New Generation Technology and Digital Accounting Tools as a Digital Transformation Strategy for Nigerian Insurance Companies' Organizational Sustainability

Abstract

Formulating a digital transformation plan that acts as a primary idea to digital changes inside a corporation is an essential technique. Digital revolution is causing a tsunami of change in the economic and financial sectors, affecting society as a whole. The study examines the influence of digital transformation strategies on sustainability of insurance businesses in Nigeria. A descriptive research technique was used in the study. This study population consists of all insurance companies observed to be the healthy ones amongst the existing Fifty eight (58) insurance companies duly registered in Nigeria. A purposive sampling method was considered appropriate for the study as the sample size consists of 350 employees working at the ICT and Cyber security Unit of all the Insurance offices fully digitalized in Nigeria, only 333 were retuned and fit for analysis. The findings of the study from regression analysis revealed that digital transformation (i.e. New Generation Technology Platform and Digital Accounting Tools) has influence on sustainability of insurance companies in Nigeria. The study concludes that new generation technology and digital accounting tools as a digital transformation strategy has impact on Sustainability of insurance companies. The study recommends that insurance companies should ensure adequate digitalization to guarantee improved market penetration.