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

Posted on October 9, 2022

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

KINGSLEY EBERE      The peace accord being negotiated by the board of trustees... Continue
MICHAEL AKINOLA    As the members of the Synagogue Church Of All Nations, SCOAN,... Continue
BY MICHAEL AKINOLA  The Federal High Court sitting in Lagos Wednesday adjourned till December... Continue
Cutting red tapes which slow business transactions and improving the security of mining operations... Continue
Four hundred election observers are expected to monitor the Ekiti State Local Government election... Continue
The Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has charged African leaders, policymakers, intellectuals... Continue
MICHAEL AKINOLA  A 30-year old man, Anifowoshe Owolabi, has landed in trouble in Lagos... Continue
Governor Soludo is one out of few leaders who think on their feet and... Continue
    There is no way a load on one’s head will be straight... Continue
CYRIACUS IZUEKWE All is now set for Alimosho Local Governments Area Igbo New Yam... Continue


Access Bank