Insurance Sector Needs a Revamp: Outdated Business Models Hinder Market Penetration

Samuel Mobolaji

Insurance companies must rethink their outdated business models to effectively penetrate the market, according to Funmi Omo, Managing Director/CEO of Enterprise Life Assurance Ltd.

Speaking at the Leadership Summit organized by the Nigerian Council of Registered Insurance Brokers (South-South Area Committee), Omo emphasized the urgent need for a transformation within the industry.

She highlighted that technology is a significant disruptor in the insurance space, stating, “Whether we adapt or not, we must realize that change is essential—adapt or die.” With the summit themed “Collaboration: Adapting in an Ever-Changing World,” Omo urged industry professionals to innovate, leverage technology, and embrace collaborative efforts to stay relevant.

Omo called for a shift from rigid, product-centric approaches to dynamic strategies that meet the evolving needs of today’s consumers. She showcased Enterprise Life’s Advantage Connect App, a groundbreaking platform that uses GPS technology to connect individuals with life planners nearby.

“This app makes life insurance more accessible and personalized. It’s about building meaningful connections,” she explained.

Highlighting the tech-savvy nature of Nigeria’s youth, Omo noted the launch of a WhatsApp channel for real-time insurance support and a collaborative brokers’ platform designed to streamline operations for insurance brokers.

She also introduced the Brokers’ Portal, an innovative digital tool that enhances brokers’ efficiency.

Additionally, Enterprise Life is set to launch an API Gateway for seamless integration, allowing external partners to connect directly with its systems, further improving the experience for brokers and clients alike.

Concluding her remarks, Omo stressed the importance of innovation and partnership in shaping the future of insurance, stating, “We are not just building products; we are building solutions that connect people and simplify their insurance journeys.”

The Leadership Summit gathered key players in the insurance sector, fostering discussions on new strategies and partnerships to navigate a rapidly changing business landscape. Enterprise Life Assurance Ltd continues to lead with customer-centered solutions and technology-driven initiatives that set new standards in the life insurance industry.