Expert Urges Insurance Operators to Leverage On ICT

Yemisi Izuora
Ayotunde Coker MD RACK CENTER
Mr. Ayotunde Coker, Managing Director of Rack Centre, has advised operators in the Nigerian insurance industry to leverage on technology to boost service delivery in the face of changing dynamics of the marketplace.

Rack Centre is one of Nigeria’s first Tier lll design-certified data centre.

Coker asked operators to take a cue from the banking sector, which have taken full advantage of new technologies to meet expectations of their growing customer base.

The managing director who spoke at a seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief Information Officers (CIOs), advised insurance executives to leverage on technology “to be able to meet the rising expectations of their clients for the anticipated growth in the Insurance industry.”

According to him, If the banking industry had not been embracing new technology, they would not have been able to meet the expectations of their customers, in particular, with the introduction of the cashless policy.

In some instances, the industry has leapfrogged banks in other international markets.

Continuing, he said the insurance industry currently has much opportunity for growth and that the situation may change so soon and drastically, adding, “when that demand comes as am sure it will come, it will be better not only to anticipate it but to be well prepared for the scale, level of reliability and customer experience if companies are to avoid customer churn.”

In his remarks, Bode Ojeniyi, the Executive Director, Sales and Distribution of Wapic Insurance Plc, said the Nigerian insurance industry is still characterised by paper work and needs to move to an era where more could be done with the aid of technology from the comfort of the customers’ homes.

He added, “Effective delivery of customer value, satisfaction and efficiency, can only be achieved by the use of technology” pointing that technology should help in transforming the Nigerian insurance market in so many ways by helping the industry know the needs of clients, analysing the marketing trends as well as in developing and getting appropriate products to the client faster.

“I need technology to help in serving the clients better, to drive revenue, to be able to deliver value to the customers to give solutions, a technology leadership that sees itself as a business partner”, Ojeniyi stated.

Also speaking at the event, Mr. Audu Oladokun, the CIO of Guinea Insurance, noted that from a personal experience, with the application of technology, his company was able to raise its customer base by 3, 500 within a space of few months.

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