PriyaPatel
TLDR:
Key Points:
- CEO of Enterprise Life Nigeria, Funmilayo Omo, advocates for modernizing legacy insurance processes in Nigeria to boost insurance penetration.
- She highlights the critical role of digital technologies in reshaping the insurance landscape and mentions the challenges faced during digital transformation.
Full Article:
The Chief Executive Officer of Enterprise Life Nigeria, Funmilayo Omo, emphasizes the need for modernizing legacy insurance processes in Nigeria to improve insurance penetration. Omo discusses the low insurance penetration rate in Nigeria, at less than one percent, and the importance of leveraging digital platforms, artificial intelligence, machine learning, the Internet of Things, data analytics, and blockchain technology to disrupt traditional insurance models.
Omo acknowledges the challenges faced by traditional insurers during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing talent, navigating regulations, and ensuring data privacy and security. She emphasizes the complexity and cost of modernizing legacy systems but highlights its necessity for efficient and responsive services.
To address the specific needs of the African market, Omo stresses the importance of developing user-friendly insurance apps with offline capabilities, flexible payment options, and 24/7 customer support. She mentions AdvantageConnect, the company’s digital insurance platform, which enhances customer interactions through geolocation technology.
Despite regulatory challenges, Omo notes that the rise of insurtech has significantly boosted financial inclusion and emphasizes the importance of balancing innovation with trust to ensure customer confidence and compliance. She believes that insurers who strike the right balance between innovation and trust will thrive in the digital age.
In conclusion, Funmilayo Omo advocates for the adoption of technology to transform the insurance landscape in Nigeria, emphasizing the role of digital technologies in reshaping traditional insurance models and boosting insurance penetration in the country.
