‘Rethink Outdated Insurance Business Model For Effective Penetration’

Insurance companies must rethink their outdated business model for effective insurance penetration in the country, says the managing director/CEO, Enterprise Life Assurance Ltd, Funmi Omo.

To this end, she called for a radical transformation in the insurance sector, challenging practitioners to rethink outdated business models.

Speaking at the Leadership Summit organised by the Nigerian Council of Registered Insurance Brokers (South-South Area Committee), Omo spoke to insurance practitioners, saying, ‘even as insurance people, whether we adapt or not, we have to realise that technology is a big disruptor and as they say, change, adapt or die.’

In line with the summit’s theme: ‘Collaboration: Adapting in an Ever-Changing World,’ Omo emphasised the need for insurance companies to innovate, leverage technology, and embrace collaborative efforts to remain relevant.

In her keynote, Omo urged insurance practitioners to move beyond rigid, product-centric approaches and adopt dynamic tools that meet the evolving needs of today’s consumers. She spotlighted Enterprise Life’s Advantage Connect App, a game-changing platform that leverages GPS technology similar to Uber, allowing individuals to connect easily with life planners in their vicinity.

“Through the Advantage Connect App, we’ve found a way to make life insurance more accessible and personalised. It’s no longer just about policies but about meaningful connections. People want someone they can trust, and this app ensures that individuals are paired with a life planner who can meet them where they are,” Omo explained.

Omo emphasised that Nigeria’s economy is driven by an active, tech-savvy youth population that demands speed, accessibility, and convenience. To meet these expectations, Enterprise Life has launched a WhatsApp channel for resolving insurance-related queries in real-time, offering customers a faster and more direct way to access support. Additionally, the company has introduced a collaborative brokers’ platform aimed at streamlining processes for insurance brokers across the country.

Omo’s addressed the introduction of the Brokers’ Portal, an innovative digital platform designed to make brokers’ operations more efficient. Through the portal, brokers can onboard themselves, generate proposals and quotes, access transaction records, and retrieve their NAICOM ID.

She also announced that Enterprise Life is preparing to launch an API Gateway for seamless integration, enabling partners to connect directly with the company’s systems, saying, the initiative will allow external partners to integrate their services with Enterprise Life’s platform easily, providing a smoother experience for both brokers and clients.

She concluded by reinforcing the importance of innovation and partnership for the future of insurance. “Technology is reshaping industries worldwide, and we must move in step with these changes. At Enterprise Life, we are not just building products; we are building solutions that connect people and simplify their insurance journeys,” she stressed.

The Leadership Summit brought together key players in the insurance sector, highlighting opportunities for partnerships and new strategies to adapt to a changing business landscape.

Enterprise Life Assurance Ltd has been at the forefront of customer-centred insurance solutions, dedicated to helping Nigerians secure their financial futures. With technology-driven initiatives like the AdvantageConnect App, the company continues to set new benchmarks for innovation in the life insurance space.