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Place of Information Technology in Insurance

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As the world information order grows, it is only expected that the different industrial sectors grow alongside. These days, no meaningful business can be done without the reliance on technology. Gone are the days when manual paper documentation was relied upon to do insurance transaction. These days, any insurance company that is yet to fully computerize its operation, is not fit to be in business. Insurance in Nigeria has had a tale of woes over its almost one decade of existence. Some of the greatest challenges confronting the industry are poor image, lack of public confidence, suspicion and perceived non payment of claims among others. The importance of insurance is felt in every sphere of life. Life involves risk and while it is often unavoidable, you can certainly take steps to minimize its effects. Many individuals opt to buy insurance to protect their needs. Insurance is a contract between an insured and the insurer where the latter agrees to compensate the former against potential future losses upon payment of premiums. Who needs Information Technology (IT) insurance? Information technology services involve the provision of both products and advice and yet the purchase of appropriate insurance is usually the last decision a business will make. Typical IT insurance protects the firms from claims arising out of professional negligence or failure to perform professional duties. IT insurance firms also cover errors and omissions that result in loss of client data, system failure, claims of non-performance or careless overselling of services. Information technology works in diverse ways in insurance. Let us take the Professional Liability Insurance as an example. Here the basic idea behind professional liability insurance is that it provides protection against claims arising from third party loss, that is, settlement is not made to the insured, but to the third party who has suffered the loss. Any act, error or omission that results in a direct financial loss to a third party client may result in allegations of negligence against the company which can result in both financial loss and also damage to reputation and good will. In the event of a claim, some insurers also agree to pay costs of defence, as well as any settlement amounts up to the limit of indemnity taken under the policy. The provision of information technology services includes computer consultancy, database management, hardware networking, web design and development and internet services. Companies providing internet services can also be subject to substantial claims resulting from allegations of copyright and trademark infringement or the effects of computer viruses. Web designers may inadvertently use copyright protected materials while conducting their professional services which may result in substantial fines and penalties.
Under the General Liability section of an IT insurance, policy ensures the company’s physical assets and equipment are covered, in addition to providing cover for any product damage that a third party may suffer as a result of the company’s professional services. The insurer provides protection against fire, theft, flood and accidental damage. General liability insurance does not cover damages incurred as a result of mechanical failure, virus attacks or equipment left behind in public transport or public places. If equipment is stolen, or the damage is beyond economic repair, the insurer may consider providing the insured with replacement equipment. However it is important to note that most Information Technology liability policies are written on a ‘claims made basis’. This means that you must have an IT insurance policy in place at the time a claim is made against you, rather than the time the alleged act, error or omission is committed. Therefore, the policy in place at the time a claim is made against you is the policy that will respond to that claim, rather than a policy in place at the time of the alleged act, error or omission.
 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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d.light Provides 10,000 Solar Home Systems to Refugees

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d.light, the global provider of transformational household products and affordable finance for low-income households, is providing 10,000 subsidized solar home systems to refugees who have fled conflict in South Sudan and the Democratic Republic of Congo and who are now living in refugee camps in Northern and Western Uganda.

The 10,000 units are part of a wider initiative to supply 23,000 solar home systems to Ugandan refugee communities.

The project is being funded by a USD$3.4M grant from Private Sector Foundation Uganda (PSFU), a body made up of business associations, companies and public sector agencies in Uganda: and Energising Development (EnDev), an international programme by the German, Dutch, Norwegian and Swiss governments to provide access to affordable, reliable, sustainable energy for delivering social, economic, and environmental change.

The project began in April and is scheduled to run for 12 months. Funds from the grant are subject to results based financing (RBF) and d.light will only receive funding for solar home systems that have been installed.

Each solar home system from d.light features three high-efficiency LED lights, an FM radio with MP3 playback, mobile phone charging capability, and a portable solar flashlight.

Commenting on the news, d.light’s Managing Director for Uganda Douglas Gavala said, “With this grant, we can expand the important work we’re doing to improve living conditions for underserved refugee communities from South Sudan, the DRC and elsewhere who are living in refugee camps in Uganda.

“A solar home system significantly improves the quality of life and wellbeing of a household – whether it’s providing entertainment or letting a family stay up to date on local and global news on the radio or enabling children to continue reading and studying after dark.

“As well as benefits at home, d.light products also bolster household income in Uganda’s refugee settlements by extending working hours for tradespeople and small businesses, and providing an income for residents who work as d.light salespeople in the settlements.

“By providing high-quality solar products at an affordable price, we are improving the quality of life for displaced people while simultaneously encouraging economic activity at a grassroots level.”

 


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DG NITDA Reiterates Needs for Safe and Inclusive Digital Environment

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To forge strategic partnerships and collaboration for the advancement of Nigeria’s digital transformation Agenda, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa has reiterated the need for a safe and inclusive online environment responsible for human and Artificial Intelligence (AI) practices in country.

Inuwa made the statement while playing host to a team from TikTok who visited Agency’s Corporate Headquarters in Abuja to seek alliance towards bolstering the country, which aligns with President Bola Ahmed Tinubu priority area of strengthening national security for peace and prosperity.

The DG stated that content moderation strategies will help in addressing online problems like hate speech, misinformation, and cyberbullying in relation to the protection of minors across the country.

“With the Code of practice for Interactive Computer Service Platforms/Internet Intermediaries in place, this has helped in ensuring digital safety in accordance with global best practice and content moderation to enhance security”, he said.

He further noted that “no organisation or institution can operate in silos, we need each other for the actualisation of our goals and objectives towards services delivery and for the advancement of the Nation.”

Highlighting some critical areas, Inuwa stated that leveraging on the platform will advance the country through Digital Literacy 4 All (DL4ALL), Capacity Building, knowledge sharing, trainings, and curbing misinformation, digital safety with the aim of creating a safer cyber space and empowering online environment for Nigerian users.

He added that the platform allows for creative expression through filters, stickers, and editing tools, entertainment and comedy are dominant themes, and informational videos on various topics are gaining traction which has become a launchpad for influencers and trends that can go viral.

Inuwa also explained that NITDA’s Strategic Roadmap and Action Plan 2.0 (SRAP 2024-2027) is structured around eight pillars which include; Fostering Digital Literacy and Cultivating Talents, Building a Robust Technology Research Ecosystem, Strengthening Policy Implementation and Legal Frameworks, Promoting Inclusive Access to Digital Infrastructure and Services, Enhancing Cybersecurity and Digital Trust, Nurturing an Innovative and Entrepreneurial Ecosystem, Forging Strategic Partnerships and Collaborations, and Cultivating a Vibrant organisational Culture with an Agile Workforce.

In her earlier remarks, the Head of Government Regulation and Public Policy TikTok Nigeria and West Africa, Mrs Tokunbo Ibrahim has revealed that NITDA is one of its biggest and critical stakeholders in Nigeria that has an outstanding strides and performance in advancing the digital economy sector.

Ibrahim commended NITDA for its various initiatives, programmes, and policies set in place and aligns with that of TikTok, providing the opportunity were Nigerians use the platform to market, sell and export their products and services as well as talents to the outside world and make a living out of it.
She pointed out that there are projects and programmes that TikTok platform has forge ties of collaboration with, like the Africa creator hub where they do campaigns for tech creator, support, empower, and educate them on how to create contents and explore other sections of the platform, changing their narrative and adding values to what they are doing.

Ibrahim also added that TikTok platform considers online safety as one of its critical areas to secure the cyber space by providing an avenue for users to thrive and be productive in their various activities.

TikTok is currently running African mall to push the narrative of Africa to the world and creators are being equipped with information that they can create contents for products and services in Nigeria, thus can be exported to other countries of the world attracting investments


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Dr. Adesina, AfDB Group President Calls for Media Transformation to Uplift Africa’s Global Narrative

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Dr Akinwumi Adesina, the President of the African Development Bank Group, delivered an impassioned plea for more balanced media coverage of Africa and its development, noting it was critical for changing false narratives.

Adesina said this on Thursday in a keynote speech to the All Africa’s Media summit in Nairobi, attended by nearly 300 participants from across the continent. He praised the crucial role the media plays in strengthening democracy and advancing inclusivity.

The Bank Group president said there were many positive developments in Africa yet the continent continues to suffer misrepresentations which undermine its economic progress and investment potential.

“Despite the significant progress within our continent, the prevailing media narrative often focuses on negative stereotypes, overlooking the substantial advancements and resilience Africa demonstrates,” he added.

Adesina said there was plenty of positive news to report about and highlighted the continent’s economic resilience regional and amid global challenges. He said that in 2023, Africa’s growth rate surpassed the global average, with 11 African nations ranked among the world’s fastest-growing economies.

Adesina referenced a 2021 Africa No Filter Report, which revealed significant adherence to outdated and negative clichés in media reports about Africa. “It’s time for change,” he declared. “We must reshape the narrative about Africa to reflect its true spirit and potential.”

He emphasised the critical nature of information and its ability to have a profound negative impact on development and investor perceptions even though an in-depth investigation by Moody’s Analytics had shown the continent was much less of a risk than many other continents.

“We must promote a balanced view that highlights both the challenges and the many successes of Africa. It’s about changing perceptions and showcasing Africa as a continent rich with opportunity and innovation.”

The Bank Group President also spoke about the challenges and transformations within the media sector, highlighting the impact of digital technology.

“The media landscape has dramatically shifted with the rise of the internet and mobile technology, leading to a proliferation of digital platforms,” Adesina declared.

“While this has democratised information, it has also complicated issues, the distinction between fact and fiction can become blurred.”

To counter unfair and unbalanced narratives, Adesina urged the creation of a powerful, globally respected African media and proposed strategic collaborations among regional financial institutions to support this cause, emphasising the need for media to act as a catalyst for development.

“We need to celebrate and promote the continent’s successes, turning the tide against the longstanding stereotypes that have clouded the global view of Africa… What you call yourself, is the name others will subscribe to you.”

“For as long as we continually denigrate ourselves and play into the hands of those who control the narrative about Africa, we will be stuck with a label that does not belong to us,” he concluded.

He highlighted the African Development Bank’s own successes which included maintaining a AAA credit rating and launching groundbreaking financial initiatives that have earned it respect as an innovative and successful multilateral development bank.

“We have proven that Africa can lead with innovation and strength in the global financial landscape,” the President remarked. “Yet, these achievements receive minimal attention compared to the persistent focus on Africa’s challenges.”

Adesina added that just one month ago, the Bank launched a landmark $750 million hybrid capital instrument, again with a Triple A rating, which was oversubscribed eight times. He described this as a huge “testament to the confidence and trust in Africa’s burgeoning financial capabilities.”

He pledged that the African Development Bank remained committed to supporting initiatives that would help the media present a more balanced and progressive portrayal of Africa and support its economic development.

In a discussion with Julie Gichuru of the Mastercard Foundation after his address, Adesina said Africa was blessed with energy sources, but millions remained without electricity. “This must change,” he said.

“We cannot industrialise in the dark, we cannot develop in the dark. Our children cannot be competitive in a world of darkness,” he concluded.


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