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Chuks Udo Okonta
The President, African Insurance Organisation (AIO) Tope Smart, has called on insurers to establish and invest massively in digital research and development departments.
He made the call at the 21st Adetunji Ogunkanmi Memorial Foundation Lecture held virtually, adding that the insurance industry wouldn’t make much progress without embracing research and development.
Smart sought to know how many insurance firms have functional research and development department. According to him, lack of fully funded research and development department might had been the bane for insurance growth, stressing that evolving products to meet the needs of the public could only be achieved through research and development.
According to him, each insurance firm should urgently establish digital based research and development unitd, adding that this would enable them maximise the huge opportunities available in the digital space.
He also implored insurers to be wary of risks associated with digital technology, while they explore opportunities therein.
