‘50% of Insurance Businesses Now Done on Digital Platforms’

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Ebere Nwoji
The Managing Director/Chief Executive of Anchor Insurance, Mr. Augustine Ebose, has said the coronavirus outbreak and the lockdown imposed by the government has changed the face of insurance business as 50 per cent of transactions are currently done through digital platforms.

Ebose, who stated this at the recent inauguration of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO), also said there was high expectation among insurers that more businesses would be generated by the insurance industry through digital platforms within the next three years.

Ebose, who was represented by his company’s Executive Director, Technical, Mr. Ademola Ikuomola, observed that Nigerian youths prefer to do insurance businesses through the social media platforms.

“The youths don’t come out to buy insurance physically, they prefer buying through social media platform. The insurance industry is also leveraging on these platforms to drive sales. The impact of the pandemic has made us to regain our human capital, ICT and our processes,” he said.
He noted that the pandemic, has forced operators to reinvent processes and customer experience as well as how to meet the expectations of the public.

On reasons for the fall in insurance contribution to the nation’s Gross Domestic Product (GDP) in the second quarter of 2020, was that, “before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economy and that is why the Nigerian Insurers Association (NIA) is sensitising members the public, creating awareness to deepen insurance penetration. The pandemic affected every business, so, we expect that insurance will also be affected.”

He assured that stakeholders are putting measures in place to deepen insurance penetration, sensitise the public and create awareness, adding that, “part of that initiative is what our regulator is doing, to upscale the compulsory insurances so that the members of the public that are not buying insurance will buy at all levels, this will impact positively on the GDP.”

He said the new normal makes it very imperative for employees of different companies to work from home and still make the same threshold of services to customers.
“In the insurance industry, the new normal has made it mandatory by the government stipulated protocols that 60 per cent capacity must be at work at every given time, so the remaining 40 per cent should be at home with their device.

“So, whether you are working at home or in the office, it is the same employees. The reason why they are at home is because we want to comply with the government’s Covid-19 stipulated protocols and social distancing,” he pointed out.
In his observation, even with the new normal remote working, customers’ expectations has been met, businesses are being generated, despite the pandemic.