ICT, insurance converge on Lagos

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INFORMATION Communications Technology (ICT) stakeholders in Nigeria are set to dialogue with their counterparts in the insurance industry to generate ideas on how to use ICT to drive insurance penetration in the country and develop appropriate framework for implementing the ideas.

The experts will on March 23, gather at the Lagos Sheraton Hotel for an E-Insurance Conference with: Driving Insurance Penetration with Information and Communication Technologies as its theme.

The conference is expected to bring together corporate organisations, academia, consumers of insurance products and regulators of both ICT and insurance industries, to discuss how to use technology to deepen insurance penetration in the country.

The conference, the first of its kind in the country, is being organised by Pinet Informatics Limited, in collaboration with major stakeholders in the insurance and ICT industries.

Managing Director of Pinet Informatics, Engr. LanreAjayi, said the  event  will  bring together  practitioners in the insurance industry and ICT  to  share  experience,  brainstorm,  network, and move the two industries forward.

According to Ajayi, the insurance industry is a vital part of the   economy  but  it  is  not  living  up  to  its full potential . “There are less than 1.5 million insurance policy holders in Nigeria out of a population of 170 million, which translates to 0.9 per cent insurance penetration,” he said.

When compared to 23 per cent bank accounts penetration, 105 per cent of telephone penetration and 55 per cent of internet penetration, then, there is a lot of room for improvement in the insurance industry and this could be achieved by deploying the right technology, Ajayi added.

“The insurance industry can be turned around if the industry transit to a technology-driven one, the same way the banking industry got transformed through the infusion of ICT in its service delivery processes,” he said.

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