Insurers urged to align digital transformation with customer-centric mindset

INSURANCE professionals have been urged to view digital transformation as a platform for creating a customer-centric mindset, and should not be seen only in the light of digital dais that offers personalized, seamless experiences for customers, easy operations, and innovative products that address the changing risk landscape.

Mrs. Yetunde Olubunmi Ilori gave the charge in her welcome address at the insurance professionals gathering in Abeokuta, Ogun State, recently, for this year Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN).

She employed the attendees both present physically and virtually to focus on building trust, offering transparency, and fostering long-term relationships.

Mrs. IIori stated that expanding market reach entails understanding the evolving needs of customers, reaching underserved segments and providing solutions that speak directly to their concerns.

She said the theme, “The Insurance Industry: Transformation Strategies towards Expanding Market Reach,” aligns with the theme of her Presidency, “Igniting the Bedrock of our Envisioned Industry,” and reminded the gathering “that the global landscape of insurance is shifting rapidly, driven by advances in technology, changing customer expectations, and emerging risks. The question before us is not just how we respond to these changes, but how we harness them to expand our market reach, deliver greater value, and ensure sustainable growth for our industry.”

She noted that the dynamic nature of development and insurance being the midwife has been at its core, always providing protection and security to individuals, families, and businesses.

According to her, insurance professionals have unprecedented opportunities to reinvent the sector through digital transformation, offer personalised, seamless experiences for customers to simplify operations, and create innovative products that address the changing risk landscape.

Mrs. Ilori highlighted key strategies for market expansion to embrace; first, the adoption of digital technologies, explaining that it enables firms to reach new markets and streamline.

She added that by leveraging data analytics, artificial intelligence, and mobile platforms, “we can offer more personalised and accessible insurance solutions.”

Another strategy, she noted is enhancing financial inclusion; this, she said is needed to address many markets that remain underinsured.

The CIIN’s President was hopeful that by developing micro-insurance products and collaborating with fintech and mobile banking platforms, professionals could bring affordable insurance solutions to those who need them most, helping to build resilience in communities and drive economic development.

She declared that regulatory innovation was paramount as the market evolves, so too must the regulatory landscape, and advocated for smart regulation that encourages innovation while ensuring consumer protection as vital to the ability to explore new business models and expand into new regions.

The CIIN Council Chairman stated that talent and culture transformation are essential, stressing that none of this will be possible without the right talent.

She said the wide range of discussions and debates, presents an opportunity to be bold in thinking, collaborative in approach, and visionary in goals.

Joseph Inokotong