The paradigm shift in the manner of doing business has put the insurance industry on a new pedestal and, the driver of this is the Corona Virus pandemic, Covid-19, which has created a new world order for doing business, with the web serving as the watershed and fountain of doing business more now than ever before.
As the pandemic protocols shrinks face to face contact, Nigeria insurance operators have joined the global order of web assisted transactions by deploying other channels of digital technology, to retain existing customers and win new ones as they deploy robust online marketing and sales of products and claims processes.
This growing online transaction caught the attention of Alexa, the firm released the ranking of Nigerian insurers recently with Universal making a remarkable leap from 31st position in April to 9th place in August to place itself in the group of nine others including AXA Mansard Insurance Plc, Leadway Assurance Company Limited, Mutual Benefits Assurance, AIICO Insurance Plc and Allianz.
Others in the high web traffic are Cornerstone Insurance, which moved from sixth to fifth position, Old Mutual moved from 10th position to seventh. Custodian Investment retained the eight position while WAPIC Insurance clinched the 10th place and dumped its previous 14th ranking.
Other operators moved and changed rankings within the four month period the report covered and, rankings could still change as companies deploy multi ICT to bridge the pandemic gap and occupy strategic place in the new order of online business transaction.
The managing director, Universal Insurance, Mr Ben Ujoatuonu, commenting on big leap by his firm said: “Insurance companies are rated based on their transition to meet up their clients online and amazingly, Universal Insurance is moving 22 points up from 31st position it was. Of course, Covid-19 has shown that a lot of things have to be done online.”
