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Delivering Contextual, Value-Centric Insurance Critical to Meet Customer Expectations- Report

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A new study by International Data Corporation (IDC) discusses how the insurance industry’s digital mission is driven by the challenges facing existing business models from the change in expectations of customers and partners, technology innovations, regulatory demands, and sociopolitical and economic disruptions.

The study, Worldwide Digital Transformation Use Case Taxonomy, 2017: Insurance (IDC #EMEA42769517, June 2017), shows that the advent of semi-autonomous and autonomous vehicles, connected vehicles and homes, sharing and on-demand economies, and peer-to-peer insurance models are adding a new dimension to the competitive landscape.

“Despite numerous challenges, insurance organizations are embarking on a transformation journey to cater to the requirements of an ever-evolving marketplace,” said Sabitha Majukumar, senior research analyst, IDC Financial Insights.

“This begins with a definition of the mission of contextual and value-centric insurance, strategic priorities that support the mission, programs that help meet priorities, and use cases that help realize the overall goals and objectives of the organization.”

For technology buyers in the insurance industry, the study identifies where and how to craft a winning DX business strategy and execution roadmap. For technology vendors, it provides a contextualized understanding of how and where key software, hardware, and IT services enable DX business outcomes and success.

IDC’s DX taxonomy provides structured guidance on how 14 distinct industry and government verticals are creating and enabling digital transformation success in the digital economy. The study is the latest in a series of studies from IDC. While the taxonomy is an extensive representation, it is not exhaustive.

The taxonomy is a four-level model:
Digital mission (one per industry). The digital mission is the business organization’s overarching aspirational goals and objectives. Each industry has its own unique mission.

Strategic priorities (several per digital mission).
There are several strategic priorities that describe what organizations expect to accomplish over an extended period to achieve their digital mission.

Programs (several per strategic priority). Several programs support each strategic priority. Each represents a long-term plan of action to achieve the strategic priorities through a series of use cases.

Use cases (several per program). Under each program is a set of use cases. These use cases are discretely funded efforts supporting a program objective. Use cases can be thought of as specific projects employing line-of-business and IT resources including hardware, software, and IT services. Each use case is organized by the use case name, current situation, business goals and objectives, key technologies used to enable desired business outcomes, and a summary of the results.
 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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