation in the sector. AdvantageConnect bridges this gap by connecting users to professional life planners for financial planning, advisory and tailored insurance solutions,” he emphasised.

In addition, Enterprise Life, she said, is launching educational programmes aimed at the younger generation, noting that these initiatives emphasise the importance of insurance as an integral part of financial planning and security, fostering a culture of financial literacy and responsibility among Nigerian youth.

Omo stressed that, “there are a lot of conversations about financial inclusion, however, people remain unaware that inclusion is incomplete without the adoption of insurance to protect us against risk, and that is why we are committed to empowering Nigerians with the advantage they need to secure their future. By advantage, we mean adequate knowledge, tools, and dedicated life planners whose primary role is to assess the individual lifestyles of our clientele to develop tailored insurance solutions.”