Stakeholders in the industry are urging the underwriting businesses to make sure sufficient investments are made in the acquisition and implementation of new technologies as a result of the low insurance penetration in Nigeria.
Due to a number of variables, such as market apathy, insurance penetration in Nigeria has stayed at an appallingly low level.
Few business owners in the sector are now thinking about using internet platforms to offer their goods through insurance brokerage companies. Recently, Leadway Assurance Limited announced the Brokers Portal, an online platform designed to streamline interactions between brokers and clients.
This was disclosed by the underwriter’s managing director and chief executive officer, Tunde Hassan-Odukale, during the organization-sponsored Members’ Evening for the Nigerian Council of Registered Insurance Brokers (NCRIB) in August.
The Director/Head of Sales, Shola Ajayi, on behalf of Hassan-Odukale, emphasized commitment to the industry’s growth and urged the operators to work together, have a growth mindset, and utilize technology.
“We have collapsed our old structure that was along business divisions of life insurance and general to revamp as sales and technical (including operations) divisions.”
“This will ensure that our market-facing activities across the Leadway Group are intensified for a higher level of efficiency and agility to meet your financial protection and assurance needs all in one,” he said.