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The Insurance Meets Tech Conference 2023 (IMT 2.0), held on September 28 and 29, 2023, at the Civic Centre in Victoria Island, Lagos, marked a significant milestone in Nigeria’s insurance and insurtech sectors. Industry leaders and delegates from about 70 organisations, including technology, insurance, insurtech, and Health Maintenance Organizations (HMOs), converged at this prestigious event to discuss the future of insurance and technology in the country. The conference revolved around “Unlocking policy and tech bottlenecks hindering disruptive insurance penetration.” Here are the key takeaways from this groundbreaking event.
Collaboration for a Brighter Future
One of the standout features of IMT 2.0 was the emphasis on collaboration between underwriters and technology service providers. The goal is to enhance customer experiences, build trust, and expand service reach across Nigeria. This collaboration is a response to the significant increase in health insurance premiums, contributing to Nigeria’s cumulative insurance premium exceeding one trillion Naira in 2022.
The Vision of IMT
Odion Aleobua, the convener of IMT, highlighted the conference’s mission as a fusion of technology’s disruptive innovation and insurance’s wealth preservation. IMT serves as a catalyst for Nigeria’s drive for financial inclusion, bringing together the forces of tech and insurance.
Technology’s Pivotal Role
IMT 2.0 highlighted technology’s pivotal role in the industry, particularly emerging technologies like Artificial Intelligence. These technologies have the potential to drive significant growth and financial stability. The conference emphasised the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.
Innovations in Customer Engagement
Insurtech played a crucial role in helping the insurance industry navigate challenging times. Panel discussions at IMT 2.0 focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention, all essential in the ever-evolving landscape.
Call for Regulatory Support
Delegates at the conference called upon regulators to collaborate with innovators to identify barriers to innovative solutions within the industry. While advocating for stringent regulations for underwriters, they emphasised the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.
Health Insurance Enhancement
IMT 2.0 underscored the need to leverage digital technology and telemedicine to improve the quality of health insurance services, particularly in underserved rural areas where specialised medical services are lacking.
Innovative Micro-Insurance Initiatives
Delegates agreed that there is a need for insurtech to collaborate with partners like retailers and insurance companies to build solutions that will help meet the needs of grassroots consumers. There is to build technological solutions that will allow insurance companies to integrate their products into platforms for enhanced penetration, leveraging third-party platforms and cross-selling strategies.
Awards of Excellence
IMT 2.0 marked a significant moment as awards were given to notable industry players, recognising excellence in various categories.
• Insurance Company of the Year: Leadway Assurance.
• Insurance and Insurtech Collaboration of the Year: AIICO-ETAP
• Promising Product of the Year: FastClaim.
• Micro-Penetration for Financial Inclusion Award: Awabah.
About INSURANCE MEETS TECH (IMT)
IMT is dedicated to accelerating growth within Nigeria’s insurance and insurtech sectors. Established in 2021, IMT made its inaugural debut in 2022. The conference brings together leaders from Africa’s finance and tech sectors to drive innovation, collaboration, and progress in the insurance industry. With each edition, IMT continues to serve as a platform for sharing ideas, insights, and experiences in leveraging technology for insurance penetration and industry efficiency.
IMT 2.0 was a resounding success, showcasing the potential of collaboration between technology and insurance to revolutionise the sector in Nigeria. As the industry continues to navigate challenges and embrace innovation, the future looks promising, focusing on expanding insurance coverage, improving customer experiences, and driving digital transformation.
