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    Sunday, July 2, 2023

    Modion Communications to Convene Second Edition of West Africa's Biggest Insurance & Insurtech Tradeshow in September 2023

    …50+ Speakers; 20+ Demos and Masterclasses, and about 3,000 participants expected.

    Nigeria's leading and award-winning public Relations and Marketing Communications agency, Modion Communications, is proud to announce the second edition of its Insurance Meets Tech (IMT) conference, set to take place on September 28 and 29, 2023 at the Civic Centre, Victoria Island Lagos, to address prevailing concerns in Nigeria's insurance industry and on the continent.

    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.

    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.

    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.

    According to 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.

    "Statista 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. 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. 

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