Leadway Assurance engages journalists on conversations around trends insurance

Zainab Iwayemi

In a bid to equip reporters with adequate insurance knowledge, Leadway Assurance, on Wednesday organized a training session for journalists – particularly in the insurance beat – on recent trends in the industry.

The event which was held online saw panelists discuss current happenings around insurance such as products digitization, cyber insurance and how insurance firms can meet the growing need of digitally inclined clients.

Speaking on the future of insurance in Nigeria, Akinyemi Alebiosu, Principal Investment and Strategy, Leadway Assurance noted that things are changing and as such, insurance companies are moving in the same direction through the introduction of new products and services that are rapidly created and fueled by the digital economy, low cost computing, machine learning readiness and multiple entrants.

According to him, the future of insurance revolves around the category of products, underwriting, distribution and client services which have gradually transcended online thereby allowing for insurance products and services to be done digitally.

He noted that part of the challenges faced by insurers in delivering customer services in recent times include; customers need for transparency, speed and efficiency, as well as frequent personalized communications and more customizable products, effect management of both customers and partner relationships.

Highlighting the opportunities which lie in utilizing digitization to delivering a client service, Akinyemi pointed out increased connectivity, improved retention, conversational AI and call optimization as diverse space which insurers can tap into to improve offerings.

“We shouldn’t be afraid of change, change will occur no matter what. It is how we approach it that matters” he said.

Delivering his speech on cyber enterprise risk management, Uzodinma Ibe, a senior underwriting executive, Leadway Assurance noted that a large number of organizations suffered cyber-attack in recent years, whilst also revealing that that insurance firm such as Leadway offers first-party and third pasty enterprise insurance.

Stephen Abdullahi, risk manager, Leadway pointed out the claim process in the organization whilst also noting that Leadway operates a diverse claims notification channel –letter, emails, SMS, phone calls, verbal, website and mobile app – that makes it easy for clients to request claims.