Expert Speaks On Revolutionizing Insurance Industry With Technology

Tosin Clegg

As technology continues to revolutionize business sectors across the globe, Benjamin Unuagah, a multidisciplinary insurance professional, is advocating for the adoption of technology in enhancing growth and development in insurance practices in Africa.

The insurance expert emphasizes the potential of Insurance Technology (Insurtech) to transform traditional practices and improve efficiency across various functions.

According to him, insurtech integrates technological innovations into the insurance industry, leveraging Artificial Intelligence (AI) and Machine Learning (ML) algorithms to automate underwriting processes, predict risks, and personalize insurance products.

He added that AI analyzes vast amounts of data to assess risks more accurately and quickly than traditional methods, resulting in precise projections of likely outcomes.

He said, “The use of apps, Blockchain technology, telematics devices, IoT devices, advanced analytics, predictive modeling, and chatbots are some of the ways technology is revolutionizing the insurance industry.

These innovations according to Unuagah enhances operational efficiency, improve risk management capabilities, and elevate customer experience, positioning insurers to adapt to evolving market demands and regulatory requirements effectively.

Unuagah disclosed that he has been in the insurance industry for over 16 years.

“Being a marketer and technical expert in the industry afforded him the opportunity to relate with diverse organizational decision makers and executives in various industries, like Oil and Gas, Marine, Construction, Engineering and Financial institutions to impact them positively.” He said.

He has the track record of transforming various personal, companies and organizational insurance portfolios to a vibrant, effective and rewarding one.

Concluding he said, “Insurtech is transforming the insurance industry, and Africa must embrace this technological revolution to enhance growth and development in the sector.”