Chief distribution officer at AXA Mansard Insurance Plc, Jumoke Odunlami, has stressed the roles of technology and innovation in accelerating the growth and adoption of insurance in Nigeria.
She disclosed this while delivering a lecture at the Ambassadors Project on Insurance Awareness at the Lagos State University, LASU recently.
The event, organised by the Chartered Insurance Institute of Nigeria (CIIN) in partnership with LASU’s Insurance Department, is a strategic programme by the CIIN to drive knowledge and awareness of insurance among the youth.
Odunlami said, tech and Artificial Intelligence (AI) will play crucial roles in bridging the knowledge gap about insurance in Nigeria.
She said technology will help get insurance into the hands of more Nigerians and AI will help in addressing some of the issues that are fuelling distrust in insurance products.
“Sometimes, knowledge comes from experiencing a product. When you use it, you understand it better. Technology is a tool that can give that level of access. For example, through our telecoms and fintech partners, we are reaching over 1.5 million Nigerians with microinsurance.
“These are people who could have been deprived of the opportunity to try out insurance. But through USSD and savings apps, we are now reaching them and they are enjoying the benefits of insurance. That is the power of technology,” she added.
“While we are reaching more people and getting them to try out insurance, AI will play a crucial role in ensuring that their expectations are not cut short. We understand that the trust in insurance is still fragile and if we reach more people and can’t keep the promise, we will break the trust and lose the opportunity to educate them. But imagine where we can deploy AI to customize, personalize and increase the speed of fulfilment. That is going to be a game changer, and that’s what we should all invest in as an industry”, Odunlami stressed.
While pricing and risk assessment remain vital to insurance operations, she said, educating the public is key to building trust in the industry.
“The challenge with insurance goes beyond mere awareness. People know that insurance is important; they just haven’t found a reason to trust it,” Odunlami explained. “Understanding the needs of our consumers and providing solutions to meet those needs is essential,” she stated.
Encouraging students to envision themselves as future leaders of the industry, Odunlami highlighted the transformative power of innovation and digital advancements in shaping the future of insurance in Nigeria. She pointed to the country’s low insurance penetration as a compelling reason for industry professionals, particularly emerging talents, to embrace AI and customer-focused solutions in driving the sector’s growth. “The future of our industry will be led by those who champion innovation. This transformation will foster a more resilient and inclusive insurance ecosystem,” she stressed.
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