MANAGING THE IMPLICATIONS OF FINANCIAL TECHNOLOGY ON THE ASSETS OF INSURANCE COMPANIES IN NIGERIA. 2000-2022.
DOI:
https://doi.org/10.5281/zenodo.17251476Keywords:
Financial technology, insurance company, NEFT, ATM, Mobile PayAbstract
The insurance industry has always been a complicated but firmly rooted business environment, but advancements in technology have collided with customer needs, creating systemic challenges for the insurance industry. Mobile players in the industry saw these challenges and introduced customer value with mobile solutions. Compelled by the success of financial technology cum and Insurance technology maxims. Financial technology seem to improve insurance technology and as well as economy. The broad objective of the study is to examine the implications of financial technology on the assets of insurance company in Nigeria. The followings are the specific objectives of the study; investigate the implications of mobile pay on the assets of the insurance company. Determine the implications of A.T.M. on the assets of insurance company. Measure the implications national electronic transfer on the assets of the insurance company. Ordinary least square regression model was used in the analysis. This study examined the implications of financial technology on the assets of insurance company in Nigeria, using annual time series data from 2009 – 2022. From the analysis carried out, the following findings were postulated. Automated Teller Machine (ATM) had Positive and non-significant impact on asset of insurance industry in Nigeria. Mobile pay had no positive and non-significant effect on asset of insurance industry in Nigeria. National Electronic Funds Transfer (NEFT) had negative and non-significant effect on asset of insurance industry in Nigeria. From the empirical result, it shows that financial technology proxies which include Automated Teller Machine (ATM), Mobile Pay and National Electronic Funds Transfer (NEFT) has non-significant effect on asset of insurance industry in Nigeria. From the findings, Automated Teller Machine (ATM) has negative and non-significant effect on return on asset of insurance industry in Nigeria. Mobile pay has no positive and non-significant effect on return on asset of commercial banks in Nigeria National Electronic Funds Transfer (NEFT) has positive and non-significant effect on asset of insurance industry in Nigeria. Therefore the study concludes that financial technology (Fintech) had positive and non-significant impact on the assets of insurance industry in Nigeria within the period under review.
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