Driving Growth in the Insurance Personal Line Space Through Nascent Technologies (Nigeria & Africa Perspective)
Ayodele Iyun, Head Business Development, Custodian Investment Plc.
The Nigerian insurance industry like most African countries is largely underdeveloped, and insurance penetration levels are very low by global standards. More so there is significant shortfall in promoting and developing the Personal lines insurance sector thereby leading to low (less than 20%) contribution in premium pooled from the country.
This research seeks to review how the Nigeria and Africa Insurance industry can drive Growth in Insurance and specifically in the Personal lines space through deployment of Nascent Insurance technologies “InsurTech”. The challenges facing insurance companies are majorly the same across many African countries. There is general low level of awareness, there are cultural and religious beliefs factor, there is Pricing & Low Purchasing Power coupled with drought of innovative products.