An underwriting firm, Enterprise Life, has advised the insurance industry players to embrace digital adoption to drive financial inclusion and insurance education.
The Managing Director and Chief Executive Officer of the insurer, Funmi Omo, stated this at the weekend, charging insurance operators to develop user-friendly apps that offer flexible payment options and provide timely customer support to take the sector to a greater height.
Speaking during a virtual interaction, Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.Omo observed how digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics and blockchain technology are disrupting traditional insurance models.
Addressing the specific needs of the African market, she stressed the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options and providing timely customer support.
She emphasised the role of innovative products like Advantage Connect, 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 life planners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.
She also acknowledged the challenges traditional underwriting firms 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.
