Jumoke Odunlami, the chief distribution officer at AXA Mansard Insurance Plc, has stressed the roles of technology and innovation in accelerating the growth and adoption of insurance in Nigeria.
She stated while delivering a lecture at the Ambassadors Project on Insurance Awareness at the Lagos State University, LASU recently.
The event, organized by the Chartered Insurance Institute of Nigeria (CIIN) in partnership with LASU’s Insurance Department is a strategic programme by the CIIN to drive knowledge and awareness of insurance among the youth.
Odunlami said tech and Artificial Intelligence (AI) will play crucial roles in bridging the knowledge gap about insurance in Nigeria. She said technology will help get insurance into the hands of more Nigerians and AI will will help in addressing some of the issues that are fuelling distrust in insurance products.
“Sometimes, knowledge comes from experiencing a product. When you use it, you understand it better. Technology is a tool that can give that level of access. For example, through our telecoms and fintech partners, we are reaching over 1.5 million Nigerians with microinsurance.
These are people who could have been deprived of the opportunity to try out insurance. But through USSD and savings apps, we are now reaching them and they are enjoying the benefits of insurance. That is the power of technology”.
“While we are reaching more people and getting them to try out insurance, AI will play a crucial role in ensuring that their expectations are not cut short. We understand that the trust in insurance is still fragile and if we reach more people and can’t keep the promise, we will break the trust and lose the opportunity to educate them. But imagine where we can deploy AI to customize, personalize and increase the speed of fulfilment. That is going to be a game changer, and that’s what we should all invest in as an industry”, Odunlami stressed.
Odunlami furthered that while pricing and risk assessment remain vital to insurance operations, educating the public is key to building trust in the industry.
“The challenge with insurance goes beyond mere awareness. People know that insurance is important; they just haven’t found a reason to trust it,” Odunlami explained. “Understanding the needs of our consumers and providing solutions to meet those needs is essential.”
Encouraging students to envision themselves as future leaders of the industry, Odunlami highlighted the transformative power of innovation and digital advancements in shaping the future of insurance in Nigeria.
She pointed to the country’s low insurance penetration as a compelling reason for industry professionals, particularly emerging talents, to embrace AI and customer-focused solutions in driving the sector’s growth.
“The future of our industry will be led by those who champion innovation,” Jumoke Odunlami of AXA Mansard Insurance said. “This transformation will foster a more resilient and inclusive insurance ecosystem.”
The event served as an invaluable platform for vibrant discussions between thought leaders and the next generation of insurance professionals from LASU.
Alongside Odunlami, other esteemed industry experts are Mary Adeyanju, MD/CEO of Consolidated Hallmark Insurance, Dayo Amusa, and Simeon Mensah of Sovereign Trust Insurance.
As Nigeria’s insurance sector continues to develop, the message is clear: the industry’s future depends on embracing technology, driving innovation, and ensuring inclusivity.
With the next generation of professionals poised to make their mark, the call to action is unmistakable: leverage technology, innovate, and lead the transformation of Nigeria’s insurance landscape for a brighter tomorrow.
