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Online product  distribution is  gradually permeating the Nigerian insurance business, with new innovations by companies to reach out to the mass market. With the successful conclusion of the industry recapitalisation and consolidation, companies are investing substantial parts of their capital in IT infrastructure to enable them serve customers better and create additional value in their services. 
Experts say that the insurance industry stands to benefit a lot by embracing an IT- driven market, as this would impact greatly on the quality of service delivery to clients, performance standards and profitability. 
Again, with the increasing level of sophistication of insurance consumers and the need to operate according to global standards, it has become expedient that the nation’s insurance sector enhance its IT base for efficiency and competitiveness. 
The latest in the innovation is International Energy Insurance (IEI) plc which recently unveiled its online transaction platform. With this, the client is saved the stress of visiting the company for policy by just filling the form online, paying online, and accessing the policy online using an e- payment platform powered by Interswitch. 
Jacob Erhabor, managing director, IEI, says that for now the company’s Autocare products can be processed through its online service system, while the other classes of insurance will commence later. He explains that this is part of the company’s effort to remain a leader in all areas of insurance, stating that the clients would be the beneficiaries. 
“Our focus is on how to make our services better for our clients. This milestone would not only go a long way in enhancing our services, but create a better and broader platform for both existing and prospective clients,” he notes. 
According to him, while the platform is targeted at corporate clients, it has a merchant account targeted at its key brokers to ensure it maintains existing relationships. Among the advantages of the platform are online accounts, online alerts, online payments, mobile support, claims management. 
“Because information on each transaction is available to IEI’s back office at the click of a button, our response time to the client is phenomenally fast, as a follow-up SMS and phone call is triggered within 10 seconds of any transaction initiated on the online platform,” Erhabor remarks. 
Consolidated Hallmark Insurance plc, in partnership with Interswitch network services, has unveiled an on-line motor policy geared towards delivering value-added services to customers and the insuring public. 
Eddie Efekoha, managing director of the company, explains that the decision to bring new innovation to motor insurance is because of the contribution of the sector to the overall premium income of the industry. 
In the opinion of Prince Fadina, an investment expert, as the insurance industry consolidates and technology gets standardised, the quality of service will be the key differentiator among companies. This is because quality service can turn an organisation into a profit centre and it is a unique opportunity for dramatic business growth for proactive players. 
According to him, an effective IT-driven insurance will bring about speedy delivery of services, reliability, timeliness, consistency of reporting, convenience, cost optimisation, profitability, boost employees’ morale and facilitate easier communication. 
On this basis, the fastest-growing segment in the insurance industry is the integration of general business process, such as creating new polices, performing policyholder services, and reporting claims into electronic management and workflow systems.