How Technology can grow Nigeria’s insurance industry


By Laju Iren

The Managing Director of data centre company, Rack Centre, Mr.Ayotunde Coker, has advised insurance executives on the need to leverage on technology to meet the rising expectations of their clients for the anticipated growth in the Insurance Industry.

Coker at a Lagos seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief InformationOfficers (CIOs) said, the banking industry would not have grown to what it is at the moment without technology integration.

He noted that the Insurance industry currently has much opportunity for growth and coupled with current data explosion in the country, the sector has to maximize that growth with the aid of technology.

Coker, who was a former CIO of a leading Nigerian bank and UK Government, said that more benefits will come to the sector should there be a policy directive by the regulatory authorities towards high customer drive but added that those who would cope with that demand are those who have integrated technology into their systems of operation

Meanwhile, the Executive Director, Sales and Distribution of Wapic Insurance Plc, Mr. Bode Ojeniyi, agreed with him, regretting that the Nigerian Insurance Industry was still characterised by paper work and needs to move to an era where technology could aid customer services.

Also, the CIO of Guinea Insurance, Mr. Audu Oladokun, in his own contribution said that from a personal experience, the application of technology, was able to raise his company’s customer base by 3, 500 within a space of few months.


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