Insurers to sell motor insurance policies digitally —xNIA 

Policy documents in the insurance sector would soon have a new lease of life as plans are in the offing to sell all motor covers digitally through a platform to be hosted on Nigerian Insurance Industry Portal (NIIP).

This was disclosed by the Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori at the 2023 Chartered Insurance Institute of Nigeria – Offices Representatives Committee (CIIN-ORC) Workshop held in Lagos recently.

She pointed out that all insurance companies selling motor policies have to sell electronically through the platform, a development that would stamp out paper documents that promote counterfeiting.

The NIA boss explained that the industry had engaged all the 36 governor’s through the Nigerian Governor’s Forum and that the programme would be implemented across the country.

Mrs. Ilori stated that at present, the industry had entered into partnership with three States, while awaiting others to get on board.

She expressed concern over the huge losses the insurance industry suffer annually due to menace of policies counterfeiting, noting that such ugly situation has to stop.

Ilori maintained that the new initiative would stop the operations of insurers selling policies below statutorily approved rates, as all policies sold would be monitored electronically from the portal.

The Chairman of NIA Olusegun Omosehin, had said at a recent event that the insurance industry is working assiduously to block premium leakages through deployments of electronic covers.

He stated this at the 2023 Insurance Meets Tech conference themed: ‘Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration’ in Lagos, and noted that the industry is working with state governments to entrench electronic third party motor insurance policies.

Omosehin stressed that the deployment of e-covers and other measures by the operators would shoot insurance gross premium to its age-long target of N1 trillion for the industry.

He highlighted that the insurers are leveraging digital and technology innovation to increase insurance penetration and premium income.

According to him, the industry has made progress in technology adoption, with the hope that tech and digitalisation will steer the insurance industry to its desired destination, even as he promised that operators will continue to partner tech companies to achieve positive result.

He noted that the industry is leveraging technology on third party motor insurance issuance and has partnered several States including Lagos to enhance adoption of insurance, especially, by motorists in the country.

“We, as insurance operators, believe technology and digital resolution will enhance insurance operations, deepen penetration and acceptance in the country.

“To this end, we have collaborated with some State governments, including Lagos State to enhance third party motor insurance adoption,” Mr. Omosehin said.

He is optimistic that technology is a leveler, a platform that will give insurance industry the needed breakthrough and that insurance operators are open to its adoption.

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