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50% of insurance on digital platforms

Published by The Nation on Wed, 30 Sep 2020


By Omobola Tolu-KusimoFIFTY per cent of insurance are done on digital platforms,the Managing Director/Chief Executive Officer, Anchor Insurance Company Limited, Mr. Ebose Augustine, has said.Augustine, who spoke with reporters in Lagos, said he hoped more businesses would be generated by the industry through e-platforms in the next three years.He said the pandemic has forced operators to reinvent its processes and customer experience as well as how to meet public expectations.He maintained that the industry is leveraging social media platforms to drive sales, adding that the impact of the pandemic has made them regain human capital, Information Communication Telecommunication (ICT) and our processes.On the reduction of insurance contribution to the nations Gross Domestic Product (GDP) by 29 per cent, he said: Before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economy and that is why the Nigerian Insurers Association (NIA) is sensitising the public, creating awareness to deepen insurance penetration. The pandemic affected every business, so, we expect that insurance will also be affected.Part of the initiative is what our regulator is doing, to upscale the compulsory insurance so that the members of the public that are not buying insurance will buy at all levels.This will impact positively on the GDP. All stakeholders in the industry are also putting measures in place to deepen penetration, sensitise the public and create awareness.
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