Experts Highlight Role of Technology, Youths in Deepening Insurance Penetration

Ebere Nwoji

Issues bothering on transformative role of technology in deepening insurance and pension penetration in Nigeria  formed the trust of experts’  discussion at the 9th BusinessToday Annual conference held in Lagos.

Experts in insurance and pension who spoke at the conference focused their discussions on how Nigerian youths are increasingly embracing technology, leveraging tech hubs, startups, and digital skills training to become innovators in the digital economy.

They noted that these developments provided a unique opportunity for the insurance and pension sectors to extend their reach and drive socio economic progress.

Speaking on the  conference theme, “Banking on the future: Youths, Pension and Insurance Penetration,” the Managing Director, Cornerstone Insurance, Stephen Alangbo, emphasised on transformative role of technology in deepening insurance and pension penetration. 

He threw light on the role played by the youths in this regard saying: 

“Nigerian youths are increasingly embracing technology, leveraging tech hubs, startups, and digital skills training to become innovators in the digital economy. These developments provide a unique opportunity for the insurance and pension sectors to extend their reach and drive socioeconomic progress,” she stated.

He pointed out that Nigeria boasts one of the world’s largest youth populations, with 1.6 billion young people making up 70 per cent of the country’s total population. According to him, this demographic shift presents an immense opportunity for industry growth, provided insurers and pension providers adopt digital channels to make their products more accessible. 

“To reshape perceptions around pension and insurance, we must tap into mobile platforms and digital solutions that seamlessly integrate with the lifestyles of young Nigerians,” she said.

In his address, the Commissioner for Insurance,  Mr Ayo Omosehin, who was represented by  the Deputy Director and Head,  National Insurance Commission (NAICOM ) Lagos Control Office, Dr. Julius Odidi expressed  commitment to building trust and driving innovation which will pave the way for a more inclusive and sustainable financial system, where the needs of the young generation were at the forefront