BY NKECHI NAECHE-ESEZOBOR—The West African Insurance Companies Association (WAICA), has called on the need for insurance operators to align its insurance practice to meet the needs and demands of west African region.
President of WAICA, Eddie Efekoha, stated this while presenting his welcome address at the opening of 2023 WAICA Education Conference in Aberdeen, Freetown, Sierra Leone, noting that that relentless match of online and mobile technology will continue to fuel the constant change in clients’ expectations.
He said online social networks are becoming pooling mechanisms for insurance and whether the industry like to admit it or not, Insurance companies are fast changing roles.
“The evolution is here; therefore, we must embrace it.Advances in software and hardware are transforming “big data” into information that gives enough insight into the future for decision makers to act. As the Insurance Industry reaps the gains from the most recent wave of automation, new technologies (Insuretech) are significantly enhancing operational efficiencies, increasing revenue opportunities, and improving customer experience. How do we maximize the potentials of Insuretech using tools like block-chain technology and artificial intelligence among others?
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“We need to ensure persistence, respect, integrity, and passion by way of ethics in the industry to boost the confidence of customers.What excites me the most about this year’s education conference are the professionals who have been assembled to do justice to the topics. There will be thoroughly enlightening sessions for everyone present and ultimately it will be an extraordinary experience for everyone involved.
He added that “we are charting a course aimed at positioning the Insurance Industry as a key contributor to economic growth. It is pertinent to reiterate that as part of my promise at my investiture ceremony, I promised to galvanize the collective knowledge, strength and will power of members to build WAICA of our dream and aspiration.
He said “the clarion call is for everyone to embrace Insurance and I’m sure we are all aware of the strides being taken to promote the acceptance of Insurance in the sub region. We are making progress but are nowhere near our desired goal yet.
“However, I believe that with the efforts of the association coupled with the support of Insurance Professionals, Practitioners and regulatory bodies, we shall achieve the Insurance Industry of our dreams which will contribute meaningfully to the West African countries’ GDP.
