The heavy commitment of insurers and reinsurers to digital transformation in the last five years has been impressive and it was done to put the operators in the command and control room of insurance business transaction.
Digital prominence is seen as the vehicle to reach out to generation X, the generation of Nigerians that are defined by the phase of global digital inclination. It also, aligns with the world that has embraced digital disruption as the way to go.
The prominence of the new phase of global way to live, has become the elliptical orbit on which performance rotates and revolves, and Nigeria is getting increasingly involved in it.
Insurance industry is a part of the country that has plunged into the digital platforms; the eruption of Covid-19 pandemic with its protocols made digital platforms the place to command and control business transaction.
The managing director, Anchor Insurance Company Limited, Mr. Augustine Ebose, while emphasising this narration, said 50% of insurance businesses are done through digital platforms, and within the next three years, he stated, more businesses would be generated by the insurance industry through digital platforms.
Ebose, who was represented by the executive director, Mr. Ademola Ikuomola, at a recent inauguration of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) said “Nigerian youths prefer to do insurance businesses through the social media platforms than in person. The insurance industry is also leveraging on these platforms to drive sales. The impact of the pandemic has made us to regain our human capital, ICT and our processes.”
On the reason for the sustained low contribution of the sector to the Gross Domestic Product (GDP) by 29%, Anchor Insurance chieftain said: “Before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economies, that is why the Nigerian Insurers Association (NIA) is sensitising the public, creating awareness to deepen insurance penetration. The pandemic affected every business, so, we expect insurance will also be affected.”
He said companies are also involved in awareness campaigns and “part of that initiative is what our regulator is doing, to upscale the compulsory insurances so that the members of the public that are not buying insurance will buy at all levels, this will impact positively on the GDP.”
On life and business after Covid-19, he said sound work ethics is imperative for staying relevant, stressing that professionals who are guided by the CIIN, “show due diligence and professional skills in dispensing service to the public.”
He emphasised that: “The new normal makes it very imperative for the employees of different companies to work from home and still make the threshold of services to customers.”
Very important, he noted, is that customers expectation are being met, businesses are being generated despite the pandemic, now we do Zoom meetings and use other digital means. “That is the change we have no other option than to embrace.”