Tech, Digital Innovation Critical To Insurance Services – Experts

Experts have said technology has continued to advance insurance, saying insurance companies can never migrate to the new world of business without leveraging digital innovations such as artificial intelligence, internet of things, among others.

The experts, who spoke at a webinar organised by Coronation Life Assurance Limited, in Lagos on Tuesday, noted that, the theme of the forum: ‘Protection Against the Unexpected: How Confident are you about the Future?’ was timely, especially, in the world surrounded by dangerous occurrences, that, if not mitigated, can throw someone back into the poverty net.

On his part, the keynote speaker and founder, Africa Insurtech Lab (AIL), Dr. Tunde Salako, called on underwriters to tinker with their products to insure emerging risks in a fast changing society.
Calling for robust insurance awareness, he added that continuous education would help stem the issue of trust deficit in the industry.

Similarly, the director, Life Operations, African Reinsurance Corporation(Africa Re), Chris Saigbe, urged insurance firms to evolve products that would endear younger generation to insurance, noting that, there is an urgent need for more personalised insurance products, even as he called for flexibility in product development and that products should be tailored towards meeting consumers’ needs.

Earlier, the registrar/chief executive officer(CEO), Chartered Insurance Institute of Nigeria (CIIN), Abimbola Tiamiyu, advised the public to leverage life insurance products to save their future, advocating prudence in managing available funds, while urging the public to desist from living on loans, but use insurance to save towards their needs.

On his part, the head, Underwriting Life, Coronation Life Assurance Limited, Kenneth Essu said, the firm has robust savings-linked insurance products, such as, term assurance; life insurance, annuity; loss of job; group life amongst others, even as he called on the public to consult Coronation Life Assurance for their financial plan.
Charging the public to leverage insurance products to determine the kind of wealth they anticipate for in the future, he added that expert guidance is highly necessary in structuring a formidable financial plan.

He said, Coronation Life Insurance aims to educate, inform, and empower entrepreneurs and business owners with the knowledge and tools required to navigate the uncertainties of life confidently and that, given human capital is the most valuable asset of any business organisation, this event seeks to emphasise the importance of financial resilience, planning, and various protection strategies that go beyond specific insurance products.

Saying the webinar aims to position Coronation Life Assurance Limited as a comprehensive partner in safeguarding the financial well-being of individuals and families, he added that, “we offer a suite of products aligned with this commitment, including Life Insurance, Term Life Insurance, Whole Life Insurance, Critical Illness Insurance, Annuities, and more. The ultimate goal is to promote financial security and stability for our clients, regardless of the uncertainties of life, the insurer posited.”

According to him, the overarching objectives of the event are to promote Coronation Life Assurance’s products, expand the client mailing list, bolster brand visibility and reputation, and position Coronation Life Assurance as a thought leader in the financial services sector.

The webinar shared expert insights from Chris Saigbe, Director of Life Operations at African Reinsurance Corporation; Dr. Tunde Salako, Founder of Africa Insurtech Lab; Abimbola Tiamiyu, Registrar and CEO of the Chartered Insurance Institute of Nigeria; and Kenneth Ifeanyi Essu, Head of Underwriting Life at Coronation Life Assurance. Opening and closing remarks were delivered by Adebowale Adesona, Executive Director, Technical Operations of Coronation Life Assurance and George Odumuko, Head of Customer Experience at Coronation Life Assurance Ltd respectively. The webinar was moderated by Wole Famurewa, Anchor at CNBC Africa.

Experts agreed that, since trust is at the heart of the life assurance sector, it is important that Nigerians work with reputable providers with demonstrated track records of paying out on policies.

“It is also important that people considering life assurance products talk with an advisor, or, ideally, several advisors from different organisations. Advice is free and will help people decide which covers are most appropriate for their peace of mind. In selecting an advisor, however, it is critical that Nigerians work with professionals who take the time to understand the details of their personal circumstances, income, obligations, and risks so that they purchase affordable policies for only the risks that they face,” they advised.