Industry experts and leaders have highlighted the critical role of collaboration, technology adoption, and embedding insurance within various sectors in driving insurance penetration in Nigeria.
They made this submission at the 2023 Insurance Meet Technology conference in Lagos where they called for greater collaboration between insurance operators and technology experts to drive the Nigerian insurance industry into the digital era.
Speaking at the event, Founder and CEO of FirstFounders, David Lanre, emphasized the importance of collaboration, stating, “This is an opportunity for us to collaborate with emerging startups in the insurance sector, bringing solutions that address key challenges.”
During an executive dialogue tagged, ‘digital and tech innovation in insurance: what is Nigeria missing,’ Client Technology Lead at FSI-Microsoft Nigeria, Wole Odeleye, stated that insurance has made significant progress in terms of technology adoption. However, he pointed out that true scalability would only occur when insurance becomes an integral part of the financial ecosystem.
Also speaking, Chief Digital and Innovation Officer at AIICO, Olusanjo Shodimu, stressed the importance of identifying businesses with significant customer bases and risk profiles and partnering with them as underwriters. “By doing so, insurers can embed insurance products into various industries, making coverage more accessible and relevant.”
