innovation acceleration

Nigeria: Covid-19 pushed insurers towards digitalisation

By David Whitehouse, Ruth Olurounbi

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Posted on May 3, 2021 13:47

Nigeria MTN © Cars drive past an MTN advertisement in Lagos. (AP Photo/Sunday Alamba).
Cars drive past an MTN advertisement in Lagos. (AP Photo/Sunday Alamba).

Covid-19 has slowed the Nigerian government’s plan to have insurers raise their capital, but it is pushing the sluggish sector towards adopting more technology and innovation.

Industry players say they are already seeing changes, such as cutting down turnover time by as much as a day. Jide Taiwo, an insurance broker by day and Uber driver by night, says that with the global pandemic that forced businesses to shut down for months, his company had to strategise and innovate.

“It will surprise you how much growth we saw during the pandemic. I think our success is due to our offerings via tech and also because people were worried and wanted to provide for their loved ones,” he said during a ride in Lagos, Nigeria’s biggest tech hub.

“Covid-19 has made insurers rethink how to drive their operations through information technology (IT). They have spent so much in procuring IT software to make insurance subscriptions seamless. This has reduced claims turnover time as claims are now being paid between 24 hours to 72 hours,” says Zaka Khalid, an analyst in Lagos.


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