CIIN President tasks insurers on new products creation, technology adoption
President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), Sir Muftau O. Oyegunle, said in defining the future of insurance industry in Nigeria, the task for the insurance operators is to create entirely new set of products that inspire customer demand, anticipating and addressing customer needs and wants.
Sir Oyegunle who said this in his address during the official opening of the 2020 Insurance Professionals’ Forum held recently at Park Inn, Abeokuta, Ogun State, also stressed the need for the operators to ensure digitalization of their operations in order to remain effective even in the face of COVID-19 new normal.
He maintained that the new products must be simple and flexible enough for customers to evaluate, tailor and purchase through any channel.
While stressing the need to offer holistic value proposition, one centered on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals, he noted that customers have experienced highly personalized, self-directed shopping experience followed by instant fulfillment and they are looking for this same service from all service providers including insurers.
Commenting on this year’s theme of the Forum “The Insurance Industry: Defining the future” Sir Oyegunle said this brings to the table for extensive deliberation, the way forward for the insurance industry in a world that has been radically disrupted.
He stated that regulation and a conservative business approach have caused insurers to adjust slowly, but outside forces are now bringing to light the full effects of this transformation-in-waiting for the insurance industry.
“The Insurance Industry is going through profound change and this disruption is not just digital. Demanding customers, new competitors and constantly evolving challenges are driving the narrative for the future. No matter what technological advancement we adopt, if it does not translate to value for the customer, all the capital outlay will have been in vain,” he added.
CIIN President who acknowledged the changes that the advent of technology was gradually institutionalizing noted that slow and measured process has been heavily jolted by the outbreak of the Covid-19 Pandemic.
He said the Institute is charting a course aimed at ensuring it remains ahead of the curve in the digital era in order to remain a key contributor to the growth of the insurance industry
Disrupters in other climes, according to him, “have found new ways to evaluate risk, with tools like big data, drones and telematics. They have expanded offerings with micro-insurance, and they are finding better ways to engage with customers in an online world. They are also experimenting with block chain and the possibilities it presents for the industry. The shifts that are taking place affect every aspect of the industry value chain, which means the insurance marketplace of the future will soon look nothing like that of the past. The market place of the future will be defined by a handshake between creativity and technology in order to fulfil the needs and wants of consumers.”
