The Managing Director, Mutual Benefits Assurance Plc, Mr. Olusegun Omosehin, has said blockchain in combination with big data and Internet of Things will change the insurance world.
He said this while speaking on the topic, “The Internet revolution and the insurance profession.”
Omosehin said, “As professional insurers, we must be prepared to reinvent ourselves before others disrupt us. We need to enable efficiency and flexibility in the business of insurance; the Internet revolution has made this possible.
“The Internet revolution has opened the door of innovation and placed it at your feet; let the insurance revolution start with you. Our hope for the future of a better insurance industry lies with you.”
While speaking on the implications of Internet revolution for insurance and insurance professionals, he said insurers would need to tailor their offers and services to the real needs of their customers.
For many, he explained, this would entail a radical shift in their core processes, such as new product development, customer contact and claims process design.
According to him, insurers need to identify and sign up suitable partners to develop more immersive ecosystem offerings.
He also said digital technology would need IT systems to operate at different levels.
Consumer data, he added, must be simply accessible; operations needed to happen in real time.
While speaking on innovation, Omosehin said adapting to the digital world would require a sound knowledge of the technology on offer, ability to develop, test and pilot at the right pace.
“Insurers will also have to scan the horizon for new, game-changing technology that may be too far ahead to commercialise now, but could have a significant long-term impact on the industry,” he said.
Omosehin added that new capabilities offered by big data technologies needed to be embedded within insurance and to support most of the underlying changes.
Source: Punch
