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Ayotunde Coker, Managing Director of Rack Centre, has advised insurance executives on the need to leverage technology in response to rising expectations of their clients. He said this is critical for the anticipated growth in the Insurance Industry.

Mr. Coker, who was speaking in Lagos at a seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief Information Officers (CIOs), said if the banking industry had not been embracing new technology, they would not have been able to meet the expectations of their customers. In this regard, he cited the introduction of the cashless policy in banking by the Central Bank of Nigeria.  

The insurance industry currently has significant opportunities for growth and therefore explosion of data. Mr. Coker, who was a former CIO of a leading Nigerian bank, said Nigerian insurance industry could dramatically enhance customer value, if regulatory impetus was present.

However, he said insurance companies should put necessary technology in place in anticipation of business growth and to ensure service reliability and satisfactory customer experience.

Mr. Bode Ojeniyi, the Executive Director, Sales and Distribution of Wapic Insurance Plc, said the Nigerian insurance industry is still characterised by paperwork and needs to move to an era where more would be done with the aid of technology from the comfort of the customers’ homes. He emphasised that effective delivery of customer value, satisfaction and efficiency can only be achieved by the use of technology.

Mr. Ojeniyi said technology should help in transforming the Nigerian insurance market by helping the industry know the needs of clients, analysing market trends as well as in developing and getting appropriate products to the client faster.

Mr. Audu Oladokun, the CIO of Guinea Insurance, in his own contribution said the application of technology has helped raise the customer base of his firm by 3,500 within a space of a few months.