Insurance Operators Urged to Restructure Operations

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By Ebere Nwoji

Insurance sector operators have been advised to leverage on the opportunities created by the COVID19-pandemic to adopt innovations and improve their operations.

Both Executive Director, AXA Mansard Insurance, Mrs. Rashedat Adebisi, and Managing Director, Scib Insurance Brokers, Mr. Shola Tinubu, who stated this at an insurance industry Webinar recently organised by the National Insurance Commission (NAICOM) and Finance Institutions Training Centre (FITC), said the COVID-19 pandemic, has thrown up a lot of challenges and opportunities that would redefine the scope of their business.

Adebisi, said some of the opportunities and challenges created by the development include need for insurance awareness, development of new products that would cover areas not covered by any insurance policy, technological development, among others.

She said post COVID-19 business operation would require business intelligence, artificial intelligence and machine learning.
Also speaking, the Managing Director Cornerstone Insurance Plc, Mr. Ganiyu Musa, said the pandemic would no doubt bring about job loss and pay cut.

According to him, in the post COVID-19 era, business operators would not be in control of profit, but on cost.
He said the only guarantee for job retention would be improvement and efficiency.

He, however, said where there is need for job cut, employers of labour can do it in a most humane way that would leave the affected staff with dignity and hope.

On his part, Tinubu said in post COVID-19, opportunities abound in areas which insurers were yet to explore.
He listed some of the areas to include technology and innovation, opportunity in both life and health insurance, increased government investment in health sector.

He also noted that there would be major changes in pattern of business, pointing out that value creation would be critical, while pricing would be more competitive.