CHIEF Executive Officer (CEO), Enterprise Life Nigeria, Funmi Omo, has called for the adoption of digital technologies across the insurance industry to enhance financial inclusion and education for Nigerians.
Omo detailed the critical role of digital technologies in reshaping the insurance landscape in a recent virtual question and answer session with the theme, ‘Digital Transformation in Africa Insurance.’
She highlighted how digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics and blockchain technology are disrupting traditional insurance models.
Narrowing it down to the specific needs of the African market, she explained the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options and providing 24/7 customer support.
Omo stressed the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology, to enhance customer interactions and efficiency.
She added, “Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services and receive a tailored policy in less than five minutes.”
Also, the Enterprise Life Nigeria CEO acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles and ensuring data privacy and security.
Omo stated that “Modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service.”
She highlighted the transformative potential of AI and ML in expanding coverage to underserved segments by analysing alternative data sources and automating claims processing.
Omo suggested the establishment of dedicated innovation labs and cross-functional teams to drive collaborative efforts and underscored the importance of upskilling employees and fostering a culture of innovation.
The CEO pointed out that despite regulatory challenges, the rise of insurtech has significantly boosted financial inclusion, and stressed the significance of balancing innovation with trust to ensure customer confidence and compliance.
She pointed out that “Insurers who can strike the right balance between innovation and trust will be well-positioned to thrive in the digital age.”
According to her, Enterprise Life’s commitment to digital transformation is driven by the need to make insurance more accessible and beneficial for all Nigerians.
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