‘Provide Modern Technology to Insurance Sector’

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Participants at the just-ended 36thAnnual General Meeting and Education conference of the West African Insurance Companies Association (WAICA) have called on the Government of Liberia (GOL) to provide modern technological infrastructures that will help facilitate efficient business transactions in the insurance sector.

The participants, most of whom had come from English-speaking West Africa, were very clear on the issue relating to the provision of affordable and stable Internet and other modernized services that will help boost business transactions among insurance companies operating in the country and its partners as well as the West African Region.

In a seven-count resolution adopted by the participants, it was unanimously agreed that, if the sector is to function effectively and efficiently in the country, there is the need for the present technology to be up-graded to enable swift business transactions among clients.

The meeting was held on the theme, “Modern Technological Advances and the Development of the Insurance Industry in West Africa,” from May 5 to 6, 2014. Participants were drawn from countries in the region, especially English-speaking.

Count one of the resolution calls on the government to provide modern technological infrastructure to facilitate business transactions.

WAICA membership, among other things also called on local insurance service providers to also deploy appropriate technologies to enable customers interface easily with their operations.

Also among the resolutions, WAICA also stated that member companies should be encouraged to invest in modern technology to assist government agencies in implementation of policies that bring benefits to the insurance industry.

“Whereas, WAICA member companies be encouraged to employ right personnel,” the 36th conference participants also agreed.

Meanwhile, Mr. Wale Onaolapo, managing director and CEO of Sovereign Trust Insurance Plc. Lagos, Nigeria, has said that technological advances and the advent of the ‘Smart’ Customer are shaping businesses, and institutions in the 21st Century.

“Customers are becoming smart and they require smart products and services to satisfy their needs. Processes required producing these smart products and services are based on smart architecture and know-how,” he said.

 Mr. Onaolapo made those statements when presented a paper on the topics, “Are We Aware of the Huge Opportunities Being Created by Modern Technological Advances in the Financial Services Sector Especially in Insurance? Are We Equipping Our ICT Departments and Personnel with the Right Tools, Training and Skill to Identify Modern Technological Advances and Their Impact on Our Operations?” he asked rather rhetorically.

 He also raised the issue of operations or regulators in the sub-region being in alignment with modern technological advances.

In another development, the General Manager and CEO of Mutual Benefits Assurance Company, H. Momo Fortune, has been installed into office as the new president of WAICA.

Mr. Fortune is expected to stir the affairs of the association for the next two years.

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