Target Youths To Grow Insurance Sector, Remita CEO Tells Operators

The Founder of SystemSpecs Nigeria Ltd, John Obaro, said Nigeria’s underdeveloped insurance industry  need to target the growing youth population as it moves towards the implementation of Financial Technology.

Obaro said this on Tuesday during a virtual conference titled, “FinTech and the Future of Insurance,” organised in memory of late Adetunji Ogunkanmi.

The entrepreneur said, “Fintech or no Fintech, insurance is here to stay. But we must change our strategy as what brought us here cannot take us to where we want to be.

“Younger demographics are far more receptive to technological advancement providing these potential customers mobile solutions and optimizing with InsurTech to gain loyalty  with younger policyholders.”

Obaro who is the CEO of Remita said winning younger customers could be lucrative for insurance companies, adding that insurance companies must expand their operations.

Obaro said, “In many ways, business from a millennial is more beneficial than opening a new policy with older folks because there is ample opportunity for long-term business, potentially lifelong business.”

The CEO added that youth are more likely to swap financial services and insurance policies to fulfil changing needs.

He also pointed out that Nigerian insurance sector needs to personalise its product offerings.

Obaro further suggested that the industry could proffer such insurance solutions rather than  be blocked into longer-term coverage.