Pinet Informatics Launches E-Insurance Market to Boost Sector

Minister of Communications, Mr. Abdur-Raheem Adebayo Shittu has lamented over the underperformance of the insurance sector which he said covered only 1.5 million of the over 170 million Nigerians which represented a paltry 0.9 per cent.

He stated this during an eInsurance conference where the launch of insurancemarket.ng by Information Communication Technology, (ICT) firm and pioneer Internet Service Provider (ISP),  Pinet Informatics.  

Shittu, acknowledged the strength in the insurance market, especially to financial institutions but lamented the non-performance in the sector.

 “Despite being a major driver of business growth that provides a critical support system to the financial market, the sector has not fared well given the current size of the Nigerian economy and population.

“Information available to me indicates that there are less than 1.5 million insurance policy holders, representing a paltry 0.9% of a population of well over 170 million citizens. Similarly, the gross premium of the sector is said to be less than N500 billion, implying that the sector contributes less than 1% to national GDP”, Shittu lamented.

 He was however optimistic that the utilisation of ICT tools to developing innovative solutions would improve insurance practice, increase product development and expand market activities in the insurance sector.

The initiative followed the need to drive insurance penetration in the country which is believed to have performed below expectations in recent times.

Managing Director of the firm and convener, Mr. Lanre Ajayi noted that   the insurance industry still remained an untapped goldmine hence, the urgent need to embrace the instruments of ICT to blossom.

 “This is why we have come up with the online market place initiative where insurance product vendors can sell to buyers who can now buy any type of insurance policy on their laptops, tablets or phones and pay with their credit cards. The product is available at insurance market.ng.

“The Insurance market simply offers operators the opportunities to set up micro websites at a market place where anyone can buy from any  vendors while each vendor has an address that looks like insurance market.ng/vendor’s name where they can effect transactions  or at the market place front end(insurance market.ng)”, Ajayi explained.

 He stated further that the new market which enrollment and set up process come at no cost for insurance companies and brokers, provided a fertile ground to transform the sector thus, becoming a major contributor to the national economy.

Ajayi urged  ICT companies to come up with more strategic and workable solutions that would further help to boost the sector for efficiency.

The conference had in attendant’s over 40 world class experts from the insurance and ICT industries who shared ideas and experience and brainstorm on the way forward in the insurance market using technology tools.