Stakeholders in the insurance and the Information Communication Technology industries would converge in Lagos on March 23, to deliberate how to further apply Information Communication Technology (ICT) to deepen insurance penetration in Nigeria.
Pinet Informatics Managing Director, Lanre Ajayi made this known at a briefing in Lagos.
The conference being organised by Pinet Informatics Limited in collaboration with major stakeholders in the two industries is tagged E-Insurance conference with a theme: “Driving insurance penetration with Information and Communication Technologies”.
The event scheduled to hold at the Sheraton Hotels and Towers, Ikeja, Lagos is expected to bring together corporate organisations, ICT experts, insurance experts, academia, consumers of insurance products and regulators of both industries.
Ajayi, the former President, Association of Telecommunication Companies of Nigeria (ATCON), said the event would bring together practitioners in the industry, and that of ICT to share experience, brainstorm, network, and conclude deals.
According to him, the industry is a vital part of the economy, but the industry is not living up to its potential. He noted that there are no fewer than 1.5 million insurance policy holders in the country out of a population of 170 million.
He said this translates to 0.9 percent insurance penetration, as against 23 per cent for the banking industry, 105 per cent of telephone penetration and 55 percent of Internet penetration, therefore, there is a lot of room for improvement, he added.
He said the industry could be turned around if it is technology driven, like the banking industry.