Wednesday, June 25, 2008

PMM, NIA collaborate on InTech-08

DETERMINED to actualize the dream of making the Insurance sector in the country ready for the technological challenges of the 21st century, Private Media Mart (PPM) Limited in collaboration with Nigerian Insurance Association (NIA) will be holding the annual edition of Insurance Technology Workshop and Mini Exhibition (InTech) on September 4, in Lagos, reports CHARLES OKOH.

The chief executive officer, PPM, Mr. Ejiofor Agada who disclosed this, while speaking to the media on the activities lined for the workshop, said the era of being only satisfied with regional recognition by the insurance industry, is long gone and that global best practices dictates how business are conducted, stressing that these best practices are powered by Information and Communication Technology (ICT).

Mr. Agada said, the insurance industry today strives on documentation and the ability to manage information from a variety of different sources to issue policies and manage them.

According to him, the fastest growing segment in the insurance industry is the integration of general business processes, such as writing new policies, performing policyholder services, and reporting claims into electronic management and workflow systems.

He also said heightened industry competition, increased customer expectation and demand for greater profitability are key drivers pushing the industry to reevaluate its strategies and to modify its traditional operating methods.

Mr. Agada noted that insurers are evolving the operations to better address the needs of their customers and agents/brokers, using IT in retooling core processes and systems to increase efficiency and flexibility with the aim of reducing cost and better manage risk.

He added that there is an urgent need for players of the industry to understand the value and utilization of technology in their day-to-day business practices, as according to him, the ultimate aim is to help the industry minimize both claims risk and customer value by integrating real-time analysis within existing systems and processes.

He noted that the idea of the event, InTech, is to continuously showcase the technologies suitable for this sector and have the proponents explaining the inherent advantages and features of their solutions and services to their target market with the aim of securing endorsement of such relevant bodies like the NIA, the National Insurance Corporation of Nigeria (NICON) and West African Insurance Companies Association (WAICA).

He also called on practitioners to leverage on ICT on regulation issues and solutions in e-insurance, enterprise solution issues in an insurance environment, security and fraud detection and communication solutions.

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