Insurance Of The future’ll Be Digital, Says Leadway

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Insurance companies that want to remain relevant in the nearest future must consciously create digital channels that are customer friendly, customer-centric and always make the customer happy.

The Principal Investment and Strategy, Leadway Assurance Limited, Mr Akinyemi Alebiosu, said this during a virtual training organised by the firm for reporters.

He said, “Data is the new oil and underwriting in the future is going to be driven by data and analytics. We are getting to a point where we will be using historical records, using robotics, artificial intelligence in making decisions of pricing, type and extent of risks we take.

“Insurance companies of the future will seek to collect large pools of data, analyse them, try to make meaning of them, prepare or create predictive models and at the end of the day make decisions that will make the products better.

“In analysing the data, for example, I want to know the pain point of our customers, what is their biggest concern, how I am able to create products that meet these needs at the lowest cost because if I have proper data, I can predict incidents of loss and properly price it and also know what their price point is.

“So at the end of the day, if we use data and analytics correctly in our underwriting process, the customer will be happy, the underwriter will be happy and all the stakeholders will benefit from the insurance ecosystem.”

Alebiosu stated that digital channels would soon displace insurance agents despite their current dominance of the market.

-Punch

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