Concerned by low insurance penetration in Nigeria, stakeholders in the industry are calling on the underwriting firms to ensure adequate investment is made in the acquisition and deployment of new technologies.
Insurance penetration in Nigeria has remained at an abysmal level, owing to several factors, including market apathy.
Few operators in the industry are now considering digital channels to sell their products through insurance brokerage firms. Leadway Assurance Limited recently unveiled an online platform called the Brokers Portal to simplify the process of transactions between brokers and customers.
This, the Managing Director/Chief Executive Officer of the underwriter, Tunde Hassan-Odukale, revealed at the August edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening sponsored by the organisation.
Hassan-Odukale, who was represented by the Director/Head of Sales, Shola Ajayi, expressed commitment to the growth of the industry and called on the operators to collaborate and apply a growth mindset, while embracing technology.
“We have collapsed our old structure that was along business divisions of life insurance and general to revamp as sales and technical (including operations) divisions.
“This will ensure that our market-facing activities across the Leadway Group are intensified for a higher level of efficiency and agility to meet your financial protection and assurance needs all in one,” he said.