Insurance

Adopt technology to deepen penetration, NAICOM charges insurance practitioners

Abiodun-Aribike-Deputy-Director-Information-Technology-NAICOM

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has charged insurance practitioners to adopt technologies to provide digital solutions and deepen penetration.

The Head, Information Technology, NAICOM, Abiodun Aribike, who said this at the NAICOM 2022 retreat for Financial Journalists in Uyo Akwa Ibom State, stated that insurance industry needs to catch up quickly with new technology, innovations, changing environment (from traditional to digital), developments and changing customer expectation.

He noted that there is an urgent need for the insurance industry to adopt technologies to provide digital solutions, adding that when this is done it will improve access to insurance by providing digital channels of distribution; enhancing easier access to insurance products and coverage; providing cost efficiency for policy holders and insurers; speedy issuance of coverage and claims payment and providing innovative products.

He noted that the adoption of technologies such as, Cloud computing; Mobile technology; Artificial intelligence (AI); Distributed ledger technology and Blockchain and Internet of things, will help in providing digital solutions for increased insurance penetration.

Aribike noted that Nigeria Insurance Market Penetration rates for the past six years are: 2016 0.48 percent; 2017 0.54 per cent; 2018 0.61 per cent; 2019 0.71 per cent; 2020 0.72 per cent and 2021 0.88 per cent.

He submitted that an estimated two per cent Nigerian adults are covered by Insurance as at today, adding that the low insurance penetration can be increased through the adoption of technology and digital solutions.

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