The insurance industry has been charged to embrace the surging digitalisation of insurtech because of the role it plays. This charge was spiralled up by the managing director of digital insurance company, Heirs Life, Niyi Onifade, in concert with other eminent Nigerians including the Ogun State Governor, Prince Dapo Abiodun and the Commissioner for Insurance, Sunday Thomas.
The trio like a trifold cord with the capacity to make a substantial lift advocated for a more digitised industry at the 2021 edition of the Insurance Professionals’ Forum put together by the Chartered Insurance Institute of Nigeria in Abeokuta last week.
Onifade, during his panel discussion, corroborated Abiodun and Thomas, and analysed the differences between digital, digitalization and digital transformation, and charged the industry to embrace digitalisation because of the sensitive role it plays. According to Onifade, the insurance industry serves as an insulator to every other industry and as such, must work in the pace that others are, if not ahead.
In his words, “The insurance industry plays a significant role in the economic development of Nigeria, providing support and back up for people and businesses. This means that we must be at the forefront of digitalisation and be better positioned to help them achieve their goals and aspirations continuously.”
He further highlighted the many benefits that the industry stands to gain if digitalisation is embraced quickly. These benefits, including product innovation, customer satisfaction, service excellence, fraud detection, cost efficiency and talent retention, he says, are capable of boosting the industry’s relevance, increasing penetration and ultimately, contributing to the GDP like its counterpart in the advanced countries.
Heirs Life Onifade asserted, has continued to be at the vanguard of digital insurance, actively pushing the campaign for digital-first approach not only with its products, but also with service. Earlier in the year, the company announced that customers can now purchase insurance products via its website www.heirslifeassurance.com, in less than five minutes, a feat that was erstwhile deemed impossible. This was followed with yet another first, the launch of a claims portal that allows customers to register claims in less than three minutes and get it settled in 24 hours