As world businesses develop at such a pace that there are new developments almost daily, regardless of which sector one works. Loss adjusters have been charged to match the new normal of positive disruption which aims to further digitise, optimise and automate their operations.
Chief Nwakibie P. O. Egbuniwe, a former president, Institute Of Loss Adjusters Of Nigeria, made the remark at the investiture of the new president, Institute Of Loss Adjusters, Mr Reginald Egbuniwe, in Lagos.
With a documented mindset of the series of developments in the last fifty years and the avalanche of developments in the last two decades, Egbuniwe took a stroll along these corridors and proclaimed that: “Automation, artificial intelligence, and data are all beginning to have an influence on the (insurance) industry and invariably will impact on the loss adjusting sector.”
Noting that these changes have come to stay and new developments will continue to disrupt and lap on the previous set order, Nwakibie Egbuniwe said, “Of course, this is transformational, and we are only at that journey and the industry must embrace it.” His opinion tallies with how Covid-19 has reinforced the need for digitalization of claims handling. In developed market, remote claims inspections and assessments are now possible through satellite, drone or image capture technology and tools such as MirrorMe.
The daunting challenge of constantly matching to catch up notwithstanding, Egbuniwe says it can be achieved. The retired ace loss adjuster confidently said the sure way to get this done, and be on top of the digital game, “In my opinion … to follow and catch up with the emerging changes is by maintaining and upgrading one’s skill and knowledge.”
Upgrading of skill and knowledge has become the hallmark of developed market. Still related, Allianz Global Corporate & Specialty, Global Head of Claims, Philipp Cremer, said, “Just a few years ago, claims processes were mostly manual and paper based and many people could not have imagined handling claims remotely. Now technology plays a key role. AGCS cloud based claims platform has passed the test of the corona virus with our digital claims processes proving resilient throughout the lockdown.”
Chief Egbuniwe said the challenge in the Nigerian market is not for the new president to achieve all by himself, but for all members of the Institute to leap above misconceptions around the suitability for harmony. He therefore, implored all loss adjusters to support him “in his efforts in facing this these challenges as they may affect the loss adjusting profession.”
For his son Reginald, who is also the managing director, Grand Metropolitan Associates, he said, “Three years term may seem long but when you have lived to my age you realise that the term is also short and must not be wasted.”