Moving from the traditional analogue transaction of insurance business ground to mobile application driven digital insurance business landscape does not sprint quick return for information tech savvy ground breakers in Nigeria.
This assertion was made by Mr. Casmir C. Azubuike, managing director, AfriGlobal Insurance Brokers Limited, at a recent media retreat for insurance and pension journalists who said the Nigerian insurance market is evolving from analogue to a digital driven industry.
Azubuike said investing in mobile apps driven digital underwriting is a long haul that would require launching and relaunching of the app that would be down loaded by individuals and businesses of different capacities. Navigating the local insurance work place, an industry leader in digital underwriting said, office processes are getting automated, manual registers and records are being phased out. In the current progression, he comments that policy and clients statistics are now being spooled electronically.
Speaking like one has who knowledge of the digital trenches to hold the foundation of digital underwriting, he said, the “latest is the development of mobile app which makes it possible for you to buy insurance from the start to finish including claims reporting and processing on your mobile phone from the comfort of your bedroom.”
Narrating the experience of the mobile app launched by AfriGlobal Insurance Brokers, he said e-transaction takes a while to mature to justify the investment. He disclosed that most users of the firm’s mobile app are Nigerians in diaspora who use the app to purchase covers for their Nigerian properties, business start-ups and motor insurance for parents and relatives. Aside this segment of clients, he said local use of the add to transact insurance business is quite a distant from diaspora Nigerians who welcome the app.
He stated that expecting a huge gravitation of clients to the mobile app to increase business transactions is not a shot term response and industry shift to internet driven growth should be weighed as a long gestation investment.
AfriGlobal helmsman said the low early response does not deflate the fact the future and young consumers are tending towards e-channels. Having known that the taste of the pudding is in the eating, Azubuike said technology is the key change driver in the practice of insurance.
He noted that this has been underlined by global trend analysis in 2018 which disclosed that insurTech has increased insurance deals by over 32%. Building on this, he said technology is changing and in the nearest future will totally redefine the distribution channels and sales models.
Committed to the deployment of mobile app and expanded digital underwriting and transaction, Azubuike said technology will redefine the face of insurance practice in Changing the face of insurance practice where one-on-one interface with the insured or prospects may be a reserve only for the complex insurance classes.