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    Monday, October 9, 2023

    IMT 2.0: Nigeria’s HMO, Insurance, Insurtech Industry Call for Collaboration to Boost Insurance Penetration

    From left: Chief Executive Officer, Awabah, Tunji Andrews; Chief Executive Officer, Insurpass, Seun Ayegbusi; Chief Executive Officer, Modion Communications, Odion Aleobua; Chief Executive Officer, Izanu Africa, Comfort Onyaga; Chief Executive Officer, aYo Nigeria, Kayode Odetola and Chief Executive Officer, Gamp Technologies, Boluwatife Omotayo, during the session ‘How Tech can Spur Micro-Insurance in Nigeria: Now & the Future’ at the second of edition of INSURANCE MEETS TECH (IMT) held at the Civic Centre, Victoria Island, Lagos.

    The Insurance Meets Tech Conference 2023 (IMT 2.0), held on September 28 and 29, 2023, at the Civic Centre in Victoria Island, Lagos, marked a significant milestone in Nigeria’s insurance and insurtech sectors. Industry leaders and delegates from about 70 organisations, including technology, insurance, insurtech, and Health Maintenance Organizations (HMOs), converged at this prestigious event to discuss the future of insurance and technology in the country. The conference revolved around “Unlocking policy and tech bottlenecks hindering disruptive insurance penetration.” Here are the key takeaways from this groundbreaking event.

    Collaboration for a Brighter Future

    One of the standout features of IMT 2.0 was the emphasis on collaboration between underwriters and technology service providers. The goal is to enhance customer experiences, build trust, and expand service reach across Nigeria. This collaboration is a response to the significant increase in health insurance premiums, contributing to Nigeria’s cumulative insurance premium exceeding one trillion Naira in 2022.

    The Vision of IMT

    Odion Aleobua, the convener of IMT, highlighted the conference’s mission as a fusion of technology’s disruptive innovation and insurance’s wealth preservation. IMT serves as a catalyst for Nigeria’s drive for financial inclusion, bringing together the forces of tech and insurance.

    Technology’s Pivotal Role

    IMT 2.0 highlighted technology’s pivotal role in the industry, particularly emerging technologies like Artificial Intelligence. These technologies have the potential to drive significant growth and financial stability. The conference emphasised the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.

    Innovations in Customer Engagement

    Insurtech played a crucial role in helping the insurance industry navigate challenging times. Panel discussions at IMT 2.0 focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention, all essential in the ever-evolving landscape.

    Call for Regulatory Support

    Delegates at the conference called upon regulators to collaborate with innovators to identify barriers to innovative solutions within the industry. While advocating for stringent regulations for underwriters, they emphasised the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.

    Health Insurance Enhancement

    IMT 2.0 underscored the need to leverage digital technology and telemedicine to improve the quality of health insurance services, particularly in underserved rural areas where specialised medical services are lacking.

    Innovative Micro-Insurance Initiatives

    Delegates agreed that there is a need for insurtech to collaborate with partners like retailers and insurance companies to build solutions that will help meet the needs of grassroots consumers. There is to build technological solutions that will allow insurance companies to integrate their products into platforms for enhanced penetration, leveraging third-party platforms and cross-selling strategies.

    Awards of Excellence

    • IMT 2.0 marked a significant moment as awards were given to notable industry players, recognising excellence in various categories.
    • Insurance Company of the Year: Leadway Assurance.
    • Insurance and Insurtech Collaboration of the Year: AIICO-ETAP
    • Promising Product of the Year: FastClaim.
    • Micro-Penetration for Financial Inclusion Award: Awabah.

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