Leadway Assurance has advised management of insurance firms in Nigeria to exhibit friendly attitude with customers for better future in industry.
Apparently drawing from many years of experience in the industry said insurance companies that want to remain relevant in the nearest future must consciously create digital channels that are customer friendly and always make the customers happy.
The Principal Investments and Strategy, Leadway Assurance Company Limited, Akinyemi Alebiosu, speaking at the virtual training for insurance journalists hosted by the company in Lagos on “Insurance for the future in 2021”, said that underwriting in the future will be driven seriously by understanding the needs of the customer backed by relevant data.
According to Alebiosu, if companies have proper data, they can predict incidents of loss and properly price it.
He said: “Data is the new oil and underwriting in the future is going to be driven by data and analytics. We are getting to a point where we will be using historical records, using robotics, artificial intelligence in making decisions of pricing, type and extent of risks we take.
“Insurance companies of the future will seek to collect large pools of data, analyse it, try to make meaning of it, prepare or create predictive models, at the end of the day make decisions that will make the product better. For example, in analysing the data, I want to know the pain point of our customers, what is their biggest concern, how am I able to create products that meet these needs at the lowest cost because if I have a proper data I can predict incidents of loss and properly price it and also know what their price point is. So at the end of the day if we use data and analytics correctly in our underwriting process, the customer will be happy, the underwriter will be happy and all the stakeholders will benefit from the insurance ecosystem.”
“For example, if I want to buy insurance, I don’t need to call somebody, I just go to the website, I can find what I need and make a purchase. We need to be able to meet our customers over the social media, because they want to send us messages and get instant answer. 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 that Leadway is a solution based company, adding “We want to see your problems, your risks and we want to solve them.
Executive Director, General Business, Leadway Assurance Limited, Ms. Adetola Adegbayi, implored Nigerians to embrace insurance, stressing that insurance remains a key source of raising fund to carter for risks.
She noted that Leadway Assurance over the years has being providing happiness to the insuring public through prompt payment of claims.