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Rack Centre CEO: How technology can supercharge Nigeria’s insurance industry

Rack Centre CEO: How technology can supercharge Nigeria’s insurance industry
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Mr. Ayotunde Coker, Managing Director of Rack Centre, wants players in the Nigerian insurance industry to use technology to take service delivery to the next level in the face of changing dynamics of the marketplace.

Coker asked operators in the Nigerian insurance industry to borrow a leaf from their counterparts in the banking sector, who continue to leverage new technologies to meet expectations of their growing customer base.

The Managing Director of Rack Centre, Nigeria’s first Tier lll design-certified data centre, threw the challenge while speaking in Lagos at a seminar organised by the Nigerian Insurers Association (NIA) for Insurance Industry Chief Information Officers (CIOs).

Rack Centre CEO: How technology can supercharge Nigeria’s insurance industry
Ayotunde Coker, Managing Manager, Rack Centre left); Audu Dunni Oladokun, Chief Information Officer, Guinea Insurance; Jonathan Monye, Programme Manager, Nigerian Insurers Association (NIA); Chuma Onyeaka, ICT Lead, International Energy Insurance, Ezekiel Egboye, Director of Operations, Rack Centre and Azfar Hussain, Finance Director, Rack Centre, during the recent Nigerian Insurers Association CIO Education Committee event which took place recently at the NIA House, Lagos.

Coker advised insurance executives to leverage on technology “to be able to meet the rising expectations of their clients for the anticipated growth in the Insurance industry.”

According to the Rack Centre MD, if the banking industry had not been embracing new technology, they would not have been able to meet the expectations of their customers, in particular, with the introduction of the cashless policy.

“In some instances, the industry has leapfrogged banks in other international markets”, Coker, who was a former CIO of a leading Nigerian bank and UK Government said.

He sees that the insurance industry currently has much opportunity for growth and therefore explosion of data and said that the situation may change so soon and drastically, “especially if there was a policy directive by the regulatory authorities that enhances high customer drive.” –

According to Coker, “when that demand comes as am sure it will come, it will be better not only to anticipate it but to be well prepared for the scale, level of reliability and customer experience if companies are to avoid customer churn.”

Mr. Bode Ojeniyi, the Executive Director, Sales and Distribution of Wapic Insurance Plc, said the Nigerian insurance industry is still characterised by paper work and needs to move to an era where more could be done with the aid of technology from the comfort of the customers’ homes.

Effective delivery of customer value, satisfaction and efficiency, can only be achieved by the use of technology, Ojeniyi says explaining that technology should help in transforming the Nigerian insurance market in so many ways by helping the industry know the needs of clients, analysing the marketing trends as well as in developing and getting appropriate products to the client faster.

“I need technology to help in serving the clients better, to drive revenue, to be able to deliver value to the customers to give solutions, a technology leadership that sees itself as a business partner”, Ojeniyi adds.

Also speaking at the event, Mr. Audu Oladokun, the CIO of Guinea Insurance, noted that from a personal experience, with the application of technology, his company was able to raise its customer base by 3, 500 within a space of few months.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929