The Chartered Insurance Institute of Nigeria, CIIN, has called on the insurance industry to develop savoury and piquant products with compelling sizzling that will attract consumers to embrace insurance as the industry has experienced much disruption and need to be innovative.
Sir Muftau O. Oyegunle President/Chairman of Council, Chartered Insurance Institute of Nigeria, while addressing the 29th edition of the professionals’ forum in Abeokuta, Ogun State, said that the Industry is going through profound change and this disruption is not just digital.
“Demanding customers, new competitors and constantly evolving challenges are driving the narrative for the future. No matter what technological advancement we adopt, if it does not translate to value for the customer, all the capital outlay will have been in vain.
“The task before us is to create entirely new set of products that inspire customer demand, anticipating and addressing customer needs and wants.
These products must be simple and flexible enough for customers to evaluate, tailor and purchase through any channel.
There is a need to offer holistic value proposition, one centered on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals.” Oyegunle said.
According to him, Consumers have experienced highly personalized, self-directed shopping experience followed by instant fulfillment and they are looking for this same service from all service providers including insurers.
Continuing Oyegunle added, “Regulation and a conservative business approach have caused insurers to adjust slowly, but outside forces are now bringing to light the full effects of this transformation-in-waiting for the insurance industry. Disrupters in other climes have found new ways to evaluate risk, with tools like big data, drones and telematics.
They have expanded offerings with micro-insurance, and they are finding better ways to engage with customers in an online world. They are also experimenting with block chain and the possibilities it presents for the industry. The shifts that are taking place affect every aspect of the industry value chain, which means the insurance marketplace of the future will soon look nothing like that of the past.
The market place of the future will be defined by a handshake between creativity and technology in order to fulfil the needs and wants of consumers. How do we harmonize these two drivers of change?”
On the theme of the summit, “The Insurance Industry: Defining the future” brings to the table for extensive deliberation, the way forward for the insurance industry in a world that has been radically disrupted” Oyegunle stated that the industry had previously acknowledged the changes that the advent of technology was gradually institutionalizing but that slow and measured process has been heavily jolted by the outbreak of the Covid-19 Pandemic.
“As risk managers, one might wonder that if others were not ready, the insurance industry should have structures in place to cater for any surprises; alas, the current situation is what it is. At some point during the year, it was a struggle to just stay alive. Permit me to borrow this phrase from our millennials, “It is those that are alive that will draft policy documents and pay claims”.” he said.
He challenged operators to look at how the elements of change can influence Insurance market needs, distribution strategies and the new normal.
According to him, There is a critical need to promote an industry where good work life balance is fostered as this is important to the long term success of an organization.