“We are leveraging Nigeria’s digital revolution to deepen insurance penetration” – Alero Ladipo of Old Mutual

"We are leveraging Nigeria's digital revolution to deepen insurance penetration" – Alero Ladipo of Old Mutual

As Nigeria joined the rest of the world to shut down to disrupt the rapid spread of the virus, the entire country retracted into the social network shells and embraced digital technology to keep their business running.

The Nigeria Communication Commission reported that they observed an impressive spike in the number of active internet subscribers in the country. According to their data, the number of internet subscribers in December 2019 stood at 126 million, and by May 2020 – three months into the lockdown – that number rose to 140 million subscribers.

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In Q1 of 2020, internetworldstats ranked the Nigeria 6th among the top 20 countries with the highest number of internet users with a whopping growth of 63,000% from the year 2000 when data was first collated.

The most important factor in this revolution is the significant growth in mobile devices, tablets, and smartphones penetration, which puts deciding power in the hands of Nigeria’s hugely tech-savvy, social-media-enthusiastic, youthful population.

This exponential growth in the number of internet users in the country is also indicative of the increasing number of businesses across multiple sectors taking advantage of telecommunications and information technology to create products, services and opportunities that serve the vast Nigerian populace. The corresponding growth in the financial technology space has enabled businesses to expand across local territories witnessing various transformations, including fintech solutions.

This development has led to newer markets emerging, generating significant wealth and economic diversification due to ease-of-access to information and trade across digital platforms backed by superior innovations. Riding on these waves of innovations is the insurance sector where leading firms continue to create viable opportunities for interaction, education, and sales of its products, thus, building trusted financial institutions.

The digital growth has allowed more businesses to develop ingenious approaches to expand their growing customer base by creatively speaking the language of their target stakeholders. One of such organisations is leading pan African insurance firm, Old Mutual Limited.

The Nigerian subsidiary of the pan-African insurance firm and global financial services provider, Old Mutual Limited, recently rejigged its operations with optimised and fully digitalised processes for existing and prospects alike to access the benefits of insurance, despite the COIVID-19-inspired lockdown and social distancing.

Commenting on how the brand has leveraged digital innovations to deepen market penetration in Nigeria, the Executive head, Marketing and Customer Experience, Old Mutual, Alero Ladipo says the brand is taking advantage of technology, improved […]

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