ABSTRACT

The adoption of Information Technology (IT) offers significant potential for the Nigerian insurance industry to overcome challenges and improve its operations. This study explores the obstacles and advantages of IT adoption in this sector. By surveying 200 employees from insurance companies in Edo State, Nigeria, the research identifies high costs, a lack of technical expertise, and insufficient IT infrastructure as the main barriers to IT adoption. Despite recognizing IT’s potential to enhance customer service and provide a competitive edge, the industry struggles to translate these perceived benefits into actual improvements in operational efficiency. The study underscores the necessity for the industry to address these issues to fully realize IT’s potential. Recommendations include exploring alternative funding models for IT investments, building in-house expertise or partnering with IT specialists, and prioritizing investments in IT infrastructure. By overcoming these challenges, the Nigerian insurance industry can leverage IT to boost operational efficiency, enhance customer service, and increase competitiveness