Elumelu: Insurance sector must embrace technology, collaborate to deepen penetration

Tony Elumelu, chairman, Heirs Holdings, says the insurance industry must seek to collaborate, and embrace technology to deepen penetration in Nigeria. 

Elumelu said this on Thursday at the Nigerian Council of Registered Insurance Brokers (NCRIB) 60th anniversary, held in Lagos.

Speaking at the event, Elumelu, who commended the great achievement of the NCRIB, said the council still has “a lot to offer to its members and the Nigerian insurance industry as a whole”. 

Elumelu there is a need to embrace technology, innovation as well as collaboration for inclusion and deepen penetration.

“The NCRIB and other insurance industry bodies should collaborate more to deepen insurance penetration in Nigeria,” he said.

“Where there are differences on issues, such must be resolved as friends and colleagues to protect and preserve the image of the industry.

“The insurance industry can benefit from innovation across all phases of the service. For this to happen, there is the need to reward and incentivise innovation across the industry.

“The industry must also benchmark against global trends. 

“There is a need to generate more awareness and showcase the value of insurance to the public, promoting participation, most especially in the retail space.

“We must bridge the insurance knowledge gap if we are to make insurance attractive to Nigerians

“For technology, there is a need to work towards positioning its members properly for digital integration, mediating between the insuring public and the underwriters digitally. 

“Embrace technology and digital adoption, current analogue processes need to be eliminated to improve service delivery to our customers.”

He, however, said for the agency must strive to improve professionally and deliver excellent services.

According to him, to promote outstanding practice, the agency must be ready to remove implicating professions.

“The need for the body to weed out non-registered and non-compliant members from its fold. These are the ones tarnishing the image of the broking profession and the industry at large,” he added.

“In redefining the practice and practitioners in the broking profession, NCRIB should lead the war against many of the unethical practices that have been the bane of the industry for years.

“These include premium rate cutting, delayed premium remittance, unremitted premium, overloading of the premise, returned premium, fake documents, fraudulent claims, collusion to defraud, unhealthy competition, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, and many more.”

Elumelu added that in redefining the brokerage profession, collaboration with non-industry practitioners is important adding that insurance remains a viable tool for financial inclusion in every country and Nigeria cannot be an exception.