Ebere Nwoji
The President of Chartered Insurance Institute of Nigeria (CIIN), Mr Edwin Igbiti, has enumerated relevance of technology in creating positive change, efficiency and productivity in insurance operations.
Igbiti who stated this at the 2023 Insurance Directors’ meeting organised by the College of Insurance and Financial Management in Lagos said by embracing digital transformation, insurance operators could streamline processes, reduce paperwork, and eliminate unnecessary waste.
“Automated workflows and digitilised documentation not only save time and resources but also contribute to a more sustainable business model. To drive insurance sustainability, we must start by rethinking how we assess and manage risks. Technology plays a pivotal role in this process, we can more accurately assess risks and tailor insurance products accordingly, “he said.
He further said by leveraging real-time data, insurers could identify vulnerabilities, anticipate potential losses, and proactively manage risks.
According to him, this not only benefits the insurers themselves but also promotes sustainability by encouraging preventive measures and reducing the overall environmental and social impact.
