The Insurance Meets Tech Conference 2.0 recently held in Lagos, witnessed an extraordinary convergence of tech enthusiasts, Insurance executives, and stakeholders who share a profound passion for the dynamic sector in Nigeria.
The conference was not only a triumph for the organisers but also a proof of the vibrant and evolving insurtech landscape in Nigeria.
The year’s theme, “Unlocking policy and tech bottlenecks hindering disruptive insurance penetration”, was instructive. It allowed startups, investors, and industry leaders to deliberate on building an ecosystem that works together to address the bigger picture.
This year IMT 2.0 had more than 50 speakers, 20 demos and masterclasses, 3000+ participants, 50+ sponsors and exhibitors and over 50 speakers, with keynote speakers such as Founder/Chief Executive Officer of Casava, Bode Pedro; Technology Lead at Microsoft, Wole Odeleye; President of the Nigerian Insurers Association (NIA) Olusegun Omosehin amongst others.
The event focused on digital transformation and innovation of the insurance industry, connecting insurance companies and traditional vendors with insurtech and technology companies looking to reshape the sector’s landscape.
The discussions at the conference illuminated a crucial insight: irrespective of the type of insurance one is involved in or one’s specific role, there exist universal trends, innovations, and opportunities within the industry that can catalyse substantial growth.
We have highlighted four pivotal takeaways from the conference, essential for every professional or organisation to focus on in the upcoming 12 months and beyond.
Every speaker emphasised that there is much room for improvement in the insurance industry, which could be achieved by deploying the right technology.
They expressed belief that the Nigerian insurance industry could go a notch higher if it transitioned to a technology-driven one, the same way the banking industry got transformed through the infusion of information and communication technology in its service delivery processes.
Client Technology Lead at Microsoft, Wole Odeleye, said one key thing missing in the insurance industry is embeddedness, stating that insurance services need to be embedded into banking services.
“The insurance industry has not been fully embedded into the heart of financial services.
The fintechs started by embedding their products into the financial services, which is why they can scale. They started as an extension of the existing financial services,” Odeleye said.
Founder and CEO of Casava, Bode Pedro, said every industry is harnessing the opportunities in technology, and insurance cannot be isolated.
He called for stronger collaboration between the insurers and tech firms to deepen insurance penetration and acceptance. “By leveraging technology and empathy, we will provide insurance with a great user experience and amazing value, with instant benefits,” he said.
The Nigerian insurance sector is on course to hit the N1 trillion mark in 2023. Insurance penetration is likely to go higher than its current level of less than 1%. The insurers want to surpass last year’s N726.2 billion gross premium.
Speaking at the event, the President of the Nigerian Insurers Association (NIA), Olusegun Omosehin, said despite the current challenges of inflation and inadequate infrastructure in the country, insurers are embracing technology to drive growth, and this will propel the industry above the N1 trillion at the end of 2023.
Conference convener Odion Aleobua stressed that, although the numbers are impressive, the industry is merely scratching the surface of what is possible.
“When we consider that in the same year, a bank alone reported N945.5billion in gross earnings in the same economy, it indicates the potential, and it is instructive that the Nigerian insurance industry has yet to scratch the surface of what is possible,” said Odion, who is also the managing director/CEO of Modion Communications Limited.
Casava, Nigeria’s pioneering fully digital insurance company and the official insurer of the 2023 IMT Conference fulfilled its obligation by offering health cash coverage to all registrants for an entire month.
The beautiful Casava exhibition stand was a beehive of activities as the conference participants trooped in to take advantage of the novel insurance solution.
Conference attendees got a real-life demonstration of how to make insurance affordable, appealing, valuable, relevant and enjoyable.
According to numerous participants, the health cash coverage added significant value to them and contributed to a wholesome Insurance Meets Tech experience. Casava’s health cash coverage initiative demonstrates what insurtech brings to the table: innovation, collaboration, and excellence.
The insurance industry in Nigeria has been accused of a tendency to put business ahead of customer experience, which was a hot topic at IMT 2.O. Speakers were adamant that this needs to change to improve our industry moving forward.
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