Mandatory digital identity policy key to driving insurance growth – Experts
Experts in Nigeria’s tech and insurance sectors have called for a policy mandate to make digital identity compulsory for insurance.
This was the highlight of the second edition of Digital Identity Matters, a thought leadership webinar series for driving conversations on contemporary issues in identity tech.
The event was sponsored by VerifyMe Nigeria, a leading identity verification and Know-Your-Customer (KYC) technology company, in partnership with Tech Cabal, a future-focused publication that speaks to African innovation and technology in depth.
Panellists included: Esigie Aguele, co-Founder/CEO, VerifyMe Nigeria, Bayo Adesanya, Chief Digital Officer, AXA Mansard and Adia Sowho, Chief Executive Officer, Thrive Agric. Tunji Andrews, co-Founder, Awabah moderated the discussion.
Speaking on the theme: Why Insurance is Important for the Growth of Nigeria’s Digital Economy, Aguele disclosed that the Nigerian insurance market has a $100 billion potential and can become one of the biggest sources for internally generated revenue if properly harnessed.
He said: “Insurance penetration in Nigeria is currently at about 1%. For a population of 200 million people, we only contributed $1 billion to Gross Domestic Product (GDP) last year. South Africa, which has a third of Nigeria’s population, has a penetration of 17 percent and a GDP contribution of $50 billion. It is obvious that stakeholders must put in efforts to ensure that insurance is available to more people to grow the digital economy.