Huge Internet Users Presents Opportunity For Retail Distribution of Life Insurance Products –Heirs Life CEO

The Huge Number of Internet Users in Nigeria Presents an Opportunity to Leverage Technology for Retail Distribution of Life insurance products said Mr. Niyi Onifade, Heirs Life Assurance MD/CEO.

Onifade cited the growing number of internet users as a huge opportunity at the recently concluded annual retreat of the Nigerian Insurers Association Life Offices Committee.

He said this while delivering a lecture to key stakeholders in the life insurance sector on “ICT tools as channels of life products distribution and servicing in a digital age”, where he encouraged life insurance practitioners to embrace technological tools and automation to facilitate accessibility and enhance customer experience.

A Fellow of the Chartered Insurance Institute, London, and Nigeria, respectively and an Alumnus of the renowned Lagos Business School, Onifade reiterated the power of the internet in today’s business world.

He spoke on customer preferences, advocating for the creation of simple and understandable life insurance products, noting that the attention span of the policyholders of today is short.

According to him, “the old-school physical distribution methods through brokers and agents is still relevant, but our process can be greatly enhanced digitally. Predictive and behavioural analytics could help serve customers with the relevant life insurance policies suited to their life stage even before they realise that they need life insurance.”

Concluding his presentation, Onifade charged the professionals to embrace an open-insurance, digital-led, insurance distribution and servicing system, highlighting the progress Heirs Life Assurance has made in digitally serving its retail customers which constitute about 70% of its portfolio.