IMT 2.0: HMOs, underwriters and insurtech players unite on insurance Penetration

Insurance industry stakeholders and delegates from over 70 organizations have resolved to forge collaboration in pushing efficient strategies for services penetration in the Nigeria’s financial services sector.

The need for collaboration and shared knowledge formed the high light of the second edition of Insurance Meets Tech Conference 2023 (IMT 2.0) held at the Civic Centre in Victoria Island, Lagos.

The event marked a significant milestone for players in the emerging insurance landscape that has expanded by technology to capture digital platform providers and technology services players in a new ecosystem of technology, insurance, insurtech, and Health Maintenance Organizations (HMOs).

The conference which revolved around “Unlocking policy and tech bottlenecks hindering disruptive insurance penetration,” placed emphasis on collaboration between underwriters and technology service providers to enhance customer experiences, build trust, and expand service reach across Nigeria.

The need for collaboration is a response to the significant increase in health insurance premiums which pushed Nigeria’s cumulative insurance premium to over N1.0 trillion in 2022.

Conference convener, Mr Odion Aleobua, described the conference’s mission as a fusion of technology’s disruptive innovation and insurance’s wealth preservation. He added that IMT serves as a catalyst for Nigeria’s drive for financial inclusion, bringing together the forces of tech and insurance.

IMT 2.0 highlighted technology’s pivotal role, particularly emerging technologies like Artificial Intelligence as having the potential to drive significant growth and financial stability in the industry.

The conference emphasized the need for infrastructure, entrepreneurship, and consumption to fuel digital transformation.

Panel discussions at IMT 2.0 focused on leveraging insurtech for innovative product development, customer acquisition, engagement, and retention, all essential in the ever-evolving landscape.

Delegates at the conference called upon regulators to collaborate with innovators to identify barriers to innovative solutions within the industry, pointing at the role Insurtech played in helping the insurance industry navigate challenging times.

While advocating for stringent regulations for underwriters, they emphasized the need for tech service providers to be audacious in developing sales channel solutions that facilitate market penetration.

The IMT 2.0 conference underscored the need to leverage digital technology and telemedicine to improve the quality of health insurance services, particularly in underserved rural areas where specialized medical services are lacking.

On innovative micro-insurance initiatives, delegates agreed that there is a need for insurtech to collaborate with partners like retailers and insurance companies to build solutions that will help meet the needs of grassroots consumers.

There is also call from the conference to build technological solutions that will allow insurance companies to integrate their products into platforms for enhanced penetration, leveraging third-party platforms and cross-selling strategies.

IMT 2.0 marked a significant moment as awards to recognize the service excellence of industry players in various categories.

During the award ceremony, Leadway Assurance emerged the Insurance Company of the Year. The AIICO-ETAP earned the Insurance and Insurtech Collaboration of the Year award.  FastClaim solutions became the Promising Product of the Year. And Awabah got the Micro-Penetration for Financial Inclusion award.

The Oracle Today reports that IMT is dedicated to accelerating growth within Nigeria’s insurance and insurtech sectors. Established in 2021, IMT made its inaugural debut in 2022.

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 continues to serve as a platform for sharing ideas, insights, and experiences in leveraging technology for insurance penetration and industry efficiency.

IMT 2.0 was a resounding success, showcasing the potential of collaboration between technology and insurance to revolutionize the sector in Nigeria. As the industry continues to navigate challenges and embrace innovation, the future looks promising, focusing on expanding insurance coverage, improving customer experiences, and driving digital transformation.