Int’l Conference On ICT Insurance Systems: Aremu Hails Owolabi On Global Contributions

…..As VC CUICI, USA Expresses Joy Over Dr. Abass Owolabi’s Exploits in the Global Insurance Sector

….Aremu Commends Global Participants, Mewar International University, Abuja, On Support

Dr. Abass Owolabi, a renowned Insurance Broker and Managing Director/CEO, Hansworth W.A Insurance Brokers Limited, Abuja, Nigeria, has been commended by UNESCO Laureate, Prof. Sir Bashiru Aremu, on successful lectures and his excellent paper presentation at an international conference on ICT utilization in the modern world of Insurance Systems and the 21st Century e-commerce.

Daily Independent learnt this from the Chairman Board of Trustees, Africa Information Technology Consultancy Services (AITC), Prof Sir Bashiru Aremu today being Sunday, October 12, 2025 in a Telephone conversation with our reporter has commended the success of Dr Abass’s lectures on ICT’s roles in Insurance Systems while thanking global participants, the leadership of Mewar International University, Abuja, Nigeria on support.

Dr. Owolabi Abass Aderemi is a PhD holder and Managing Director/CEO, Hansworth (W.A) Insurance Brokers Ltd, Abuja, Nigeria. Dr. Abass Owolabi is a PhD holder whose Research thesis was on: “Nigerian Roles in the Development of International Organizations in Africa: ECOWAS as a Case Study” at Crown University Int’l Chartered Inc. in the USA. He is also a Fellow of the Nigerian Council of Registered Insurance Brokers (FCIB).

UNESCO Laureate who spoke to our reporter had commended Dr. Abass Owolabi, Ph.D, M.Phil, MBA, FIIN, FCIB on his recent paper presentation earlier this month of October. That is, Abass’s successful lectures on Insurance and ICT as carried out on an internet platform via Zoom. He also commended other Speakers, dignitaries, and participants who made the international conference colourful, as sponsored by AITC.

Speaking to our reporter, Aremu had stated that the conference as anchored on the theme: “The Importance of Information and Communication Technology (ICT) in the Modern World of Insurance,” highlighted today’s rapidly changing business environment, Information and Communication Technology (ICT) that has become the backbone of nearly all industries, including insurance.

Prof Aremu, who quoted Dr Abass Owolabi he stated: “Traditionally, the insurance sector was paper-driven, slow, and heavily dependent on face-to-face interactions. However, with the adoption of ICT, the industry has experienced a revolution in efficiency, accessibility, service delivery, and customer satisfaction. ICT is no longer just a support tool but a central driver of innovation, competitiveness, and growth in the modern insurance landscape”.

“ICT’s relevance in the modern world of Insurance systems is enormous. These included, amongst others: One, Enhancing Customer Service:- ICT has transformed how insurance companies interact with clients. Online platforms, mobile apps, chatbots, and call centers powered by ICT allow insurers to provide round-the-clock services. Policyholders can easily access policy details, make claims, and receive updates without physically visiting offices. This convenience enhances customer experience and builds long-term trust.

“Two, Efficiency in the integration of ICT enables insurance companies to streamline administrative tasks such as underwriting, policy issuance, claims processing, and record keeping. Automation reduces paperwork, eliminates delays, and minimizes human error. For example, claims that once took weeks can now be settled within days—or even instantly—with the help of artificial intelligence and digital databases.

“Three, Data Management and Analytics: Insurance thrives on information. ICT provides insurers with tools to collect, store, and analyze large volumes of data. Advanced analytics and big data enable companies to assess risks more accurately, design tailored insurance products, and detect fraudulent activities. Predictive modeling, powered by ICT, helps in pricing policies fairly and managing risks effectively”.

Four, Product Innovation and Customization:-Through ICT, insurers can develop innovative products that meet the diverse needs of customers. Usage-based insurance, such as telematics in motor insurance, is made possible by ICT tools. Customers now enjoy customized premiums based on their behavior, such as safe driving or healthy lifestyles, which encourages responsible habits while improving risk management for insurers”.

“Five, Global Connectivity and Market Expansion:-ICT enables insurance companies to operate beyond geographical boundaries. Online platforms and digital marketing allow insurers to reach new customers globally. For instance, cross-border insurance, international reinsurance, and online comparison sites are all facilitated by ICT, thereby expanding the market scope of insurers”.

“Six, Cost Reduction: By automating processes and reducing the reliance on physical infrastructure, ICT helps insurance companies cut operational costs. Digital platforms replace physical branches, while online marketing reduces the cost of traditional advertising. These savings allow insurers to offer competitive premiums to customers”.

“Seven, Fraud Detection and Risk Management: Insurance fraud is a major challenge in the industry. ICT tools such as artificial intelligence, biometrics, and blockchain enhance fraud detection by tracking suspicious activities, verifying identities, and ensuring secure transactions. This protects both the insurer and policyholders”.

“Eighth, Regulatory Compliance: Insurance companies must adhere to strict regulations. ICT systems help in monitoring compliance by keeping accurate digital records, generating reports, and ensuring that companies meet industry standards. Automated systems also reduce the risk of penalties and reputational damage”.

VC CUICI, USA, who commended the Nigerian-born Insurance Broker, expert, researcher, Dr Abass Owolabi to had helped in improving efficiency and customer satisfaction in the industry. He said: “Dr Abas Owolabi has helped towards driving innovation and reducing fraud in the insurance sector”. Aremu noted further that ICT has become an indispensable tool in the insurance sector. As technology continues to evolve, its role in shaping the future of insurance will only grow stronger.

In the words of UNESCO Laureate, Prof Sir Bashiru Aremu: “I sincerely commend my brother and friend, Dr. Abass Owolabi, on this recent Paper presentation on ‘Insurance Systems in the Modern World of ICT’. Dr. Abass Owolabi has contributed to global Insurance sector development as a world-class Insurance expert, Researcher, and educator. The importance of ICT in the modern world of Insurance cannot be overstated. It has revolutionized the way insurance companies operate, interact with customers, and manage risks”.