The acting Commissioner for Insurance, National Insurance Commission (NAICOM) Mr. Olorundare Sunday Thomas, has emphasized the importance of technology in driving the growth of the industry.
In his keynote address at 2019 insurance professional forum in Abeokuta Thursday, Thomas said in this 21st century, for any business to succeed, automation of operations is the way forward and called on chief executive officers of insurance companies to embrace technology in order to reap it’s benefits.
He said digital technology has integrated the world and its systems into “one global village” where all transactions are now on our finger tips. Bigger than the phase of the advancement are the implications which are already affecting us positively or negatively depending on our perspective.
“Insurance business must understand that digitalisation has now taken precedence in people’s day to day affairs and the consequence could be massive if we fail to fix any gap that this can create in our service delivery. We must effectively integrate into the robust financial circle for insurance to take its rightful place in the economy. “We must invest in technology in order to meet up with current phase of advancement and take our products to the comfort of consumers.
The theme for this year’s forum is “The Digital Era: Implications for Insurance Professionals”
He said technological advancement has taken an unprecedented leap to becoming an integral part of our daily living, adding that the Digital Era actually started evolving in the 1980s and presented society with information and technologies that are essentially transforming how businesses across all industries operate and serve their customers, the Insurance industry inclusive.