IMT 2.0: Nigeria’s Insurance and Insurtech Sectors Revolutionized Through Collaboration and Technology
The Insurance Meets Tech Conference 2023 (IMT 2.0) took place on September 28 and 29, 2023, at the Civic Centre in Victoria Island, Lagos, marking a significant milestone in Nigeria’s insurance and insurtech sectors. The event brought together industry leaders and delegates from approximately 70 organizations, including technology, insurance, insurtech, and Health Maintenance Organizations (HMOs), to discuss the future of insurance and technology in the country.
The conference centered around the theme of Unlocking policy and tech bottlenecks hindering disruptive insurance penetration. It aimed to address the challenges faced by the industry and find solutions to enhance customer experiences, build trust, and expand service reach across Nigeria. One of the key takeaways from the event was the emphasis on collaboration between underwriters and technology service providers.
The collaboration between underwriters and technology service providers aims to leverage their respective strengths to drive innovation in the insurance sector. This response comes as health insurance premiums in Nigeria have seen a significant increase, with the country’s cumulative insurance premium surpassing one trillion Naira in 2022.
Odion Aleobua, the convener of IMT, highlighted the conference’s mission as a fusion of technology’s disruptive innovation and insurance’s wealth preservation. IMT serves as a catalyst for Nigeria’s drive for financial inclusion, bringing together the forces of tech and insurance.
IMT 2.0 shed light on the pivotal role of technology in the industry, particularly emerging technologies such as Artificial Intelligence (AI). These technologies hold great potential to drive significant growth and financial stability. The conference emphasized the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.
Insurtech played a crucial role in helping the insurance industry navigate challenging times. Panel discussions at IMT 2.0 focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention. These aspects are essential in the ever-evolving insurance landscape.
Delegates at the conference called upon regulators to collaborate with innovators to identify barriers to innovative solutions within the industry. While advocating for stringent regulations for underwriters, they also emphasized the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.
IMT 2.0 highlighted the importance of leveraging digital technology and telemedicine to improve the quality of health insurance services, especially in underserved rural areas where specialized medical services are lacking. Delegates agreed that insurtech should collaborate with partners like retailers and insurance companies to build solutions that meet the needs of grassroots consumers.
To enhance market penetration, IMT 2.0 emphasized the need to develop technological solutions that allow insurance companies to integrate their products into platforms and leverage third-party platforms and cross-selling strategies.
A significant moment at IMT 2.0 was the recognition of notable industry players through awards, acknowledging their excellence in various categories.
IMT, established in 2021, is dedicated to accelerating growth within Nigeria’s insurance and insurtech sectors. The conference brings together leaders from Africa’s finance and tech sectors to drive innovation, collaboration, and progress in the insurance industry. With each edition, IMT serves as a platform for sharing ideas, insights, and experiences in leveraging technology for insurance penetration and industry efficiency.
IMT 2.0 achieved great success, showcasing the potential of collaboration between technology and insurance to revolutionize the sector in Nigeria. As the industry continues to face challenges and embrace innovation, the future looks promising, with a focus on expanding insurance coverage, improving customer experiences, and driving digital transformation.
