Expert Seeks Radical Transformation in Insurance Sector

Blessing Ibunge in Port Harcourt

The Managing Director of Enterprise Life Assurance Ltd, Funmi Omo has called for a radical transformation in the insurance sector, challenging insurance brokers to rethink outdated business models. 

Omo made the call in Port Harcourt, Rivers State, at a leadership summit organised by the Nigerian Council of Registered Insurance Brokers, South-South Area Committee.

She advised insurance practitioners that “Even as insurance people, whether we adapt or not, we have to realise that technology is a big disruptor and as they say, change, adapt or die”.

Speaking on the summit’s theme, “Collaboration: Adapting in an Ever-Changing World”, Omo emphasised the need for insurance companies to innovate, leverage technology, and embrace collaborative efforts to remain relevant.

Omo urged insurance practitioners to move beyond rigid, product-centric approaches and adopt dynamic tools that meet the evolving needs of today’s consumers. 

She spotlighted Enterprise Life’s Advantage Connect App, a game-changing platform that leverages GPS technology similar to Uber, allowing individuals to connect easily with life planners in their vicinity.

According to her: “Through the Advantage Connect App, we have found a way to make life insurance more accessible and personalised.”

Omo explained. “It’s no longer just about policies but about meaningful connections. People want someone they can trust, and this app ensures that individuals are paired with a life planner who can meet them where they are.”