EKSU Journal of the Management Scientists

Influence of Insurance Technology on the Sustainability of Insurance Companies in South West, Nigeria

Abstract

The study examined the influence of insurance technology on the sustainability of insurance companies in South West, Nigeria. The study adopted a descriptive survey research design. The population under consideration consists of insurance industry stakeholders in South West, including insurance companies, regulatory bodies, and consumers. A stratified random sampling technique was employed to ensure representation from each stratum. The strata include insurance companies, regulatory bodies (such as the National Insurance Commission), and consumers. This approach ensures a diverse and inclusive sample that accurately reflects the various perspectives within the insurance ecosystem. The sample size of the study comprised 70 respondents from various insurance companies operating in South West and 45 respondents from National Insurance Commission and other relevant regulatory bodies in the region were which made up a total sample size of 115 respondents. A research instrument titled “Influence of Insurance Technology on the Sustainability of the Nigerian Insurance Industry Questionnaire” (IITSNIIQ) was designed by the researcher to provide relevant information to the study. Three (3) research questions were raised and answered while one (1) hypothesis was tested at the significance level of 0.05. Data were analyzed using descriptive statistics and inferential statistics such as Pearson Product Moment Correlation and regression analysis. Findings in this study revealed that the extent of adoption and integration of insurance technology into the Nigerian Insurance Market work processes is high. The study also revealed series of technological innovations examined in this study have been adopted by Nigerian insurance companies. Based on the findings, the study recommended that insurance companies in Ekiti State should prioritize investments in robust technological infrastructure which includes upgrading software systems, implementing secure data storage solutions, and ensuring the scalability of IT frameworks to accommodate future advancements.