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Member, Beacon International Group, Ltd.
In Nigeria, there are around 500 insurance brokers and 7,000 agents and they are now facing the hazard of losing their job as more insurance companies adopt mobile technology, reports Business Day.
The insurance companies in the country have recently tied up with mobile technology firms for introducing products using ATM payments, recharge cards, telephony and online payments for transactions.
The partnership with telecommunication firms and IT companies are being forged for greater market penetration.
The use of technology is gradually taking over some of the jobs that agents and brokers are responsible for.
More than 75% of Nigeria’s insurance business is controlled by brokers and agents.