Stakeholders to deepen insurance penetration with technology

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Stakeholders in the insurance and the Information and Communications Technology sectors are collaborating to boost insurance penetration using the electronic means.

The stakeholders would converge on Lagos for a conference on e-insurance with the theme, ‘Driving insurance penetration with information and communications technologies’.

A statement said the gathering would bring together corporate organisations, ICT experts, insurance experts, academia, consumers of insurance products and regulators of both sectors to discuss how to use technology to deepen insurance penetration in Nigeria.

According to the statement, the programme is being organised by Pinet Informatics Limited, an Internet service provider in Nigeria, in collaboration with major stakeholders in insurance and ICT sectors.

The Managing Director, Pinet Informatics, Lanre Ajayi, said the event would bring together practitioners to share experience, brainstorm, network, and conclude deals.

According to Ajayi, the insurance  industry  is  a  vital  part  of the  Nigerian  economy,  which 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.

He said when compared to  23 per cent bank  accounts  penetration,  105 per cent  of  telephone penetration (more telephone subscriptions than people) and 55 per cent of Internet penetration, there  is  a  lot  of  room  for  improvement.

Ajayi said experts at the e-insurance conference would generate ideas on how to deepen insurance penetration with the ICT tools and develop appropriate framework for implementing such ideas.

He said the situation in  the  insurance sector could  be  turned  around  if  the  the sector became technology-driven, the same way the banking industry got transformed through the infusion of the ICT in its service delivery processes.

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