The Nigerian insurance claim process is still complicated regardless of its current improvement and modernization. This may be attributed to the fact that even though more variables and data are continuosly coming into play, carriers are still expected to efficiently decide the right settlements and recognize potential frauds speedily.
One major challenge faced by insurers is how best to balance empathy and automation in order to satisfy the insureds maximally.
It may likely take a decade for the Nigerian Insurance Industry to adopt a mostly-automated claim process due to the complexity involved in the changeover.
Resolved to get back the trust in the nation’s insurance industry, the Managing Director/Chief Executive Officer, Anchor Insurance Company Limited, Ebose Augustine, revealed that his company paid 1.3 billion claims in 2019 and also expressed their optimism to generate N10 billion premium income in 2020.
He said that the automation of the claims system would enable the insured receive settlement from home. He also mentioned that plans on how to efficiently use its recapitalization funds to make it one of the best in the industry have been put in place by the company.
He also noted that in 2019, the company expanded its premium income to N5 billion, emphasizing that the plans to accomplish the 2020 goals have been finalized.
According to him, the company is very ready to play big post recapitalization and so it would take advantage of technology to sell its products and upgrade its agency system to reach valued customers.
He revealed that the company has currently acquired 85 per cent of the capital needed to remain at the top post recapitalization, making mention of the fact that Akwa Ibom State Government which owns 61 per cent stake in the company injected N9.6 billion into the company, noting that the company intends to increase its capital to N11.6 billion post recapitalization.