Wednesday, noted that, through technology, the abysmal insurance penetration level will definitely improve.
The chairman, Zenith General Insurance Company Limited, Dr. Jim Ovia, stated that, technology ensures that insurance industry information sharing is seamless, and incorporated into the underwriting process, while it has the tendency of reducing fraud risk and cost of operations. Believing adoption of technology improves consumers’ trust and confidence in insurance companies, he added that, technology is equally crucial in insurance products development as well as the brokerage fraternity.
Speaking on the role of brokers in the insurance industry value-chain, he said, there are over 500 registered insurance brokers who collectively control the market, with around 52% contribution to gross premium income .Nigerian Insurance brokers, he said, also tend to earn higher commission than is attainable in other African countries, even as the broker market in Europe accounts for 20% to 45 per cent of gross premiums.