The Managing Director,
Custodian and Allied Insurance Company, Mr Wole Oshin,  on Tuesday urged insurance practitioners to embrace advancement in information technology and innovation to make the sector more viable.
Oshin spoke in Lagos as the guest lecturer at the 15th Champion Insurance Day/Luncheon with the theme: “Creativity, Innovation and Consolidation”.
According to him, the insurance industry has better days ahead but must embrace changes and innovation to achieve success.
He said that insurance companies in Nigeria needed size and consolidation to be more profitable to the people and the industry.
Oshin noted that, in the new rebase gross domestic product, insurance industry contributed about six per cent, stressing that although the percentage was low, it showed that there was room for growth.
He cautioned against policies that could negatively affect the economy, adding that policies that negatively affected the common man would affect the insurance industry as people might not buy insurance policies.
“Insurance will not be their priority. “Anything that affects the economy, affects insurance,” Oshin said.
A former General Secretary of the African Insurers Brokers’ Association, Remi Allo,  said that the industry would not grow as required until it keyed into global technology.
Allo said that the new generation of citizens used modern day communication technology to pass information faster than people who operated insurance business in the 1970s.
He said that there was the need to allow people with insurance professional certificates to bring expertise and experiences into the industry and urged the three tiers of government to insure their property in order to preserve their assets.