Collaboration between insurers and other sectors will drive innovative policy design and product management, enabling the industry to address sector-specific challenges better. This was the overarching conclusion from an engaging keynote conversation between the Founder and CEO of Casava, Bode Pedro, and renowned musical artist and tech entrepreneur, MI Abaga, at the recently concluded Insurance Meets Tech Conference in Lagos.
Insurance Meets Tech Conference
Bode Pedro
Titled Trust: The True Currency of Insurance, the keynote gave Bode and MI Abaga room to share their thoughts and insights on a wide range of topics from trust and transparency to protection, digital transformation and innovation in the insurance industry. They also discussed leveraging insurtech for innovative product development with the audience.
Speaking on how insurers can begin to restore trust in a dynamic, rapidly evolving environment rife with new risks, Bode Pedro urged insurance companies to adapt their capacity and strategies to ensure sustainability and resilience by placing a premium on trust and openness.
“It starts with more transparency in everything from product design and pricing decisions to technology and data usage and all your interactions with the end users. The goal is to build trust in every stakeholder interaction and instil transparency. As we enter a critical phase in our industry, insurers can build trust by rethinking customer engagement and how they can better meet customer needs,” he said.
The Future of Insurance
Pedro added that the customer is king and increasing customer satisfaction is a primary motivation for adopting technology and innovation in the insurance industry.
His words: “There is a human element that you need in the insurance market. The ability of insurers to build trust is key to growth in the insurance industry. Consumers know what better looks like when it comes to digital experiences, and companies that don’t invest in improving customer satisfaction and communications will be left behind.”
Pedro also urged industry players to open up their systems and fully embrace the modern world to help their clients face the future with confidence.
“It’s time to invest in smarter digital capabilities that enable insurance companies to deliver services when and where it’s needed, ultimately showing themselves as trusted allies. At Casava, we’ve been able to leverage technology to drive our insurance. Now we have over 200,000 customers subscribed and growing. We pay claims in 48 hours which helps a lot because that’s our focus -customer experience and claims.”
MI Abaga
MI Abaga spoke about the intersection between the insurance and creative industries and the inherent potentials there.
“The entertainment industry has trust embedded in it. From discovering a talent, making music and all there is a lot of trust involved. I think that as an industry, we need to look back at the places we can strengthen and fortify and I think this conversation is a great opportunity because we don’t intersect with the insurance industry,” he said.
The Insurance Meets Technology Conference, a flagship gathering for insurance innovation in Nigeria, offers unparalleled access to the most comprehensive community of tech entrepreneurs, investors, and insurance industry leaders within the Nigerian and African landscape.
The keynote dialogue at the conference highlighted the crucial role of adaptability and forward-thinking in cementing insurance as a pillar of Nigeria’s economy. By embracing innovation, effective risk management, and customer-centric service delivery, the industry can propel growth and drive national development. As the sector looks to the future, the valuable insights and connections forged at this conference will undoubtedly fuel progress, foster collaboration, and shape the future of Nigeria’s insurance landscape.
