Mr Deremi Atanda, the Executive Director of SystemSpecs, made this disclosure while speaking at the just-concluded Annual Conference of Chief Information Officers of insurance firms, organised by the Nigerian Insurance Association, at the International Institute of Tropical Agriculture (IITA), Ibadan, last week.
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“There is an immense opportunity for the industry to capitalise on the huge potential of market growth by bridging the technology and product gap especially as Africa’s affluence and financial literacy increases,” Atanda said.
He noted that the new age of technology is not only affecting daily lives through social media and smartphones, but also all areas of business, referencing the disruptions in the banking, transport and customer service industries.
“Over the last decade, we have seen technology-led change seemingly take some industries by surprise – shifting the power from incumbent companies to new technology-driven companies.
“For today’s customers of insurance, automated processes are the reality. If your products do not achieve this, you would not attract them,” Atanda said, while also adding that Remita, a payment technology by SystemSpecs make it possible for premiums and payments in general to be recovered without any payment default.
He admonished that it was time insurance in Nigeria gained greater ground riding on the innovations possible with technology. Technology, he said, is increasing rapidly daily, and to meet the demands of the fast upcoming generation, Nigeria’s insurance industry may not have an option but to prepare for disruption, before it’s too late.
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