The Commissioner for Insurance and Managing Director of the National Insurance Commission, Sunday Thomas, has said that the insurance sector and technology have become inseparable as the latter is needed to drive growth.
Thomas said this at the second United Capital CEO Roundtable Breakfast Forum with the theme “Technology as a critical driver of growth and transformation in the Nigerian Insurance Landscape” in Lagos.
He said, “Technology and insurance have now become inseparable. The industry cannot grow at every point, from the conceptualisation of ideas to product development, which probably comes from research, to the issue of putting it on your books, to the distribution channels, to the case of evaluating the risk content, which is underwriting, to the point of payout, which is claims, to the point of after claims, after service delivery, which is data management, data mining and the use of that data for the future, you need technology in all of these.
“They have become inseparable. For us as a regulator, we need to continue to emphasise the need for technology across the whole spectrum of operations. I can guarantee that under my leadership, we will continue to drive this with the support we have received from various stakeholders.”
