AXA Mansard urges tech adoption to drive insurance

The Chief Distribution Officer at AXA Mansard Insurance Plc, Jumoke Odunlami, has underscored the critical role of technology and innovation in accelerating the adoption of insurance in Nigeria.

In a statement made available to PUNCH Online on Saturday, Odunlami noted that technology can help bring insurance to more Nigerians, while AI can address trust issues that have long hindered widespread adoption.

Speaking at the Ambassadors Project on Insurance Awareness at Lagos State University, Odunlami emphasised that technology and artificial intelligence can bridge the knowledge gap and build trust in the insurance sector.

The event was organized by the Chartered Insurance Institute of Nigeria in collaboration with LASU’s Insurance Department.

“Sometimes, understanding comes from experiencing a product. When you use it, you appreciate its value. Technology provides that level of access,” she said.

“For instance, through our partnerships with telecom and fintech companies, we are reaching over 1.5 million Nigerians with microinsurance. These are individuals who might never have had the chance to experience insurance, but through USSD codes and savings apps, they now enjoy its benefits. That is the power of technology.”

Odunlami further explained that while increasing accessibility is crucial, AI will play a transformative role in ensuring customer satisfaction and sustaining trust in the sector.

“We recognize that trust in insurance remains fragile. If we reach more people but fail to fulfil our promises, we risk losing their confidence. However, AI can help us personalise experiences, enhance customer service, and speed up claim processing. That will be a game-changer, and it is an area the industry must invest in,” she said.

Beyond technology and AI, Odunlami stressed that public education is vital in building long-term trust in the insurance industry.

“The challenge isn’t just awareness—people understand that insurance is important. The real issue is trust. To change this, we must truly understand consumers’ needs and offer solutions that address them,” she explained.

Encouraging students to see themselves as future leaders of the insurance industry, she highlighted the need for innovation and digital transformation to drive growth, particularly given Nigeria’s low insurance penetration.

“The future of our industry will be shaped by those who champion innovation,” she said. “This transformation will create a more resilient and inclusive insurance ecosystem.”

The event provided a platform for thought leaders to engage with the next generation of insurance professionals at LASU.

Alongside Odunlami, other industry experts in attendance included the Managing Director/CEO of Consolidated Hallmark Insurance, Mary Adeyanju, as well as Dayo Amusa and Simeon Mensah of Sovereign Trust Insurance.