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, will equally lead to increased insurance penetration, adoption and acceptance in the country.
On his part, the group managing director/chief executive officer, AIICO Insurance Plc, Mr. Babatunde Fajmirokun, said there is the need to harness potentials of AfCFTA for growth and development in the Nigerian insurance market.
He also noted the need to develop new insurance products and solutions, especially in the property and casualty segments.
This, he said, is in readiness for the systemic nature of climate induced damages, while calling for increased 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 are 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 is key to the core value proposition of the industry.
“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 programmes 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 is no longer a buzz word. “It is either we innovate or 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 are areas seeking innovative products from the industry.
On his part, the executive director, technical, AIICO Insurance Plc, Adewale Kadiri, noted that some companies have 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 research and development(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 if you want to take the risks for your Net account which may not be significant.”
Leveraging on the federal and state government participation at the conference, the chief executive officer, Royal Exchange General Insurance Limited ( REGIC), Benjamin Agili, urged the regulator and the umbrella body to continue their engagement and enforcement of market rates and compulsory insurance.