Insurance and Insurtech experts have emphasized the need for insurance operators to take advantage of technologies to offer the needed insurance solutions to their customers through collaboration with Insurtech companies.
They said the only way to deepen insurance penetration in the country which is the desire of all insurance operators is to make insurance accessible, dependable, and affordable to customers, adding that the only way this can happen, is through the aid of technology.
These were the submissions by insurance and Insurtech experts who spoke at the just concluded second edition of ‘Insurance Meets Tech’ with the theme “Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration” in Lagos.
Speaking during the Executive Dialogue on ‘Insurance and Insurtech Collaboration: The AIICO-ETAP Case Study,’ The Founder and Chief Executive Officer of ETAP Insurtech, Mr. Ibraheem Babalola said there is a need for insurance companies to collaborate with Insutech companies in order to make insurance solutions accessible, dependable and affordable to Nigerians instead of seeing it as a competition.
He said his company’s collaboration with AIICO Insurance is to revolutinise insurance experience in Nigeria not only by giving the insurance public the right product but by making the product affordable and accessible.
Some of the important guests at the event
While calling on other insurance companies and brokers to see insurance and insurtech collaboration as the way to go, Etap boss said his company’s collaboration with AIICO is based on AIICO’s 60 years of operation and the fact that AIICO is a customer-centric organization.
Mr. Babalola said the Insurance-Insutech collaboration will make insurance accessible to Nigerians and thereby increase insurance uptake among Nigerians which will also result in increased premium and profitability for operators.
The Chief Digital & Innovation Officer at AIICO Insurance, Mr. Olusanjo Shodimu, said insurance and insurtech partnership cannot be overemphasized, adding that AIICO-Etap partnership is yielding positive results for the company.
“Partnership is the way to go. The power of technology behind Etap is helping us to reach out to our customers all over the world through technology,” Mr. Shodimu added.
Earlier in his Opening Address, the Convener of Insurance Meets Tech (IMT 2.0), Odion Alebua, highlighted the importance of technology to insurance growth even as he called on insurance operators to take advantage of opportunities provided by technology and innovation to shape the future of Insurance in Nigeria.
The event, according to Mr. Alebua, “introduces the opportunity to match early-stage startups with funding partners and mentors.”
“Insurance Meets Tech (IMT) is a gathering of visionaries, innovators, and industry leaders committed to pushing the boundaries of what insurance can achieve in Nigeria. It’s an event where we talk about change and actively engage in actions that drive progress. In this light, we are pleased to introduce the opportunity to match early-stage startups with funding partners and mentors. We are also presenting the IMT Awards to recognize actions and innovations that inspire disruptive movements and accelerate growth in the sector.
“As we embark on this journey together, let us remember that change is not only inevitable but essential for progress. Let us embrace the challenges before us and transform them into opportunities for growth and transformation. Let us harness the full potential of technology to make insurance more accessible, affordable, and reliable for all Nigerians,” Mr. Alebua said.
It would be recalled that in August this year, AIICO Insurance PLC went into a historic partnership with ETAP Insurtech to revolutionise automobile insurance in Nigeria.
The partnership is aimed at combining AIICO’s market-leading car insurance product and ETAP’s game-changing, tech-enabled distribution and customer acquisition model to drive the adoption of much-needed car insurance in Nigeria.
