ROLE OF INFORMATION AND COMMUNICATION TECHNOLOGY IN DRIVING THE GROWTH AND DEVELOPMENT OF THE INSURANCE INDUSTRY IN LAGOS STATE, NIGERIA

ABSTRACT This paper focuses on Information and Communication Technology (ICT) and the ways it can enhance growth and expansion in the insurance sector in Lagos State, Nigeria. The main aim was to determine the effect of computerized management systems on the efficiency of operations, service delivery and the general performance of selected insurance companies. Though the adoption of ICT has been on the rise, issues of underuse of the systems, low frequency of updates and concerns about job displacement have cast doubt on its entire effectiveness. The study used descriptive survey design. The data were obtained using structured questionnaires to be filled in by thirty respondents who work in different insurance companies in Lagos. Participants were selected using simple random sampling. Primary and secondary sources of data were used. Descriptive statistics and inferential statistics were used in data analysis which included the chi-square test in order to test the hypothesis of the study. Results have shown that ICT is an effective way to improve on speed and accuracy of service delivery, improve customer satisfaction, minimize paperwork, and assist in timely decision making. The research established that there was a positive and strong association between the adoption of computerized-management-system and better performance of a company. The hypothesis testing indicated that digital systems have had a positive impact on the process of advertising and the overall effectiveness of operations in the insurance industry. The researcher concludes that even though ICT has revolutionized the main features of the insurance business in Lagos State, full optimization of the industry is possible only in case of the long-term investment in the infrastructure of the technology, frequent training of staff, and a thorough approach to the implementation of digital instruments. It is suggested that insurance companies should improve their ICT structures, focus on the ongoing staff training, and maintain the systems on a regular basis. These measures will allow firms to embrace the full potential of digital transformation, improve competitiveness and contribute to more general goals of insurance penetration and economic development of the country.