Create digital solutions to remain relevant, expert tells insurance brokers

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By Rukayat Adeyemi

Lagos, Feb. 11, 2021 An expert in the insurance industry, Mr Obafemi Osinowo, on Thursday charged insurance brokers to go for digital solutions to remain relevant in the sector.

Osinowo, also Head of Learning and Development, Leadway Assurance Company said this at the Nigeria Council of Registered Brokers (NCRIB) Lagos Area Committee (LAC) General Meeting in Lagos.

The expert, who delivered a paper titled: “Digital Solution to Sustainability”, said that with the fast pace at which business and the world was moving, many insurance brokers might go obsolete if they do not digitalise and evolve quickly.

According to him, going digital is inevitable for the brokers to meet the yearnings of the present generation who are the future customers.

“We must create digital solutions that are customer led, incorporate data-driven automation to create value for our young people who are our future customers.

“The younger generation categorised into the millennials and Genz make up 2 billion which is 27 per cent and 1.8 billion which is 24 per cent respectively of the global population, so we must give credence to them.

“This group of customers are driven by social media usage, video and consume lots of data . We must pay attention to them,” he said.

According to him, while the conventional brokers deal with paper, depend on phone calls and in -person meeting, the digital brokers are paperless and depend on web portal and mobile applications.

Osinowo said that while the conventional broking system was not relatively bad, conventional brokers would have to pick up digital solutions to sustain its existence with the pace at which business was moving.

He emphasised that since the COVID-19 had brought about new norms of doing things with ease and promptly too, and many people had adapted and were comfortable with this, brokers must also join the train.

“You must be a digital broker and take advantage of the future by using smart mobility apps, fully optimised website, Email marketing, lead management system.

“Don’t also cover up anything because the future world is a world of full disclosure and our future customers already know it all.

“Work with credible partners to aid your digital solutions, research and get curious about applying digital solutions, ” Osinowo said.

In his address, Mr Fatai Adegbenro, Executive Secretary, NCRIB urged members of the council to leverage technology and move forward so that the younger generation would not relegate them.

Adegbenro said insurance brokers must also do all humanly possible to spread the insurance gospel and keep the business growing.

He appealed to NCRIB LAC to work as a team, encourage group thinking and build trust to ensure that they remain on top and surpass expectations.

“Never reject an idea because it is illegal, because something illegal can be worked upon to bring about growth and development to the council.

“Never reject an idea because it involves money, it is not money that drives innovation but manpower.

“Never reject an idea because it will bring conflict or it is not in your own way of doing things,” Adegbenro advised.

Naija247news reports that the event hosted by Linkage Assurance was attended by members of the council and representatives of several brokers and insurance companies.

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