Consumer skepticism, others hinder adoption of tech-insurance

Consumer skepticism, others hinder adoption of tech-insurance:

                         

Operators from the insurance sector have stated that customers' scepticism over online business trades in addition to data unavailability are a few of the hurdles to complete adoption of technologies in the industry. 

Talking to Vanguard Insurance, Head, Corporate Communications and Services, Leadway Assurance, Olunbunmi Adeleye, stated that before now, insurance actions used to be mostly manually pushed, but today there's been a substantial gain in the adoption of technologies in the business. Adeleye said:"Though there's considerable growth today in the adoption of technologies, price of buying a fantastic technology, customer skepticism in transacting business online in addition to data accessibility presents an obstacle to the entire adoption of technologies in the business. "Technology has the capacity to alter how insurance users perceive the business. This can only be reached if carriers change their mindsets regarding products by changing the focus on customer requirements, engaging in tech ventures with Financial Technology businesses, FinTechs, and Insurance Technology businesses, InsurTechs, addressing inner legacy procedures and developing a culture of constant innovation." She noticed that just insurers that would like to adopt the challenge will probably be about to reap the benefits. Head of Non-Life company at AIICO Insurance,'' Mr. Taofeek Ayeni, stated,"Technology provides value and can be more suitable. But, where payment problems exists that are peculiar to the community of the numerous banking and the payment gateway site, this is generally discouraging." Ayeni noted that the proportion of their earnings from technological origin is still rising and may only be improved with the increase in general awareness and confidence in the insurance market. He opined that the business can get improved with constant advancement on technologies as backbone for immediate online claims payments and general public consciousness. Group Head, Life in Goldlink Insurance Plc, Mr. Sule Kamoru, stated that the sector might not have gotten into an impressive phase of utilizing technology because of fraudulent actions but the sector has to be cautious to not leverage on technology entirely.