During the "Convergence of Insurance and Technology" conference, a compelling panel discussion titled “Mainstreaming Tech in Insurance: Are We Ready for the Fusion?” featured prominent figures such as Bode Pedro, CEO and Founder of Casava; Stephen Alangbo, Managing Director of Cornerstone Insurance Plc; Niyi Onifade, CEO of Heirs Life Assurance; Abimbola Onakomaiya, MD/CEO of Peakthrust Insurance Brokers Limited; Tunde Mimiko, Managing Director/CEO of Sanlam Nigeria; and Adebowale Banjo, Co-founder/CEO of Mycover.ai.
This distinguished panel at West Africa’s leading conference, “Insurance Meets Tech 2024 (IMT 3.0),” delved into the integration of technology within the insurance industry, discussing strategies for effective implementation, overcoming challenges, and seizing new opportunities.
In his address, Pedro highlighted the urgent need for industry leaders to tackle unemployment and foster opportunities. He stated, “As leaders, we must first acknowledge that jobs are scarce. People are in need. They require opportunities to thrive. I am cultivating a mindset focused on being a catalyst for change. By contributing to job creation, we can enhance insurance penetration. Therefore, we must learn from our past, collaborate, and generate jobs to advance the insurance sector.”
He further encouraged the insurance community to draw lessons from previous experiences and work together to create job opportunities that will benefit the entire industry. “We should reflect on what we can learn from our history as insurance leaders. How can we collaborate to generate job opportunities that will propel the industry forward?” he added.
The discussion provided a distinctive perspective on the transformative impact of technology in the insurance sector, featuring a wealth of valuable insights from panellists who are at the forefront of developing innovative solutions. It highlighted how technology can enhance customer experience, improve operational efficiency, and promote collaboration across the industry.
At the conference, acclaimed musical artist and technology entrepreneur MI Abaga collaborated with Bode Pedro for a compelling keynote presentation titled Trust: The True Currency of Insurance.
During this interactive session, Pedro shared personal stories and insights from his tenure at Casava, demonstrating how insurance firms can foster enduring relationships rooted in trust. Meanwhile, Abaga discussed the pivotal role trust has played in shaping his successful career in music and creative entrepreneurship.
This year, Casava, Nigeria's premier digital micro-insurance provider, served as the official insurer for the event, offering attendees immediate coverage for personal accidents and property losses. This collaboration aligns with the National Insurance Commission’s (NAICOM) initiative to broaden micro-insurance services in Nigeria, highlighting Casava’s dedication to improving insurance accessibility.
The conference also launched IMT Redefined, a segment that celebrates youth culture and advocates for financial inclusion through creativity and Afrobeats, showcasing the dynamic spirit of innovation in Nigeria and across Africa.
As the insurance industry continues to evolve, Insurance Meets Tech 2024 reinforced its position as a driving force for collaboration and growth, paving the way for future developments in insurance technology.