technology

Technology, Key to Achieving Efficiency in Insurance Industry

April 7, 2021

Stakeholders in the insurance industry have identified investment in technology, knowledge acquisition as key to achieving work flow efficiency in the delivery of services to consumers.

The stakeholders made the remarks at the April edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee meeting held in Lagos.

The meeting, which had the theme, ‘Work Flow Efficiency,’ was sponsored by Cornerstone Insurance Plc.
The forum witnessed presentations on work flow efficiency tied to motor policy, as well as marine business, and how insurance consumers could be served better from a knowledge background.

Speaking at the meeting, the Chairman, NCRIB Lagos Area Committed, Rotimi Olukorode, in his welcome remarks said it was the first empowerment series to equip members with the right knowledge and skills that would enhance their efficiency in the profession.

President and Chairman of council, NCRIB, Bola Onigbogi, said the empowerment programme was an innovative idea that would impact members positively and enhance their professionalism, urging the Lagos Area Committee to continue improving the knowledge base of her members.

Also speaking Group Managing Director, Cornerstone Insurance Plc, Ganiyu Musa, said work flow efficiency was critical in driving growth and sustainability, stating that this was why Cornerstone Insurance attaches a lot of importance on technology.

Musa said, “What we have done is to invest on technology which enable us engage effectively with our partners including brokers, and this has reflected in our positive performance over the years.”

According to him, the Covid-19 pandemic and lockdown did not have too much impact on the company in terms of business continuity because of its huge investment in technology before the pandemic.

“We were not anticipating pandemic before we invested in technology, as that has always been our strategy to improve customers experience and engage our partners effectively,” he said.

The lead consultant, Value Edge Insurance Brokers, Tunde Thomas, in his presentation noted that the more members sharpen their skills as an insurance broker, the more they are able to deliver efficiently.
Thomas stated that knowledge was key in achieving work flow efficiency, adding that when work flow is efficient, the bottom line is positively affected.

On her part, the Managing Director/CEO, Star Gate Insurance Brokers, Joyce Ogbuokiri, in her presentation, also identified the importance of knowledge in delivering insurance services.
According to her, insurance marketing should be knowledge driven to ensure work flow efficiency.

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