Insurance must embrace digital transformation to remain relevant, competitive –Ahmed

The insurance industry must embrace digital transformation to remain relevant and competitive, as businesses face increasing pressure of disruption and customers expectations.

Kunle Ahmed, chairman, Nigerian Insurers Association (NIA) speaking the Chief Executive Officers Retreat held in Lagos said, “As we navigate an era marked by rapid technological advancements and evolving societal needs, it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.”

Speaking on the theme, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” Ahmed said this could not be more timely and relevant.

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He noted that digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. “From artificial intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.”

He however noted that, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight.

“Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.”

He also highlighted social innovation, and driving inclusive and sustainable solutions

“Equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.”

He also emphasised the need for collaboration, noting that journey of digital disruption and social innovation is not one that we can embark on alone. It requires collaboration, partnership, and a shared vision for the future.

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“As industry leaders, we must work together to foster a culture of innovation, openness, and continuous learning.