IT, Insurance Experts Meet To Deepen Insurance Penetration

Information Technology(IT) and insurance experts are expected to meet at the upcoming Insurance Meets Tech (IMT) Conference 2022, to discuss modalities to deepen insurance penetration in the country.

Leading thought leaders and C-Suite Executives from corporate organisations such as Microsoft Nigeria, Ecobank, Old Mutual, and AXA Mansard have confirmed participation at the conference that will hold on Thursday, September 29th, 2022, in Lagos.

Insurance Meets Tech Conference 2022 is a multi-sector discourse platform that converges leaders in the insurance and tech industries to foster strategic partnerships hinged on technological innovations and the deepening of Nigeria’s insurance penetration.

IMT 2022, which holds at Ecobank’s pan-African Centre at Ozumba Mbadiwe, Lagos, is designed to evolve a marketplace of not only public and private sector players but also to showcase ideas, innovations, and policies that can be pivotal in advancing the business of insurance in Africa.

It will be a one-of-its-kind summit, highlighting the issues in product development, access improvement, process optimisation, payment and reconciliations, customer services delivery, and engagement whilst showcasing various tech solutions to attract potential stakeholders across the ecosystem.

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Impressively, IMT 2022 has already been favourably received by leading players in Nigeria’s insurance, finance, and tech ecosystems, with top executives such as the managing director, Ecobank, Jubril Mobolaji Ahmed; group chief executive officer, aYo Holdings Ltd (South Africa), Marius Botha; Country manager, Microsoft Nigeria, Ola Williams; CEO, AXA Mansard, Kunle Ahmed; CEO, ETAP, Ibraheem Babalola; managing director, Endeavor Nigeria, Tosin Faniro Dada; founder & CEO, Caladium Consulting, Ayo Bankole Akintujoye, amongst others, confirmed their participation.

Speaking on the significance of this conference, the convener and chief executive officer, Modion Communications, Odion Aleobua, expressed optimism about the impact of the conference, stating that, it enables industry leaders in insurance and tech to much-needed collaborative deliberations aimed at bolstering the Nigerian insurance ecosystem and deepening its penetration.

“Nigeria’s insurance industry is ranked 62nd globally, a figure in extreme contrast with the nation’s population and economic size. As a result, the unfortunate reality of insurance in Nigeria is that its penetration rate is so low that less than 2% of all Nigerian adults, which only amounts to 4 million of its total population, have insurance coverage.

“Having consulted for the insurance industry for over the last decade, we understand that the low uptake of insurance in Nigeria can be disrupted through technological innovation that will bolster access, customer engagement, customer onboarding and convenient adoption of insurance policies in the country.

“This is where the incorporation of tech and insurance comes to play. We believe that just as there has been a disruptive turnaround in enabling access to banking services, through the exponential growth in digital technology and mobile telephony in Nigeria, with fintech enabling financial inclusion, insurtech can do the same for insurance. It is on this conviction that we built the rationale for convening Insurance Meets Tech 2022 conference”, he added.