Insurers are set to embrace digitalisation to attain N5trillion gross premium income mark in the next five years, from the N1.17 trillion recorded in the third quarter of last year, The Nation has learnt.
Chairman, Nigerian Insurers Association (NIA) Kunle Ahmed, who made this known at the CEOs Retreat in Lagos, said while it took them 10 years to attain N1 trillion premium target, they have been able to grow faster in two years.
Ahmed, however, said having reached the N1 trillion mark, they needed to move faster to reach the N5 trillion mark, noting that they couldn’t do that based on the things that they used to do – how they used to serve their customers.
He urged operators to move from the traditional model and start serving their customers in a more seamless manner, stressing that therein lies the opportunity of getting to the target.
Speaking on the theme for the retreat, “Digital disruption and social innovation: Reshaping our traditional models,” he said it could not be more timely and relevant, as insurers navigate an era marked by rapid technological advancements and evolving societal needs,
“It is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve. Digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. From Artificial Intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models. “However, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight.
Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.
“As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?
Equally important, he said, is the role of social innovation in reshaping the insurance industry.
“As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.
Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.
“As insurers explore the concept of social innovation, and reflect on how they can design insurance products that are not only profitable but also socially impactful; how we can engage with stakeholders to drive collective action towards sustainability; and how we can measure and communicate the social and environmental benefits of our initiatives”, he urged.
