As the global economy and industries embrace technological transformation in the new normal, now worsened by Coronavirus pandemic (Covid-19), the Funmi Babington-Ashaye Foundation has joined other stakeholders to galvanize ideas that will enable the insurance industry make a smooth transition.
The Foundation at a recent virtual seminar titled ‘Insurance In The New Normal’, with industry stakeholders as participants focused on helping new generation of insurance professionals identify challenges posed by Covid-19 pandemic and how to remain relevant in the global ecosystem.
Funmi Babington- Ashaye, chairperson of the Board of Trustees of FBA Foundation, said the organisation realized the need to train future generation of insurance professionals who are in middle level management, young officers of insurance companies and brokerage firms and insurance students to open their mind on opportunities and challenges brought by Covid-19 .
Babington-Ashaye who is also the CEO of Risk Analysts Insurance Brokers Limited said this will assist the future leaders to come up with ideas that will help in the growth and development of the insurance industry.
According to her, any company that refuses to adapt to changes in the new normal is posed to the danger of competitive displacement by firms more willing to evolve; threat from Insurrects who are already ahead of the technology curve; and also loss of business due to changing customer behaviours and expectations.
“This period has offered operators in the industry chance to build trust, brand and employee morale, Babington-Ashaye said.
The seminar witnessed presentation from Muftau Oyegunle, president, Chartered Insurance Institute of Nigeria (CIIN); Joyce Ojemudia, president, Professional Insurance Ladies Association (PILA) and Ayo Stuffman, group CEO, VAS2Nets Technologies, and it was moderated by Maureen Ada-Leonard, managing partner at Etinard Consulting Limited.
Oyegunle who applauded the efforts of FBA Foundation in organizing the seminar for the benefit of young professionals said that mentoring is key in achieving leadership qualities because whatever career you find yourself, you need discipline.
He said that with the Covid-19 impact, a lot has changed in the way insurance business is conducted including face to face interaction, consumers now more concerned about health issues and willing to pay, connected living and smatter homes, unprecedented uncertainty and as well as the need to show empathy and care to consumers.
Muftau Oyegunle said this is the time for insurances companies and all other players in the industry to adopt multi-channel distribution platforms to key into the new normal and grow the industry.
“We have not been able to convince potential consumers on the benefits of insurance as people still pay for services with reluctance. This is the challenge that confronts us in the new normal and as practitioners we must rise to the challenge, Oyegunle said.
Joyce Ojemudia, who also took a cursory look at the environment and how to join the global ecosystem to deliver insurance to the consumer, said that key success factors include resilience, agility, paperless, transparency among others.
Ayo Stuffman in his presentation likened the insurance industry to the technological transformational changed that enveloped the banking industry some years ago.
He described new normal as the digital transformation and integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers.
He said that digital transformation is providing great opportunities for insurance firms with the ability to collect and analyze ever-increasing quantities of data which makes it possible to provide insurance that is highly personalized. Also the likes of AI, machine learning, IOT is enabling claims to be processed faster and more accurately than ever before.
He also provided insight into the importance of artificial intelligence to insurance, Internet of Things (IoT) in data generation on consumers, block-chains, Telematics for car insurance and drones for risk estimate.
