Insurance Penetration: CIIN Boss Urges Insurers To Embrace Technology
Chairman of Council/President, Chartered Insurance Institute of Nigeria, Eddie Efekoha,
Chairman of Council/President, Chartered Insurance Institute of Nigeria, Eddie Efekoha, has tasked insurance professionals to embrace technology and take advantage of the opportunities presented by the digital revolution to deepen insurance market.
Efekoha who is also the Managing Director/Chief Executive Officer, Consolidated Hallmark Insurance Plc, made the call at the 28th edition of the Chartered Insurance Institute of Nigeria (CIIN) annual insurance professionals forum held recently in Abeokuta, Oyo State.
The insurance professionals have reasoned that much as the issue of capital is important for the growth of insurance companies, there is the urgent need to device other critical ways of precipitating market development in a manner that companies would have enough businesses to deploy their capitals on.
Efekoha who opened discussions at the Abeokuta meeting had noted the implications of the digital era in the fortunes of the insurance industry in Nigeria.
He noted that “the 2019 Insurance Professionals’ forum is a special one. This year the Institute celebrates 60 years of its existence as a platform for the development of manpower for the insurance industry. During the month of August, we held a weeklong celebration that was capped off with a glamorous Gala Night. I want to thank you all for your support and participation in the various events. and also to NAICOM, NIA, NCRIB and ILAN for their support.
“The last time I attended a formal event of the Institute with Mr O S Thomas, he was the Deputy commissioner Technical. Today, he is the acting commissioner for insurance, Nigeria. As I welcome him to this year’s Insurance Professionals Forum, may I also on behalf of the Institute and its entire membership congratulate you, our dear friend, brother, a distinguished professional and a passionate manager of resources, on this appointment and to wish you God’s guidance in your discharge of the duties of this office.
“Yesterday, you joined my delegation to pay courtesy call on Kabiyesi, HRM the Alake and Paramount Ruler of Egbaland, His Royal Majesty, Oba Adedotun Aremu Gbadebo III, One of the highlights of that visit was the royal prayer that may your acting capacity be confirmed soonest and we all chorused AMEN.
“As one who has been part and parcel of the Commission and industry for years the challenges we face cannot therefore be strange to you. It is a shame that Africa’s biggest economy has a insurance penetration rate of about 0.3%. Much as the ongoing recapitalization is important, of equal importance is the need for market development.
“I would like to acknowledge and appreciate in a special way, our hosts, the people of Ogun state under the leadership of the Governor, Prince, Dr. Dapo Abiodun, MFR. It is equally of utmost importance as visitors to this historic city, that we respect tradition and pay homage to The Alake of Egbaland.May your reign continue to bring peace and prosperity among your people. Thank you for hosting us so warmly yesterday.”
CIIN Boss said this year’s theme “The Digital Era: Implications for insurance Professionals brings to our doorsteps, a topic that will define the Insurance industry of today and the future.
“The Digital era is here and Artificial Intelligence is playing a major role in its evolution. More organisations are embracing the idea of a single microchip processing multiple functions. Indeed, the future which Artificial Intelligence promises for insurance is a series of touchless processes from premium collection through to the entire claims process.
“Big data is all around us, ready to be harnessed and put to use. As an industry, how are we leveraging on technology to simplify data analytics in order to: make pricing of insurable risks more accurate, enhance self-servicing of customers through interactive websites, tweak sales practices in line with customer needs and wants in order to improve profitability, cost efficiency and maximize overall performance?
“Importantly, Artificial Intelligence has never been less expensive or inaccessible. The question that arises however is: what is the role of the modern day insurance professional as this evolution plays out and what will be his when this evolution attains its full cycle?
“How will he/she stay relevant in an artificial intelligence driven society? As you ponder on these questions, let me restate that any professional who wants to remain relevant must see the opportunities in the threats posed by this digital era,” he advised.
