Expert calls for investment in technology to boost insurance sector

Mr. Tella Adekunle, an insurance underwriter, highlighted the crucial role of technology in enhancing sales and customer retention within Nigeria’s insurance subsector.

In an interview with the News Agency of Nigeria (NAN) on Thursday in Benin, Adekunle discussed how technological advancements are transforming the industry.

He noted that the automation of internal processes, particularly in data privacy and protection, is essential for safeguarding data storage, usage, and disposal.

“These measures boost customer confidence and help mitigate risks such as cyber fraud and identity theft,” he stated, while acknowledging that not all companies have embraced these policies.

Adekule emphasized that technology has also driven product innovations, allowing insurers to offer tailored products through convenient channels.

He pointed out that since the COVID-19 pandemic, many insurers have revamped their offerings to attract and retain customers.

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Additionally, claims reporting and processing have become more efficient, with major underwriters adopting digital solutions that expedite claims settlement and simplify the customer journey.

Despite ongoing economic challenges, Adekunle stressed that the insurance industry remains a priority.

“With inflation affecting purchasing power, protecting assets through insurance is vital for both corporate and individual clients,” he concluded.

NAN