Digital approach necessary to create new value, Leadway Assurance director tells insurance brokers

By Zainab Iwayemi

As a strategy to ensure the relevance of brokers in the digital world, Obafemi Oshinowo, director (L&D), Leadway Assurance, has implored insurance brokers to leverage digital solutions to help sustain their businesses amid the COVID-19 pandemic. He spoke at the general meeting of the Nigerian Council of Registered Insurance Brokers (Lagos Area Committee).

While he noted that digital customers are made up of the Millennial and Generation Z, comprising of two billion people and 1.8 billion people, respectively, representing 27 percent and 24 percent of the global population, he advised that digital solution be delivered to digital customers as the digital approach is customer friendly and incorporates data-driven automation to create new value.

“These are the people that consume a lot of data and they are the market we need to sell differently to,” Oshinowo said.

He, however, stressed that for brokers to attract these markets, they need to become digital brokers and imbibe new ways of doing business. “Digital brokers use less paper, depend on the web portal and mobile apps, automate processes and interacts digitally, mine new opportunities through data-driven tools and technology, constantly evolving and growing their client base and servicing various customer segments.”

Rotimi Olukorede, chairman of the Lagos Area Committee of NCRIB, noted that in building a sustainable business, insurance brokers must understand how to satisfy their customers in the new norm and increase market penetration in Nigeria.

“The old ways of doing things may not carry us to the next level. To move to the next level, we need to use digital solutions. We need to unite together to make progress,” Olukorede said.

Also speaking at the event, Bola Onigbogi, President, NCRIB, lauded the Lagos State Chapter for its pioneering role in providing thought-leadership within the marketing arm of the insurance industry. She explained that the meeting was necessary to provide a diverse perspective in line with the new order.

“There is a need to retool strategies towards boosting insurance penetration in Nigeria,” Onogbogi said.

Furthermore, she noted that no measure of efforts put into digital knowledge is too much. She, however, urged members of the NCRIB to imbibe contemporary trends in digital marketing to build sustainable businesses whilst also pledging her support to continually give her unselfish devotion to the growth and sustenance of the council.

The event which was featured virtually and physically was sponsored by Linkage Assurance in partnership with NCRIB (LAC).

Speaking on the partnership, Daniel Braie, managing director, Linkage Assurance Plc, said the insurance firm put up the event because the company wants to be instrumental to the growth of the insurance business in Nigeria. He added that the firm has recorded great feats in the sector because of the support of the brokers.