CIIN Organises Seminar on Digitalisation of Insurance Businesses

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Ebere Nwoji

Issues bothering on disruptive technology formed the thrust of discussions at a one-day seminar organised by the Chartered Insurance Institute of Nigeria(CIIN) in Lagos recently.

Participants at the seminar, also deliberated on how operators could use data to push marketing information to their clients, in order to meet the demand of new generation insurance buyers

Speaking on the topic, ‘Disruptive Technology, The Game Changer for Insurance Business,’ Managing Director,Oradian, Mr Moses Sule, noted that data is new oil of digital economy.

He cited example of insurance digital solution such as Trov Powers digital-insurance solutions for innovative businesses in the finance, insurance, mobility and retail sectors adding that it enables the new way people live, work and move.

He also cited examples of digitalisation in the payment system of various sectors, adding that no data about consumers’ commercial intent limits their ability to create and capture value from customers.

According to him, digital payments carry important data about the consumers’ commercial intent.

“Platforms leverage data around consumers’ commercial intent to match supply and demand. If data is a window into the digital economy, traditional businesses are living in a black hole,” he explained.

He said without data, business cannot enable data compete with platforms in the digital economy.