Monday, September 22, 2025
24.1 C
Lagos

‘50% of Insurance Businesses Now Transacted Digitally’—Anchor Insurance CEO

Augustine Ebose

MD/CEO

Anchor Insurance Company Limited

Following the effects of coronavirus pandemic on business landscape and the economy, 50 per cent of insurance businesses are now transacted through digital platforms.

The Managing Director/CEO, Anchor Insurance Company Limited, Mr. Ebose Augustine, who stated this at the recent inauguration of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) sponsored by the insurer, in Lagos recently, expected that more businesses will be generated by the insurance industry through digital platforms within the next three years.

Augustine, who was represented by the Executive Director, Technical, Mr Ademola Ikuomola, added that, “Nigerian youths prefer to do insurance businesses through the social media platforms than in person. The youths don’t come out to buy insurance physicall, they prefer buying through social media platform. The insurance industry is also leveraging on these platforms to drive sales. The impact of the pandemic has made us to regain our human capital, ICT and our processes.”

The pandemic, he stressed, has forced operators to reinvent its processes and customer experience as well as how to meet the expectations of the public.

On reasons for the fall in insurance contribution to the nation’s Gross Domestic Product(GDP) by 29 per cent, he said: “Before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economy and that is why the Nigerian Insurers Association(NIA) is sensitising the public, creates awareness to deepen insurance penetration. The pandemic affected every business, so, we expect that insurance will also be affected.”

He assured that stakeholders are putting measures in place to deepen insurance penetration,  sensitise the public and create awareness, adding that,  “part of that initiative is what our regulator is doing, to upscale the compulsory insurances so that the members of the public that are not buying insurance will buy at all levels, this will impact positively on the GDP.”

Speaking on surviving the post Covid-19 era, he noted that sound work ethics is imperative in staying relevant, saying,  ” as a professional the CIIN has a mode of ethics for all professionals, so it is expected as a professional to show due diligence and professional skills  in dispensing your service to the public.”

He said: “The new normal makes it very imperative for the employees of different companies to work from home and still make the same threshold of services to customers.  In the insurance industry, the new normal has made it mandatory by the government stipulated protocols that 60 per cent capacity must be at work at every given time, so the remaining 40per cent should be at home with their device. So, whether you are working at home or in the office, it is the same employees. The reason why they are at home is because we want to comply with the government’s Covid-19 stipulated  protocols and social distancing,” he pointed out.

To him, “Customer’s expectations has been met, businesses are been generated, despite the pandemic. Before now, we used to have physical marketing but now, we don’t have that. Now,  we have to do zoom meetings and use other digital means. That is the change we have no other option than to embrace.”

 

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

Polaris Bank Named Nigeria’s Best Bank in MSME Lending

Polaris Bank, a leading retail commercial bank, has emerged...

BPE Financial Bids for Mining Corporation Subsidiaries

L-R: Mr. Yunana Malo, Director, Post-Privatisation Monitoring at the...

Capital Market Can Act as a Financing Tool for PPP Infrastructure Projects – Yuguda

The Director-General, Securities and Exchange Commission (SEC) has stated...

If Rotimi Amaechi Will Be Nigeria’s President…

BY KENI AKINTOYE One of the greatest successes of any...

Market Closes Flattish as Banking Stocks Rebound… NSE ASI up 2bps

The Local Bourse extended gains from the previous session...

A.M. Best: European Insurers Continue Emerging Markets’ Growth

In an attempt to deploy excess capital, some major European insurers have developed overseas operations over the past several years but are now taking a more cautious approach, as not all overseas strategies have proven successful, according to a new report published by A.M. Best. Well-capitalised insurers looked to overseas investments in order to improve margins during a time when traditional domestic markets remain mature and saturated, while low interest rates are hitting investment returns, said the report, titled “European Insurers Continue Overseas Expansion Drive but More Focused in Approach.”

Nigeria Suspends Action Against Militants in Niger-Delta

There are strong indications that the Nigerian Government has...

Stanbic IBTC Graduates 16th Batch of Trainees

As part of its youth empowerment and socio-economic drive,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img