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The insurance industry in Sierra Leone has adopted a digital platform similar to Nigerian Insurance Industry Database (NIID) Inspenonline can report
The President West African Insurance Companies Association (WAICA) Eddie Efekoha, disclosed this while commending the Commissioner of Insurance of Sierra Leone, Arthur Nathaniel Yaskey for his strides at the recently held 2023 WAICA Education Conference in Freetown Sierra Leone.
“I would like to equally welcome the Honourable Commissioner of Insurance of Sierra Leone, Arthur Nathaniel Yaskey and appreciate him for continuously supporting the Association.
“Your distinctive leadership has been a source of inspiration to the industry. Yesterday we both participated in the fitness walk organised as part of the conference and that gave us the opportunity to share experience.
“Permit me to use this medium to congratulate you on the forthcoming launch of a platform similar to the NIID in your market. Given our experience in Nigeria this platform is capable of enhancing the practice of motor insurance.
“Our collective goal is to turn change into opportunities for the growth of the Insurance Industry regionally,” he said.
Efekoha submitted that collaboration amongst insurers in the subregion would go a long way in helping them to achieve their goal, stressing that the theme of the Education Conference, “Aligning Insurance Practice In the 21st Century to Serve Public & Private Sectors,” was an expression of what insurers all want the insurance industry to develop into.
The WAICA President noted that as insurers esteemed clients are evolving and displaying various innovations, there is need to align insurance practice to meet their needs and demands.
He maintained that the relentless match of online and mobile technology would continue to fuel the constant change in clients’ expectations, stating that online social networks are becoming pooling mechanisms for insurance and whether insurers like to admit it or not, Insurance companies are fast changing roles.
He posited that the evolution is here; therefore, insurers must embrace it, adding that advances in software and hardware are transforming “big data” into information that gives enough insight into the future for decision makers to act.
He submitted that as the Insurance Industry reaps the gains from the most recent wave of automation, new technologies (Insuretech) are significantly enhancing operational efficiencies, increasing revenue opportunities, and improving customer experience.
“How do we maximize the potentials of Insuretech using tools like block-chain technology and artificial intelligence among others?We need to ensure persistence, respect, integrity, and passion by way of ethics in the industry to boost the confidence of customers,” he posited.
