The Impact of Technological Applications of Insurance on Policyholders in Nigeria Insurance Industry

Abstract

This paper studies the importance of technology in promoting efficient and effective service delivery on policyholders in the Nigerian Insurance Industry. One of the major findings of this research is that technological usage has not been fully applied in the management system of insurance services to policyholders. After analysing the responses of structured questionnaires of one hundred and twenty (120) respondents from three (3) different insurance companies, it revealed the profitability of technology on the policyholders. One of the greatest challenges for insurance business is the actual service delivery to its clients and this calls for the establishment of cyber security which will help in protecting the Policyholders data stored in the cloud. Data stored in the cloud will enable the insurance industries to properly manage the data of its policyholders and prevent loss of data as a result of damage to the computer local storage, external storage device or physical damage to the computer. It will also enable the policyholders to take full access of a private platform design by the insurance industry to enable selection of different insurance policies with automated adequate information provided by an AI (Artificial Intelligence) on each policy that will provide full guide to policyholders on renewal or initiating a policy.