Confab Deliberates on Future of Insurance, Technology

Confab Deliberates on Future of Insurance, Technology

Ebere Nwoji 

Issues bothering on unlocking policy and technological bottlenecks hindering disruptive insurance penetration in Nigeria formed the thrust of discussions at the two day Insurance Meets Tech Conference (IMT 2.0) organised by the Modion Communications in Lagos.

 Organisers of the conference said this  year’s edition of the Insurance Meets Tech Conference held at the Civic Centre Victoria Island, Lagos, marked a significant milestone in Nigeria’s insurance and insurtech sectors. 

Industry leaders and delegates from about 70 organisations, including technology, insurance, insurtech, and Health Maintenance Organisations (HMOs), converged at the event to discuss the future of insurance and technology in the country. The conference revolved around 

collaboration between underwriters and technology service providers with the goal to enhance customer experiences, build trust, and expand service reach across Nigeria. 

Speaking on the success of the conference Managing Director of Modion Communications Odion Aleobua, said the collaboration was a response to the significant increase in health insurance premiums, contributing to Nigeria’s cumulative insurance premium exceeding N1 trillion in 2022.

He said the conference highlighted technology’s pivotal role in the industry, particularly emerging technologies like Artificial Intelligence, adding that the technologies have the potential to drive significant growth and financial stability. The conference emphasised the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.

 He noted that Insurtech played a crucial role in helping the insurance industry navigate challenging times. 

Panel discussions at the conference focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention, all essential in the ever-evolving landscape.

Delegates at the conference called on regulators to collaborate with innovators to identify barriers to innovative solutions within the industry while advocating for stringent regulations for underwriters.

They also emphasised the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.

 Odion said the conference underscored the need to leverage digital technology and telemedicine to improve the quality of health insurance services, particularly in underserved rural areas where specialised medical services were lacking.

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