Insurance Professional Forum: NAICOM harps on use of technology

October 21st, 2019

From Edet Udoh, Lagos

The National Insurance Commission (NAICOM) has reiterated the need for insurance practitioners to focus on use of technology in driving the growth of the nation’s insurance industry.

He also warned practitioners of the dangers of ignoring business digitisation, noting that failure to embrace digital technology will spell doom to the industry

The Ag Commissioner for Insurance, Mr. Olorundare Sunday Thomas made the call in his keynote address at the Chartered Insurance Institute of Nigeria (CIIN) 2019 insurance professional forum in Abeokuta

According to him, in this 21st century, for any business to succeed, automation of operations is the way forward and called on Chief Executive Officers of insurance companies to embrace technology in order to reap its benefits.

He noted that digital technology has integrated the world and its systems into “one global village” where all transactions are now on our finger tips. Bigger than the phase of the advancement are the implications which are already affecting us positively or negatively depending on our perspective.

“Insurance business must understand that digitalisation has now taken precedence in people’s day to day affairs and the consequence could be massive if we fail to fix any gap that this can create in our service delivery. We must effectively integrate into the robust financial circle for insurance to take its rightful place in the economy.

“We must invest in technology in order to meet up with current phase of advancement and take our products to the comfort of consumers

The theme for this year’s forum is “The Digital Era: Implications for Insurance Professionals”

He said technological advancement has taken an unprecedented leap to becoming an integral part of our daily living, adding that the Digital Era actually started evolving in the 1980s and presented society with information and technologies that are essentially transforming how businesses across all industries operate and serve their customers, the Insurance industry inclusive.

Ag. NAICOM boss who expressed concern over the analogue way of doing business by most insurance practitioners, posited that the Commission is on its part of improving use of technology and thus is investing hugely in automating most of its operations.

According to him, “Let me warn that our failure to key into the 21st century demand for digital business services might spell doom for our industry.

“Our failure to master Social, Mobile, Analytics and Cloud technologies, means we will be unable to serve even the most basic demands of customers and the post-digital world.

“Hence, we will be prevented from embracing the next digital trends or disruption. It is important we work towards being part of the wave because this new set of technologies will ensure we rethink the entire industry and the parts needed to be played in the world.

“The Commission on its part is committed to improving the use of technology in the sector. It is on this premise that the Commission is investing hugely in automating most of its operations.

He said the Commission’s portal that will integrate all insurance transactions into a single hub is being finalised, saying that “Hopefully, by the time we meet next year, our processes would have become fully automated and operational.”

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