" ITREALMS: PMM holds InTech-09 on e-Insurance

Wednesday, November 18, 2009

PMM holds InTech-09 on e-Insurance

Lagos-based Private Media Mart (PMM) Limited, has concluded arrangement for this year’s edition of its Insurance Technology Expo (InTech) 2009, on “e-Insurance: Issues and expectation in a growing economy.”

The industry specific event is meant to examine and review the current standards as well as encourage the adoption of technology tools in the insurance industry locally with global best practices as reference point.

Disclosing this to newsmen in Lagos, the chief executive officer, PMM, Mr. Ejiofor Agada, noted that across the globe, insurance industry has undergone considerable consolidation over the past decade through deployment of Information Technology (IT) in retooling core processes and systems to increase efficiency, flexibility, reduce costs and better manage risks.

“Our idea is to showcase the technologies suitable for the insurance sector and have the proponents explain the inherent advantages and features of their solutions to their target market, as well as using the avenue to discuss and ascertain the future direction of the sector, ICT-wise,” he said.

Agada also said InTech 2009 serves as the only credible bridging channel between players in the insurance sector and technology service providers to review and learn all about insurance-based Information and Communication Technology (ICT) solutions in today’s technology space.

He equally said that participating firms would need to redefine the way business is conducted so far, stressing that traditional methods would have to be done away with and assimilation of newer technologies to pave the way for improved efficiency and cost reduction.

“More transparency in operations and flexibility to change according to innovations in technology will be the key factors for success in this industry. It is in the realization of these facts that InTech is forming the bedrock upon which the modern insurance sector in Nigeria will flourish,” Agada said.

The role of PMM in this equation, he said, is strictly that of technology-match-makers with the zeal towards ensuring rapid adoption of technology in all facets of Nigeria’s economy.

“This is the driving force behind our efforts with InTech,” Agada declared, assuring that the PMM has re-enforced to ensure that the objectives of InTech are actualised.

Agada said, although it is evident that the Insurance and related sector stakeholders are gradually coming to terms with the reality that technology holds the key to their success, InTech has been designed to help leverage and instill that realization.

This year’s edition, he said, is a two-day event with the theme “E-Insurance: issues and expectations in a growing economy” and has been scheduled to take place between November 26 and 27, at the Golden Gate Paradise, Ikoyi–Lagos.

According to him, the first day and part of the second day, would be used for the conference; panel discussion of industry issues and a mini-exhibition, while the evening of the second day would witness a gala night for CEOs and special guests to the event.

Apart from the expected marketing presentations from supporting companies, he said, there would be presentations, lectures and private business meetings on industry ICT insights by some respected resource persons from around the world including experts from the Nigerian insurance sector as well as IT solution providers.

“The event will also mark the first time in the history of this country that an insurer will be presented with a technology advancement and recognition award. This recognition, which is quite different from the plethora of marketing awards around, is directly based on a research carried out by Private Media Mart’s research department, to ascertain the level of technology adoption in the sector,” he said.

PMM, he emphasized, is using this recognition exercise to encourage the management of technology-driven insurance companies and brokers, to continue to improve on the usage of tools of ICT to further propel their companies to higher heights.

Expected at the event are top-hierarchy in the insurance sector, including chief executive officers, chief information officers, heads of Information Technology (IT), representatives from the Chartered Insurance Institute of Nigeria (CIIN), National Insurance Commission (NAICOM), Nigerian Insurers Association (NIA) Senate Committee on Banking, Insurance and other financial institutions, major players in enterprise technology solutions, senior media personalities and other stakeholders in both the IT and Insurance sectors.

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