CHIEF executives of insurance and reinsurance companies are set to transform the insurance market, and are assembling their diverse experiences and expertise that will shift the market from to a more digital guided insurance space.
This was co-opted into the CEOs retreat with the theme, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models.”
The Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who strongly backed moving the market from traditional to the digital space reasons, “The journey of digital disruption and social innovation is not one that could be embarked on alone but requires collaboration, partnership, and a shared vision for the future”.
He noted: “As industry leaders, we must work together to foster a culture of innovation, openness, and continuous learning. We will, therefore, be engaging with thought leaders, industry experts, and innovators who will engage in insightful discussions, share best practices, explore new strategies to harness the potential of digital disruption and social innovation, and also share their perspectives on our industry’s future.”
Ahmed noted that innovation is constantly shaping and reshaping the business arena, and the sector that midwifes the risks of individual and business endeavours should be fitted to accept risks and emerging risks across the board with cutting edge approach.
He said: “As we navigate an era marked by rapid technological advancements and evolving societal needs, it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.”
According to him: “Digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. From artificial intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.
“With these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight. Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.
“Equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.
“Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.”
Mr. Ahmed charged the CEOs and partners to explore the concept of social innovation, reflect on product design that are not only profitable but also socially impactful, stressing that engagement with stakeholders should be to drive collective action towards sustainability and “how can we measure and communicate the social and environmental benefits of our initiatives.”
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