Nigerian insurers express determination to make changes to the modus operandi for the growth and development of the sector

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Ebere Nwoji
Insurance operators in Nigeria have expressed their determination to make the necessary changes to their modus operandi that will prevent the growth and development of the insurance sector, in line with lessons learned from the 47th African Insurance Organization conference organized recently by Nigeria.

Insurers said their efforts would be focused on developing new products, keeping customers happy and digitizing their business processes.

Speaking on the renewed commitment of Nigerian insurers, Group Managing Director, AIICO Insurance Plc, Mr. Babatunde Fajmirokun said that to achieve this, Nigerian insurers must harness the potential of the African Continental Free Trade Agreement (AFCFTA) for the growth and development of the Nigerian insurance market.

Fajmirokun, also urged Nigerian insurers to develop new insurance products and solutions, in particular, P&C insurance market segments.

This, he said, would accelerate insurance penetration in Nigeria and prepare insurers for the systemic nature of climate-induced damage.
He called for increased access through digital innovation and wider distribution of insurance products in Nigeria.

On claims payment, he urged Nigerian insurance operators to take advantage of a wide range of digital ecosystems to eliminate or reduce manual intervention in claims-related tasks.
According to him, this initiative will stimulate the improvement of complaints handling, administration as well as fraud detection operations.

Likewise, Joyce Ojemudia, Managing Director / Managing Director of African Alliance Insurance Plc, noted that digital expansion and continuing education of staff are the keys the industry needs to take advantage of the opportunities offered by the conference.
According to her, the world is totally digital and for the industry to improve, it must be fully engaged in digital expansion.

She also added that local and intentional collaborations would be essential to increase “our impact and deepen penetration in Nigeria as well as on the continent.” “
For his part, the Managing Director of Tangerine Insurance Plc, Mr. Ademuyiwa Adeduro, noted that claims settlement is key to the industry’s fundamental value proposition.

“Players are expected to rely on constantly evolving technology to expand the delivery of claims management services. fraudulent claims and availability of data for decision making, ”he said.

He also noted that product development is no longer a buzzword: “It’s either we innovate or we die. One thing is certain, insurance will not die, but some companies may die for lack of innovation.
He added that cyber risk coverage and technology-based services are areas in search of innovative products in the industry.

In addition, Executive, Technical Director, AIICO Insurance Plc, Adewale Kadiri, noted that some companies are committed to paying claims promptly and will continue to do so as long as they are in business.

“The conference added color to the need to improve our reputation as an industry and I believe that prompt claims payments can help us reach the heights we want,” he said.
Kadiri also noted that it was imperative to invest in research and development to facilitate product developments in the industry.

“There are a lot of emerging risks that require insurance coverage. But you need reinsurance support to allow insurers to get the capacity and underwrite the business on a large scale, except you want to take risks for your net account that may not be significant, ”he said. he declares.

Building on federal and state participation in the conference, Royal Exchange General Insurance Limited (REGIC) Managing Director Benjamin Agili urged the regulator and apex body to continue their engagement and enforcement of market rate and compulsory insurance.

According to him, “These relationships must be permanent and the NAICOM, the NIA as well as the NCRIB must take the relationship to the next level. Lobbying groups within the industry to intensify the relationship are also important.


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