IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) ON THE GROWTH OF NON-LIFE SECTOR OF THE NIGERIAN INSURANCE INDUSTRY
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IMPACT OF
INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) ON THE GROWTH OF NON-LIFE SECTOR
OF THE NIGERIAN INSURANCE INDUSTRY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
From time
immemorial, information has always played a prominent role in human life but
the emergence of social progress and the vigorous development in science and
technology has immeasurably increased the role of information in every facet of
human endeavour. The rapid expansion of a mass of diversified information has
born the term “information explosion” and gave rise to a scientific approach in
information and elucidation of its most characteristic properties which has led
to principal changes in interpretation of the concept of information. It was
broadened to include information exchange not only among men but also among
machines as well as the exchange of signals in the animal and plant worlds. The
pace of change brought by new technologies has had a significant effect on the
way people live, work, and play globally(Agbolade, 2011).
Today’s business environment is very dynamic
and experiences rapid changes as a result of creativity, innovation,
technological changes, increased awareness and demands from customers. Business
organizations, especially the insurance industry of the 21st century operates
in a complex and competitive environment characterized by these changing
conditions and highly unpredictable economic climate with Information and Communication
Technology (ICT) being at the centre of this global change curve(Adesina and
Ayo, 2010).
Business
organisations especially the insurance sector are operating in an environment
characterised by a complex and competitive climate. In most developed countries,
technology is a central element to deal with challenges in modern insurance
operation, such as lowering costs and enabling efficiency improvements.
Certainly, most insurance companies worldwide are growing primarily by
utilising ICT to provide efficient insurance services to their customers
(Elgahwash and Freeman, 2011).
The use of
ICT in the insurance industry is relevant and beneficial considering the
significant role of insurance in the economy. Amongst other, insurance promotes
business activity by providing financial intermediary services necessary to
induce economic growth (Ward and Zurbruegg, 2000; Liedtke, 2007; Apampa, 2010).
ICT initiated a radical change in the latest style of insurance business in a
way that is threatening the traditional form of insurance (Twati and Gammack,
2006). Technological advances are the most important variables which have
contributed to the radical shift in the patterns of the insurance business in
the era of globalisation; technology has focused the keen interest of insurance
to intensify attempts to take advantage of the latest information technologies,
communications and computers, and to adapt efficiently in order to invent
insurance services and the development of novel methods of submission (Abubakar
and Tasmin, 2012).
Microsoft
Encarta (2009) defined information and communication technology as the
processing of data via computer: the use of technologies from computing,
electronics, and telecommunications to process and distribute information in
digital and other forms. Information technology combines the technology of
computers and communications to provide information processing services
throughout the office or around the world.
Information
and communications technologies (ICTs) have changed the approaches to
conducting business transactions and meeting the growing demands of customers
for most organizations. The promise of ICTs in the insurance sector has been
seen in terms of its potential to increase customer base, reduce transaction
costs, improve the quality and timeliness of response, enhance opportunities
for advertising and branding, facilitate self- service and service
customization, and improve customer communication and relationship (Adesina and
Ayo, 2010). Most insurance firms in developed and some in developing parts of
the world are now offering e-insurance services with various levels of
sophistication. However, most Nigerian insurance firms seem to be content with
having a Web presence with only a few of them making strides towards full-fledged
e-insurance applications. Therefore, this study shall assess the Impact of
Information and Communication Technology (ICT) on the growth of Non-life Sector
of the Nigerian Insurance Industry.
1.2 STATEMENT OF THE PROBLEM
Contemporary
business practices and environment are heavily influenced by information and
communication technological changes today. In order words, ICT is currently
perceived as the engine of innovations and growth for modern business practices
with insurance as no exception to this disposition. It is surprising however,
to note that despite the enormous benefits derived from ICT in the field of
business, trade, industry and commerce, in Nigeria it is widely speculated by
social commentators and stakeholders that most insurance operators hardly
embrace and fully explore the immeasurable advantages of ICT in their
businesses.
The present
system of business transaction in most insurance organizations in Nigeria is
slow as a result of the manual transaction which is not efficient and effective
as customers are asked to wait indefinitely on queue or come back another day
because of the slow manual process or sometimes, network failure in
transactions process. Despite advances in computer systems and the acceptance
of such technologies by organizations in the advanced economies, the same level
of adoption is not evident among several organizations in Nigeria which has
negatively affected business growth and performance.
Many
insurance firms are unfamiliar with operating a computer and are skeptical of
the benefits and value it gives to the business and have the notion that ICT is
only for multinational companies even when they have the will and financial
resources to integrate ICT into their core businesses.
Many of the
studies on Information and Communication Technology (ICT) and growth of the
financial system were done outside Nigeria. These studies particularly focus on
the banking sector. Researches on ICT and growth of insurance industry are very
few. In Nigeria, most of the available studies about Information and
Communication Technology (ICT) and growth of insurance industry such as Obaremi
(2007), Adeyele (2011), Fadun (2013) and Afande (2015) were too brief and
lacking depths. Moreover, these researches were also theoretical studies whose
findings were subjectively based on researchers’ personal opinions. It is noted
that the past studies did not give adequate attention to Information and
Communication Technology (ICT) and the growth of Non-life Sector of the
Nigerian Insurance Industry, as well as highlighting plausible strategies that
can stimulate the growth of Non-life Sector of the Nigerian Insurance Industry.
It is against this backdrop that this research study is seeks to examine the
Impact of Information and Communication Technology (ICT) on the growth of
Non-life Sector of the Nigerian Insurance Industry.
1.3 OBJECTIVE OF THE STUDY
The primary
objective of this study shall be to examine the impact of Information and
Communication Technology (ICT) on the growth of Non-life Sector of the Nigerian
Insurance Industry. Other specific objectives include;
i. To examine the relationship between
Information and Communication Technology (ICT) and service delivery by the
insurance industry
ii. To find out the relationship
between ICT adoption and new product development in the Nigerian insurance
industry.
iii.
To check whether computer utilization is a predictor of cost of
operation.
1.4 RESEARCH QUESTIONS
The
undertaking of this research work shall be guided by the following research
questions:
1.Is there a
relationship between Information and Communication Technology (ICT) andservice
delivery by the insurance industry?
2.What is
the relationship between ICT adoption and new product development in the
Nigerian insurance industry?
3.Is
computer utilization a significant predictor of cost of operation?
1.5 RESEARCH HYPOTHESES
The
following hypotheses will be statistically tested at 5% level of significance:
1. Ho:
There is no significant relationship between ICT and service delivery
by the Nigerian insurance industry
HI:There is a significant
relationship between ICT and service delivery by the Nigerian insurance
industry
2. Ho:
There is no significant relationship between ICT adoption and new product development in the
Nigerian insurance industry
Ho: There is a significant relationship
between ICT adoption and new product
development in the Nigerian insurance industry
3. Ho:
Computer utilization is not a significant predictor of cost of operation
HI:Computer utilization is a
significant predictor of cost of operation
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