Experts in the insurance industry have advised underwriting companies to adopt digital channels to remain relevant to the emerging business environment. This, the Principal Investment and Strategy Officer, Leadway Assurance Limited, Akinyemi Alebiosu, said would make the companies adaptive to the changing business world.
While speaking on ‘Insurance for the future’ at a virtual training organised by the firm in Lagos for journalists, Akinyemi said the future of the underwriting business would be driven by data. According to him, if companies have proper data, they can predict loss incidents and properly price them.
Alebiosu said: “Data is the new oil and underwriting business in the future is going to be driven by data and analytics.” He stressed that the industry is getting to a point where it will be using historical records, robotics, artificial intelligence (AI) in making decisions such as pricing and the extent of risks.
“Insurance companies of the future will seek to collect large pools of data; analyse it; make meaning of it and prepare or create predictive models. At the end of the day, decisions will be taken. Alebiosu stated that with time people do not need to visit or call anybody to buy policies but would only need to visit online to transact.
According to him, underwriters should be able to interact with customers on social media, where they want to send messages and receive an instant response. “Social media is also an avenue for customer education. If we compare the number of Nigerians on social media and the number of Nigerians that have insurance, you will see that we have a very long way to go,” he said.
He said Leadway was a solution-based company, adding: “We want to see your problems, your risks and we want to solve them.” The Executive Director, General Business, Leadway, Adetola Adegbayi, implored Nigerians to embrace insurance, stressing that it remains a major guide against risks.