Friday, January
04, 2019 10.00AM / Bukola Akinyele for Proshare WebTV
As Nigeria seeks to improve insurance
penetration, panelists at the maiden edition of the African Fintech
Festival recently discussed how Technology could be deployed to improve digital
technology footprints in the Insurance business.
Speaking on the developments in micro-insurance,
Mr Bode Pedro, Managing Director/CEO, Cassava Nigeria Limited argued that
Nigerians need to develop new attitudes towards the business of insurance.
Mr Pedro noted that investments in technology
and innovation can be used to develop insurance products that are simple,
affordable, and attractive.
On issues of “Trust” which is vital for the
sustainability of Insurance, Mrs Mojisola Onifade the Managing Director,
Capital Express Assurance admitted that there are trust issues in the
sector which is one out of several things hampering the Industry’s growth.
She was of the view that Nigerians want to
see demonstrable benefits, to confidently accept that Insurance will meet its
service promise.
Onifade also stressed that awareness of the
benefits of Insurance across the country is low.
The Capital Express MD called for technology deployment
to enhance processes within the sector in order to ease the claims process,
drive transparency, and make it easy for people to gain access to their
benefits.
For Mr Kobi Bendelek Chief Executive Officer
(CEO), Insurtech based in Israel, said
Artificial Intelligence can help Nigerian insurance companies improve their customer
experience, especially in the area of health insurance.
Mr Bendelek giving the Isreali experience said
that there is a startup that can help insurance companies to understand their
clients and carry out better underwriting activities.
Speaking further Mr Bode Pedro made a case for
an enabling regulatory environment that encourages the development of AI in
Nigeria.
Pedro also harped on shared services data, which
will see cooperation between banks, telcos and insurance companies, leveraging
on the National Health Insurance Scheme.
According to him “Until banks, telcos and
insurance companies start talking to one another we can’t really leverage high
technology like AI. For us as an industry we need in 2019 to connect with key
industries stakeholders and leverage Identity management technology in order to
process information”.
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