To hasten the acceptability of insurance among Nigerians, the Nigerian Insurers Association (NIA) has urged underwriting companies operating in the nation to increase their technological tool investments.
Olusegun Omosehin, President of NIA, stated at the Insurance Meets Tech (IMT 2.0) conference that insurers must embrace technology to drive growth, despite the nation’s current inflation and inadequate infrastructure challenges. The conference’s theme was “Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration.”
With this, he claimed, insurance companies will use technology to drive the uptake and acceptability of insurance products, resulting in over N1 trillion in gross premiums by the end of 2023.
He claimed that if insurers were determined to increase insurance penetration above its present low point, they would surpass last year’s record of N726.2 billion in gross premiums.
Omosehin stated that despite economic challenges, the insurance sector has persevered and grown in an era characterized by rapid technological breakthroughs and digital upheavals.
He went ahead to add, “We reaffirm our commitment to secure the future of our businesses and national assets by driving innovation for economic growth.”
