Home / Aviation News / MainOne canvasses data solutions integration for insurance sector growth

MainOne canvasses data solutions integration for insurance sector growth

Telecoms services and network solutions for businesses,  MainOne has challenged the insurance industry to adopt the use of data and analytic tools to drive sustainable growth in the sector while emphasizing that the industry in Nigeria can thrive through effective distribution channels.

The challenge was issued  during a one-day BusinessDay Insurance Roundtable aimed at helping the insurance community achieve market leadership through digital distribution channels. The forum held at the Wheatbaker Hotel, Lagos.

Speaking at a panel session on theme “Data and analytics within the insurance industry”, MainOne’s Product Manager, Data Center, Vremudia Oghene-Ruemu, explained that Nigeria’s insurance industry can achieve distinction through effective distribution channels.

According to him, there is an ever-increasing amount of data that insurance companies need to collect, analyze and store in order to properly manage risks. MainOne has identified the need for effective data storage and analytics and, being an innovative solutions provider, has developed efficient hosting solutions through its Tier III Data Center–MDXi.

He said, ‘Adding analytics to the claims life cycle
can deliver a measurable ROI with cost savings. Our data center, currently the largest in West Africa, provides a platform for insurance companies to embrace efficient and cost-effective hosting solutions. The industry can close product distribution gaps, enhance premium collection, reduce agency fraud and also build consumer confidence.”

He added that risk analytics helps in changing the insurance industry by making adjustment and custom calculation based on different types of clients. Brokers now focus on their clients data, using the analytical methods to come up with better strategic decisions about the possible risks they will face. The usage of analytical risk is very helpful in making possible risks measured, avoided, and even transferred.

He went on to explain that MDXi is a subsidiary of MainOne and is PCI DSS certified with the ISO 9001 and 27001 certifications. The facility offers 99.98% availability, multiple layers of security and has won several awards including the Frost and Sullivan award for providing advanced data center infrastructure in West Africa.

The forum, which was well attended by senior executives of insurance companies operating in Nigeria, provided the platform for the exchange of ideas among insurance agents, insurance companies, insurance support organizations and information technology experts. As part of the roundtable’s commitment to raising the professional and information standards of the industry, MainOne highlighted the importance of data and analytics within the insurance industry.

About NigerianFlightDeck

mm
Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

Check Also

Policies must be codified as investors seek certainty – Iyayi, Mbanuzor

Someone comes in and puts a policy that might favour the industry and when he leaves another comes in and changes it all. Investors like certainty, people want to know what happens in two years time, in five years. Bringing in a new person should not mean the policy should change. Policies must be codified so no matter who comes in, he or she tows the path and continues instead of changing things around.

Fadugba calls on Nigerian airlines to drop lone wolf acts, pushes for BASA reviews

MR. Nick Fadugba, CEO of African Aviation Services has stressed that only by working together …

Stakeholders push for policy implementation at LAAC Conference

KEY industry players have argued that government as an entity needs to do more and …

Stage set for annual LAAC Conference as stakeholders prepare to share, implement ideas

TOMORROW, investors, Captains of industries, stakeholders, professionals will gather in their hundreds to set a …

NAMA to install prefabricated pilot joint briefing offices nationwide

NIGERIAN Airspace Management Agency (NAMA) has completed the installation of prefabricated pilot joint briefing office …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Skip to toolbar