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Deepen Penetration with ICT

Deepen penetration with ICT, insurers urged

March 30, 2016 • Businesses, West Africa

The Managing Director of Rack Centre, Mr. Ayotunde Coker, has advised insurance executives to leverage on information communication technology (ICT), that is to “Deepen penetration with ICT” to meet the growing expectations of their clients and stakeholders.

He said if ICT tools are properly deployed, it would help deepen penetration and growth in the risk-bearing industry.

Speaking in Lagos at a seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief Information Officers (CIOs) he said, if the banking industry had not been embracing new technology, they would not have been able to meet the expectations of their customers, in particular, with the introduction of the cashless policy.

Coker, who was a former CIO of money deposit bank (MDB) in the country, said the insurance industry has opportunity to grow and generate data. He said the situation may change soon if there was a policy directive by the regulatory authorities that enhances high customer drive.

“When that demand comes as am sure it will come, it will  be better  not only  to anticipate it but to be  well prepared  for the scale, level of reliability and customer experience if companies are to avoid customer churn,” the CEO of Nigeria’s first Tier lll design certified data centre said.

Executive Director, Sales and Distribution of Wapic Insurance Plc, Mr. Bode Ojeniyi, lamented that the insurance industry is still characterised by paper work and needed to transit to an era where more would be done with the aid of technology within the comfort of the customers’ homes. He said effective delivery of customer value, satisfaction and efficiency, can only be achieved by the use of technology.

Mr. Ojeniyi said technology should help in transforming the insurance market in so many ways by helping the industry know the needs of clients, analysing the marketing trends as well as developing and getting appropriate products to the client faster .

He said: “I need technology to help in serving the clients better, to drive revenue, to be able to deliver value to the customers to give solutions, a technology leadership that sees itself as a business partner.”

The CIO of Guinea Insurance, Mr. Audu Oladokun, said from his personal experience that through the application of technology, his company was able to grow its customer base to 3,500 within a space of few months.

By Kokumo Goodie, Lagos, Nigeria

 

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