The insurance industry is being urged to embrace digital transformation not just as a tool for technological advancement, but as a platform for fostering a customer-centric mindset. Mrs. Yetunde Olubunmi Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), made this charge during her welcome address at the 2024 Insurance Professionals Forum held in Abeokuta, Ogun State.
Addressing both physical and virtual attendees, Mrs. Ilori emphasized the importance of using digital tools to build trust, offer transparency, and create long-term relationships with customers. She noted that the future success of the insurance industry hinges on understanding evolving customer needs, reaching underserved segments, and delivering tailored solutions that directly address their concerns.
Transformation Strategies towards Expanding Market Reach, the forum aligned with Mrs. Ilori’s broader agenda as CIIN President, which is focused on Igniting the Bedrock of our Envisioned Industry. In her speech, she reminded insurance professionals that the global insurance landscape is shifting rapidly, driven by technology, changing customer expectations, and emerging risks.
Mrs. Ilori stressed that the key question for the industry is not just how to respond to these changes but how to harness them for market expansion, greater customer value, and sustainable growth.
Mrs. Ilori highlighted the importance of adopting digital technologies such as data analytics, artificial intelligence, and mobile platforms to help insurance firms reach new markets and streamline operations. This will enable insurers to provide more personalized and accessible solutions, improving the overall customer experience.
One of the primary goals for the insurance sector should be to address the needs of underserved markets. Mrs. Ilori advocated for developing micro-insurance products and collaborating with fintech companies and mobile banking platforms. These partnerships could offer affordable insurance solutions to vulnerable communities, driving economic development and building resilience.
As the insurance market evolves, so must the regulatory landscape. Mrs. Ilori called for smart regulation—policies that encourage innovation while ensuring consumer protection. She argued that flexible regulations are essential for exploring new business models and expanding into new regions.
The success of these strategies will depend on the talent driving them. Mrs. Ilori stressed the importance of building a skilled workforce capable of navigating the complexities of digital transformation. She encouraged bold, forward-thinking approaches to attracting and nurturing talent that will steer the industry toward innovation.
Mrs. Ilori concluded by urging insurance professionals to seize the opportunities provided by digital transformation. She encouraged attendees to think boldly, collaborate effectively, and remain visionary in their goals. By aligning technological advancements with a customer-centric approach, the insurance industry can not only expand its market reach but also strengthen its role as a provider of security and protection in an increasingly dynamic world.
The forum offered a platform for in-depth discussions, debates, and knowledge sharing, all aimed at positioning the Nigerian insurance industry as a major player in the global market. Through these efforts, the industry is poised to address the shifting risk landscape and deliver innovative solutions that meet the needs of today’s customers.