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He said the IMT 2.0 aims to pivot on the success of the
inaugural edition in September 2022, which brought together some of the biggest
names and leaders in the continent’s finance and tech sectors.
The organiser furher stated that Riding on this year’s theme,
“Unlocking Policy and Tech Bottlenecks Hindering Disruptive Insurance
Penetration“, IMT 2.0 will broaden participation with the convergence of the
most prominent players in government, finance, health, tech, and telecom
sectors, as well as the prime sub-sectors players in insurance and insurtech,
to brainstorm, untangle, and evolve viable solutions to the challenges of
insurance penetration in Nigeria and across Africa.
He disclosed that the two-day trade show will feature
policymakers, regulators, keynote speakers, and sector leaders in panel
discussions, exhibitions, specialised masterclasses, and product and service
demos, providing a platform for stakeholders to share ideas, insights, and
experiences on how to leverage technology to drive insurance penetration and
improve the insurance industry’s efficiency and effectiveness, such as its use
of data analytics to improve underwriting and claims management processes;
cyber insurance; and the role of web aggregators in the industry’s value chain.
“The conference will culminate in a gala and awards evening
to recognise excellence and outstanding contributions in the industry. With the
COVID-19 pandemic and enabling government policies accelerating the adoption of
digital technologies, IMT 2.0 is expected to be a catalyst for the digital
transformation of the insurance industry in Nigeria and across Africa.
The conference convener, Odion Aleobua, “IMT 2.0 will be a
game-changer for the insurance industry in Nigeria and across Africa. This
second edition will build on the successes of the first and provide
stakeholders with more opportunities to network, collaborate, and explore
innovative solutions to the industry’s challenges.
“Since the inaugural edition of the conference in September
2022, the Nigerian insurance and insurtech sectors have made visible strides.
“The National Insurance Commission (NAICOM) affirmed that
Nigeria’s insurance industry recorded a 36.3% quarter-on-quarter growth and a
17.8% year-on-year rise in gross premium income at N726.2 billion in the fourth
quarter of 2022, compared to the previous year. “Data provided by Statista in
May 2023 revealed that the value of gross life insurance premiums written in
Nigeria exceeded €600 million for the first time. In 2022, life insurance premiums
amounted to €677.3 million, up from €545.2 million in the previous year.
“The growth margins can be attributed to various factors,
including increased awareness of insurance products, the expansion of
distribution channels, and insurance companies’ gradual adoption of technology.
“The report also stated that ‘in 2022, the value of gross
property and casualty (P&C) insurance premiums written in Nigeria amounted
to almost 800 million euros. This figure is believed to be the highest value
since 2000 as P&C premiums increased by 100 million euros between 2021 and
2022.’
“These figures are, however, dwarfed in comparison to the
country’s South African counterparts, where the value of gross property and
casualty insurance premiums written amounted to approximately €5 billion in
2022, and P&C premiums peaked in 2021 when they reached €9.35 billion.
Odion pointed out that the gap is further broadened when
considering global insurance industry figures, which, according to McKinsey and
Company’s Global Insurance Report 2023: ‘Closing the Personal P&C
Protection Gap’, surpassed $6.5 trillion in GWP in 2022, with P&C
representing almost one-third of total revenues!,
“We have thus carefully selected our speakers and panelists
from industry leaders, tech giants, and government regulators to ensure that
conference delegates get the best insights and experiences on how technology
can unlock policy and tech bottlenecks hindering disruptive insurance
penetration. IMT 2.0 promises to be bigger, better, and more impactful”, Odion
added.
For more information and registration details, please visit
https://insurancemeetstech.com/.
For partnerships, sponsorships, and other inquiries, contact
inquiries@insurancemeetstech.com. About Insurance Meets TechIMT aims to
accelerate the local insurance and insurtech sectors by providing a platform
for stakeholders to share ideas, insights, and experiences on leveraging
technology to drive insurance penetration and improve the efficiency and
effectiveness of the insurance industry.
Conceptualised, designed, and executed in 2021 by one of
Africa’s most innovative award-winning marketing communications agencies,
Modion Communications, IMT held its inaugural edition in 2022, bringing
together some of the biggest names and leaders in the continent’s finance and
tech sectors, such as Ecobank Nigeria, Old Mutual Nigeria, Leadway Assurance,
aYo Fintech, Curacel, ActiveEdge Technologies, Microsoft Nigeria and Africa’s
leading telco, MTN.
The conference also enjoyed the participation of sector policy
players like the Nigerian Insurers Association (NIA).