Omo Calls for Adoption of Digital Systems to Accelerate Insurance Penetration

Ebere Nwoji

Managing Director and Chief Executive Officer Enterprise Life  Insurance Funmi  Omo has advised insurance operators  to embrace digital adoption across the insurance industry to enhance financial inclusion and education for Nigerians. 

In a recent virtual  question and answer session  with the theme,  “Digital Transformation in Africa Insurance,”  Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.

Omo noted that digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology were disrupting traditional insurance models. 

Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support. 

She emphasised the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency. 

“Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.

Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security, adding that modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service.