The Chief Executive of Stanbic IBTC Insurance Brokers Limited, Anselem Igbo, has noted that the implementation of compulsory insurance by the National Insurance Commission is a crucial driver for increased insurance acceptance in the country.
Igbo said this in an interview with newsmen.
He said: “First, the regulator is part of the Federal Government. Looking back at the last two decades, insurance has gained more acceptance, as the efforts of NAICOM and other industry players have yielded some results.
“The industry is now able to attract professionals from all fields of life.
“Individuals of different professions like medical doctors, lawyers, engineers, accountants, among others, have become a part of the industry and they all contribute their different ideas on how to move the industry forward.”
Igbo noted that the industry had achieved much, with the prompt payment of genuine claims by insurance companies, which has led to increased trust in insurance products.
He said: “Even in this pandemic, and despite the lockdown, most insurance companies have performed creditably well by paying the genuine claims, once they are fully documented.
“However, there is a continuous need to grow the market to attract the younger generation.
“With current digitalisation, the purchase of personal lines insurance will become seamless and more attractive to the younger, active and working population.”
When asked about digitalisation, Igbo stated that it had positively impacted the insurance landscape.
He said: “Insurance companies now have their motor insurance automated for third party motor insurance cover.
“For comprehensive protection, there are still some processes before full confirmation of cover can be granted.
“It is certain that in the no-distant future, some class of motor insurance claims will be fully automated and claims paid seamlessly.
“Also, frontline insurance companies are putting in efforts towards digitalisation.
“They have launched one form of App or the other, to deepen digitalisation in the industry.
“Technology is expensive, no doubt, but if the sector can pool resources together and have shared services where necessary, the cost of digitalisation will reduce significantly.”
According to Igbo, the industry players can take charge to propel the industry by delivering efficient services and investing in technology to drive the business, without aimlessly waiting for the government to change the narrative.
He said: “All that is needed from the government and the regulator will only be an enabling environment to amend the laws and give necessary approval for digitalisation.
“The COVID-19 experience has proven that innovation is greatly needed in the insurance industry.”
—