ICT Operator in insurance business to drive profit, penetration

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Managing Director, Pinet Informatics, Lanre Ajayi at the launch and e-Insurance Conference held in Lagos, said the platform will enable insurers realise their profit ambition and deepen insurance penetration.

He said with proper application of ICT tools in the insurance industry, the sector can be completely turned around, making it a major contributor to the national economy.

He said the Insurance Market offers insurance firms the opportunity to establish micro websites at a marketplace where anyone can buy from any vendors.

He said the aggregating platform promises to transform the way insurance business is transacted in Nigeria, adding that enrollment and set up is completely free of charge to insurance companies and brokers.

The President, Chartered Insurance Institute of Nigeria (CIIN), Lady Isioma Chukwuma, added that ICT is key to insurance learning, especially in tertiary institutions, enhances awareness, penetration and profitability of the insurance sector.

She said: “We cannot, because of the cost, evade using ICT to drive insurance learning.
“Though, there are challenges, but it will increase insurance awareness, penetration as well as the profitability of the underwriters.”

Chairman, Nigeria Insurers Association (NIA), Eddie Efekoha, said ICT, though, an enabler, but also a great disruption of every businesses, including insurance.

He was, however, not happy that the current existing data on insurance penetration failed to consider pension, health insurance, agricultural insurance, among others, which was initially part of the industry, but have been snatched away from the industry, saying, if all premiums of these products are added to what is recorded in the industry, the insurance penetration could have been higher than the current figure being circulated

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