Finance minister tasks insurers to adopt technology for market penetration

 

By Bankole Orimisan

Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning

For the insurance business in the African market to address low acceptance, there is a need for underwriting companies to adopt digital tools in marketing and swift claim processing.

Tis, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated at the just-concluded 2023 West African Insurance Companies Association (WAICA) Conference themed, “Re-Positioning the Insurance Industry in West Africa for Competitiveness” held in Lagos.

The Minister, who was represented by the Commissioner for Insurance, Sunday Thomas, said to sustain an efficient, fair, safe, and stable insurance market in the sub-region, there is a need for operators to prioritise the benefits of the policyholders and other stakeholders.

He urged delegates to act on all deliberations and recommend ways of repositioning the insurance industry in West Africa for global competitiveness.

The Chairman of the Nigerian Insurers Association (NIA), Segun Omoshein, said the industry’s commitment to excellence, innovation and professionalism is reflected in the way “we have prepared for this year’s conference”.

According to him, the conference theme “is both timely and relevant” as it underscored the need to drive growth and innovation of the insurance sector in the region.

Also, the Vice President of WAICA, Eddie Efekoha, said the theme of the conference captured the thoughts and expectations of the sector, while the resource persons were carefully selected to address the issues.