Published by PMM Ventures on Tagged Uncategorized
The inaugural edition of the insurance technology workshop and exhibition tagged InsuranceTechExpo with the theme “Insurance Technology- catalyst for Economic Development” was held recently at the Golden Gate Lagos, with Nigerian IT companies making strong showings in the area of insurance technology over and above some of the bigger global players in the arena.
While delivering his welcome address, the managing partner/CEO of Private Media Mart Limited, Mr. Ejiofor Agada said that the event which is going to be an annual event is meant to constantly showcase to the insurance sector the various technologies, strategies and innovative methods of utilizing the tools of modern technology to maximize and standardize their business processes in order to catch up with global trends. These trends, which are being constantly spear-headed by the likes of CISCO, IBM, 3i Infotech, Oracle and Microsoft on a global scale, but who failed to recognize the prospects of the Nigerian insurance market, still remains the key to 21st Century e-Insurance.
Mr. Agada also said that in other developed economies, insurance technology has become as popular if not more popular than other IT consumer markets adding that the trend has not being adequately represented in Nigeria. He pointed out that a large percentage of insurance companies in Nigeria still depend on manual processes, owing largely to the nonchalant attitudes of the major technology firms allegedly being represented in Nigeria.
“The challenges faced by the insurance sector has quadrupled over a certain period of time and to meet these challenges, there is no better option than for the sector to utilize the tool of modern information technology, he said.”
Speaking also, Dr. Olusanya Oba, who represented the DG, Nigeria Insurance Association (NIA) said that the event wouldn’t have come at a better time than this that is an era of information technology expansion adding that it is the only tool that will make the sector to remain a key player in the complex financial services market globally.
While making a presentation, the MD of Omatek, Mrs. Florence Seriki said that she is happy that the insurance sector is beginning to embrace IT like the other financial sectors of the economy. She said that Africa is gearing towards fighting the digital divide in all sectors using the tools of technology.
In his presentation, the managing director of MatrixVtrack Nigeria Limited, Mr. Don Okafor, advised the insurance sector to deploy unique tracking devices that will enhance their automobile insurance business services and reduce the premium paid by the insured. He counseled the sector on the need to allow the best products in the area of vehicle tracking to be used by the insured solely on value rather than the unethical practice of insurance companies dictating to vendors on the type and cost of the solution to be deployed.
While commending the organizers of the event, Mr. Bartholomew Okrih of Standard Alliance Insurance, said that the event is a welcome development in the sector as the deployment of ICT has been a major challenge to the sector. He also urged the organizers to do more sensitization and create more awareness so that more insurance companies will see the need to attend the event next year.
His words: “It’s a privilege that I’m here today and I have added to my knowledge on the use of ICT because it’s a trend that if the sector doesn’t follow, it can not go beyond where it is today but I wish more of the insurance MD’s and CEO’s were here”, he added. The event also featured a mini exhibition for ICT solution providers. The exhibitors include MatrixVtrack, Wadof software consulting, Amsco Telecoms and Omatek Computers.
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