Volume 8 Number 1, 2023 Volume 8 Number 1, 2023 Faculty of Social Sciences, Enugu State University of Science And Technology EDITOR-IN-CHIEF Prof. Oby Omeje MANAGING EDITOR Prof. Barnabas Nwankwo PUBLISHED BY ENUGU STATE UNIVERSITY OF SCIENCE & TECHNOLOGY JOURNAL OF SOCIAL SCIENCES & HUMANITIES 106 New Generation Technology and Digital Accounting Tools as a Digital Transformation Strategy for Nigerian Insurance Companies' Organizational Sustainability *Ganiyu, Kamal Aina, John Oloriegbe, Kale S. Department of Insurance School of Business and Management Studies The Federal Polytechnic, Offa *Correspondence: kamal.ganiyu@fedpoffaonline.edu.ng 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. Keywords: Digital accounting, Digital Transformation, New generation technology, Sustainability, Insurance Business, Nigeria. INTRODUCTION At its most basic, an organization is either an individual or a group of individuals working together to achieve a single purpose or set of goals. Because the organizational structure of any business is critical for its sustainability or success in functioning as a motivator or stimulant for the firm to attain its vision. The impact of shifting demographics, social inequalities, the global market, and climate change on organizations has recently been a source of worry. According to the Chartered Institute of Personnel and Development (CIPD) (2012), as referenced in Mohd-Zawawi and AbdWahab (2019), the primary premise of improving the environmental, sociological, and economic systems inside corporate operations is the cause of organizational sustainability. Scholars have numerous definitions and interpretations of sustainability. According to Mohd-Zawawi and AbdWahab, organizational sustainability is a critical component in the face of severe environmental, climatic, and global market concerns like the current COVID-19 epidemic and for any type of business operations mailto:kamal.ganiyu@fedpoffaonline.edu.ng 107 today (2019). Yet, corporate organization is also regarded as a business commitment to contributing to long-term economic growth. Insurance businesses, for example, are required to be responsible for their social, environmental, and economic concerns, as they are seen as critical to their future existence. One such example, in light of the current COVID-19 epidemic, is the recognition of the necessity for digital transformation to deal with the challenges faced by corporate organizations, of which the insurance industry is not exempt. Nonetheless, it was assumed that the dynamic character of businesses such as insurance in their complicated surroundings had an impact on the sustainability of the concerned enterprises (Aggarwal, 2013). Business organizations require strategies and procedures to ensure their long-term viability in order to meet established goals and achieve corporate objectives. Adoption of improved digitalization is one of the strategies that has been advocated to ensure the sustainability of an organization such as insurance corporations, in accordance with Aggarwal's (2013) submission. The digital transformation phenomenon is typically complex, perplexing, and difficult for insurance firms, but this does not exclude its implementation in marketing, claims, and underwriting (Yusuf, Ajemunigbohun, and Alli, 2017; Ajemunigbohun, Oreshile, and Alli, 2018). Due to the rapid progress of technology, the success rate of such digital transitions in insurance is extremely low. The use of these technologies for digital transformation demands significant changes in organizational procedures, technology, and human behaviour. This broad transition brings with it a slew of socio-technical obstacles and concerns. The proactive strategy encompassing people, process, and technology and, most crucially, their alignment inside the organization has been shown to be critical in carrying out such transformation attempts in the firm. The planned efforts associated with the decided strategy also play an important role in the implementation and sustainability of such transformation programs in insurance organizations. Additionally, as major motivators and results of digital transformation, value creation, operational efficiency, competitive advantage, customer interactions, and new business models arise. Digital transformation is accelerating in public and private insurance organizations as a result of market disruption and gaps in organizational demands and procedures. It becomes a critical market need for the survival of insurance firms. The fourth industrial revolution, according to Pflaum and Golzer (2018), has emerged in recent decades as a result of digital transformation facilitated by new workplace technologies. According to Kenney, Rouvinen, and Zysman (2015), the demand for change grows in response to social, industrial, and, most crucially, technological advancements. This broad shift highlights a number of socio-technical difficulties and hurdles, posing challenges to a successful transformation process (Khan & Bokhari, 2018; Mahmood, Khan, & Bokhari, 2019). According to studies, experts, and practitioners, transformation is a multifaceted process in terms of people and process, making it a tough task (Higgs & Rowland, 2005). Previous research has shown that digital transformation efforts fail at a high rate. McKinsey estimates that 70% of transformation efforts fail (Bucy, Finlayson, Kelly, &Moye, 2015), suggesting that most insurance companies lack this skill (Gobble, 2018). Figuring out how to execute the digital technology revolution is one of the most challenging tasks for insurance executives. The Nigerian insurance industry is faced with several challenges that threaten its sustainability. These challenges include the lack of accurate and timely financial data, inefficient financial reporting systems, and high operational costs. These challenges can be addressed through the adoption of new generation technology and digital accounting tools.In view of this, the following research objectives were formulated: 108 i. Establish the impact of new generation technology platform as a digital transformation strategy on sustainability of insurance companies in Nigeria ii. Ascertain the impact of digital accounting tools as a digital transformation strategy on sustainability of insurance companies in Nigeria In order to provide answers to the above formulated objectives, the following hypotheses were formulated as well: Ho1: New generation technology platform as a digital transformation strategy does not have an impact on the sustainability of insurance companies in Nigeria Ho2: Digital accounting tools as a digital transformation strategy does not have an impact on the sustainability of insurance companies in Nigeria Review of Relevant Literature Concept of Sustainability in Insurance Business A sustainable business is one that is concerned with the social, environmental, and economic ramifications of its present and future operations, as well as the company's ability to meet current needs while ensuring its own and others' long-term existence. A sustainable business would have a positive social, environmental, and economic impact in an ideal society. The "triple bottom line" refers to a company's overall contribution to social equity, environmental quality, and economic prosperity. Companies are increasingly being pushed to handle social, environmental, and economic problems that were previously seen as the purview of governments and philanthropic organizations (such as Heifer International, a global pioneer in establishing sustainable communities). To build the framework for long-term success, it is necessary to re-examine the business in terms of its triple bottom line effect and performance (social, environmental, and economic). This needs a shift in perspective away from evaluating a firm just in terms of financial return to shareholders. While financial profit is necessary for existence, a sustainable business views the firm, its commitments, and its performance as a whole. As a result, corporate sustainability is accessed via three interconnected lenses: social, environmental, and economic. Several insurers have made financial risk management a higher priority. Yet, forward- thinking insurers are making gains in developing investment methods to engage in financial markets as well as new eco-friendly solutions to manage new, difficult, and sophisticated risks. Several of these financial products are concerned with environmental issues such as green building, hurricane-resistant design, the development of renewable fuels, and ecologically friendly driving habits. Proactive insurers encourage their clients to participate in the insurance sustainability project. The role of insurance companies in maintaining social, economic, and environmental sustainability is crucial. Insurance companies are increasingly using exclusion clauses and tougher restrictions to urge clients to make the best choices possible. Several insurance companies limit their responsibility for greenhouse gas emitters and enterprises that lack a climate mitigation strategy. Sustainability challenges have a large influence on both the finance department and the financial sector. As we consider the social, economic, and environmental consequences of business, we must reconsider every aspect of finance, from investments to banking, trade to insurance, and risk. 109 Conceptual Definitions and Meaning of Digitalization (BayerischeMotorenWerke, 2015) defines digitization as the total networking of all sectors of business and society, as well as the capacity to gather important information, evaluate it, and transform it into actions. Change brings benefits and possibilities, but it also brings entirely new obstacles. "The DBT leadership challenge is about reenergizing firms that are currently successful in order to fully realize the promise of information technology across the whole supply chain." In addition, Westerman, Calméjane, Bonnet, Ferraris, and McAfee (2011) argue that DT the use of technology to dramatically increase the performance or reach of businesses is becoming a popular issue for businesses all around the world. Executives in all sectors are utilizing digital innovations like analytics, mobility, social media, and smart embedded devices and enhancing their use of older technology such as ERP to improve customer connections, internal processes, and value propositions. According to PwC (2013), DT represents the fundamental change of the whole corporate world through the introduction of new internet-based technologies with a fundamental influence on society as a whole. Finally, Bouée and Schaible (2015) defined DT as the constant networking of all sectors of the economy as well as the adaptation of participants to the new realities of the digital economy. Choices in networked systems comprise data sharing and analysis, option computation and assessment, action initiation, and the introduction of consequences. Digitalization of Business Activities According to PriceWaterhouseCoopers (2013), over many years, the attitude toward business and its goals remained constant. It was a company idea in which consumers were offered goods or services for a charge, with the primary goal of earning money for the owners and investors. A substantial amount of money was spent on operations, including supplying goods or services to customers and paying employees. For the time being, neither the model nor the objectives of producing money (as the fundamental goal of any for-profit firm is to generate income) have changed substantially, but the way of doing business has. Companies must adapt to the new conditions in order to catch up and win the market and avoid being in a tough scenario where they receive little or no response from clients while spending a lot of money on things like marketing activities (Westerman et al., 2011). Digitalization has resulted in a large-scale and quick transition across numerous aspects of the business, presenting both immense opportunities for growth and development as well as major dangers. According to business experts, the role of digital technology is rapidly evolving from a driver of marginal efficiency to a facilitator of fundamental innovation and disruption (World Economic Forum, 2016). With such a rapidly changing economy and world of digital technology, businesses must constantly modify their offerings to meet the rapidly increasing needs of digital clients (World Economic Forum, 2018). Investing in cutting-edge digital technology is insufficient to turn a company into a digital one. The World Economic Forum (2016) and World Economic Forum (2019) make several recommendations for firms embarking on the digital transformation journey. During the digital transformation, businesses must identify and design a new digital model that is adapted to the company's needs, as well as suitable and efficient. Businesses must also re-examine all aspects of their operations. Because the digital company provides value to core firms, executives are always analyzing how consumers are treated and exploring ways to improve the process. Many organizations are anxious, if not scared, about moving toward digitization because it includes a number of risks, including major revenue, share, capital, and reputation losses (Mahmood, 2019). But it's important to remember that successful digital organizations aren't 110 afraid to take risks and are ready to do so. This is not to argue that these companies plan ahead, but it does imply that they examine the dangers they face. Experimenting with new market offerings, propositions, products, or services is an excellent way to learn about the market, consumers, and their reactions and preferences. Transitions are risky, but they are a wonderful way to learn what works in the market. The digital organization should continue to investigate and test in order to develop a solid and efficient strategy, and once that plan is developed, it should put all of its resources behind it to support it. Targeting is a good thing, even if it is risky, and it is the strategy utilized by successful digital firms (Mahmood, 2019). Digital Transformation The process of leveraging digital technology to develop new or adapt current company processes, culture, and customer experiences to satisfy changing business and market requirements is known as digital transformation. Digital transformation is the redesigning of business in the digital era (Peter et al., 2020). Digital transformation enables a business to stay up with changing client needs and, as a result, to thrive in the future. It enables businesses to compete more effectively in an economic environment that is continually changing as a result of technological advancements. Digital transformation provides a tremendous opportunity for fundamental company departments like as finance and human resources to transition away from manual procedures and automate essential areas such as payroll, allowing executives to focus on larger business prospects (Hilali et al., 2020). A digital enterprise is a company that uses technology to continually change all parts of its business models (what it offers, how it interacts with consumers, and how it runs). While each digital transformation program will have its unique set of objectives, the overall goal of any digital transformation is to enhance your existing processes. Companies must develop in order to remain competitive in their business, which necessitates digital transformation (Vial, 2019). Digital transformation is much more than simply disruption and technology. It's about value, people, optimization, and the capacity to quickly react when necessary through the clever application of technology and information. The profound transformation of business and organizational activities, processes, competencies, and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized manner, with present and future shifts in mind, is referred to as digital transformation (Garzoni et al., 2020). As a result, companies in almost every industry have launched a range of projects in recent years to research new digital technologies and capitalize on their benefits. This usually involves modifications to core corporate operations and has an influence on items, processes, organizational structures, and management philosophies. Businesses must establish management methods to deal with these complex transitions. Formulating a digital transformation plan, which serves as a central concept for integrating the whole coordination, prioritization, and execution of digital changes inside an organization, is a critical method. New Generation Technology A new-generation digital technology platform, according to Nadeem (2018), is a symbiotic collection of technical capabilities and components that provide an interoperable set of services that can be combined to develop applications and services. This is significant because many firms are already investing in this area, and investment will rise as they quickly understand that digital technology platforms provide the fundamental building blocks for, and are a crucial facilitator of, digital business. The platform perspective provides a technological 111 anchor model to drive technology vision while decreasing complexity and redundancy (Nadeem, 2018). Next-generation technologies are technical advancements that demonstrate continual progress in an area for competitive advantage. Converging technologies reflect formerly different sectors that are evolving toward greater interconnectedness and common aims. According to Alli, Aina, and Ganiyu (2021), "artificial intelligence" (AI) is intelligence displayed by computers or comparable software. It is also the name of an academic subject that explores how to develop computer systems and software capable of displaying intelligent behaviour. Prominent artificial intelligence researchers describe AI as "the study and creation of intelligent agents," where "intelligent agents" are systems that are active in understanding their surroundings and adopting behaviours that maximize their chances of success. It is also known as "the engineering and science of creating intelligent machines" (Alli, Aina, and Ganiyu, 2020). Digital Accounting The development, representation, and transmission of financial information in an electronic format are referred to as "digital accounting." All accounting transactions are now done electronically rather than on paper. On the other hand, it values and empowers accountants by making their work more efficient. The creation, representation, and transfer of financial data in an electronic format is referred to as digital accounting. The financial business has been changed by computers and accounting software. Advances in technology have improved the accountant's capacity to evaluate and report data faster, more quickly, and more effectively than ever before (Troshani et al., 2019). With the present digital economy, digital accounting entails conducting all accounting activities in an electronic environment. It may help businesses accomplish functional activities more rapidly and precisely, as well as evaluate and report data and information more quickly, efficiently, and effectively. Companies that use digital accounting successfully may receive accurate information to make key choices and modernize accounting systems to accommodate larger operations. Users may follow outcomes and data by signing in to the system from anywhere and at any time to remotely access enterprises' financial data and information. They may also use digital accounting to accomplish success, survival, and sustainability in corporate operations, both directly and indirectly. As a result, digital accounting is regarded as a vital business strategy for assisting organizations in providing excellent financial reporting, creating accounting information usability, and enhancing strategic decision effectiveness. Financial reporting quality refers to reports that are more full, impartial, and error-free and that give more helpful predictive or confirmatory information about a company's underlying economic condition, events, and performance (Shuraki et al., 2021). Sustainability Theory The sustainability theory was employed for this study; it was developed by John Elkington, the founder of a sustainability consulting organization. The statement suggests that firms should evaluate three separate bottom lines in their operations rather than just the profit and loss account, as was common at the time (and still is in many organizations today). The discussion of sustainability in academia has taken numerous forms. Economic researchers have described the notion of no falling per capita income flows over time or long-term economic development with minimum environmental consequences and have argued how to 112 preserve the capital endowments required to sustain such revenue flows. The debate over the substitutability of natural and human-made capital has split supporters of weak and strong sustainability: the former claim that the two forms of capital are generally interchangeable, while the latter contend that natural capital is becoming increasingly limited. Moreover, ecosystem services such as clean water availability or crop pollination are frequently neglected features of natural capital that should be included in economic debates about sustainability. The long-term survival of a community, a group of social institutions, or a cultural practice In general, sustainability is defined as a type of intergenerational ethics in which present-day environmental and economic behaviours do not reduce future generations' possibilities to experience equivalent levels of wealth, utility, or welfare. The concept of sustainability gained prominence with the modern environmental movement, which criticized the unsustainable nature of contemporary civilizations in which patterns of resource use, expansion, and consumerism jeopardized the integrity of ecosystems and the well-being of future generations. Sustainability is shown as a viable alternative to short-term, short-sighted, and wasteful behaviour. It can serve as a benchmark against which current institutions can be measured, as well as a goal toward which society should strive. Sustainability also entails questioning current modalities of social organization to identify the extent to which they support damaging habits, as well as a concerted attempt to modify the status quo in order to foster the growth of more sustainable activities. Transformational Leadership Theory Transformational leadership was coined by James V. Downton and improved by leadership expert James Macgregor Burns in 2004. According to Burns, transformational leadership happens when "leaders and followers assist one another in evolving to a higher degree of morality and motivation." Based on Burns' early views, Professor Bernard M. Bass later created what is now known as Bass' Transformational Leadership Theory. According to Bass, transformational leadership is defined by its influence on followers, which includes elements such as moral standards, authenticity, harmony, and convincing arguments. While they are still crucial traits and actions of a transformative leader, they are insufficient in today's world, when many individuals are unclear what to do in the face of digital instability. This is demonstrated by the increasing death rate of business titans such as Nokia, Toys "R" Us, and Sears, among others. These executives, who were present at the inception of transformative leadership, argued that they had done nothing wrong but that they had lost. Vision, inspiration, and desire, among other "softer" qualities of revolutionary leadership, are sadly absent. Making sense of what is happening in the environment, developing digital transformation strategies for sustainability and growth, innovating the business model, a bias for relentless and well-integrated execution, and a drive for change in organizational culture are the new facets of transformational leadership in the digital age. 113 CONCEPTUAL FRAMEWORK Authors Computation, 2022 METHODOLOGY The study employed a descriptive research approach, which will include research questions and hypotheses. This design strategy is generally used when it is difficult to control the experience, exposure, or repercussions that participants may have. This is acceptable since it permits the researcher to report what is happening as it occurs. The study's target population consists of Nigerian insurance businesses that have been officially registered by the National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) and are completely recapitalized. The reason for selecting these organizations is that they are well- known insurance companies in the market, and their personnel have embraced digitization in their regular business operations. Purposive sampling was used in the study because it focuses on informants or respondents who are important and relevant to the inquiry. Purposive sampling is excellent since not all individuals in the population are relevant and have information on the study questions and objectives. Purposive sampling, also known as judgmental sampling, is the deliberate selection of informants or respondents based on the features or qualities they possess. It is also a non- random strategy that does not need underlying ideas or a predetermined number of informants (Bernard, 2002; Lewis & Sheppard, 2006). Because of their relevance to the study's aim, copies of the questionnaire were provided to personnel working in the information and communication technology (ICT) sections of all 58 insurance firms in Nigeria for the purpose of this study. The copies of the questionnaire were distributed by members of the ICT and Cyber Security Committee, who represented each firm at the Nigeria Insurers Association (NIA), which is the umbrella organization for all insurance companies licensed and operating in Nigeria. The study's sample size was 350 personnel from the ICT and Cyber Security Units of all completely digitalized insurance offices in Nigeria. Copies of the questionnaire will be distributed by members representing each company on the NIA's ICT and Cyber Security Committee, which serves as the umbrella body. The research questionnaire was chosen as the primary instrument by the researcher. The questionnaire is divided into four (4) sections: The questionnaire was designed using the 5-point Likert scale (Strongly Agree, Agree, Undecided, Disagree, Strongly Disagree). The questionnaire was divided into four sections: Section A was used to collect demographic information from respondents, while Section B included six questions evaluating Next Generation Technology and Digital Accounting. To determine the extent to which the survey instruments met their objectives, the content validity technique of cross-examination and Sustainability of Insurance Business Sustainability of Insurance Business Digital Transformation New Generation Technology Platform Digital Accounting Tools Digital Transformation Strategy 114 verification was used. Each section of the questionnaire was examined for ambiguity and relevance before calculating a reliability coefficient. Table 1: Reliabilty Test Table for Variables Variables Cronbach’s Alpha (a) Number of Items Remark Average New Generation Technology Platform 0.711 6 High Reliability Average Digital Accounting Tools 0.756 6 High Reliability Average Sustainability of Insurance 0.810 6 High Reliability Source: Author’s Computation, 2022. To examine demographic parameters such as age, gender, educational attainment, length of work, and the research goals, simple percentage distributions and frequency counts was used. In contrast, the study hypothesis was evaluated using the regression analysis. RESULTS AND DISCUSSION The table below were used to present the results drawn from each of the questions administered. Table 2: Response Rate Response Rate Frequency Percentage Returned 333 95.1% Unreturned 17 4.9% Total 350 100% Source: Author’s Computation, 2022 A total of 350 copies of the questionnaire were distributed to each of the insurance companies' respondents, but coincidentally, 333 copies were returned by the respondents and used for computation, while 17 of the remaining questionnaires were either not returned, or were incomplete and not suitable for analysis. This equated to an overall response rate of 95.1%. According to Babbie (2004), return rates of 50% are acceptable for analysis and publication, 60% is good, and 70% or more is excellent. 115 Table 3: Frequency Distribution of the Respondents’ Demographic Characteristics (N=333) Variables Category Frequency Percentage Cummulative % Gender Male 228 68.5 68.5 Female 105 31.5 100 Age Below 20 16 5 5 21-30 80 24 29 31-40 164 49 78 41-50 60 18 96 50 and above 13 4 100 Marital Status Single 70 21 21 Married 216 65 86 Divorced 12 4 90 Widowed 25 7 97 Separated 10 3 100 Education NCE/ND 32 10 10 HND/BSC 198 59 69 MBA/MSC 100 30 99 PhD 3 1 100 Work Experience 1-5years 55 17 17 5-10years 90 27 44 10-15years 85 26 70 15-20years 66 19 89 above 20years 37 11 100 Managerial Level Junior level Staff 92 28 28 Middle level Staff 184 55 83 Senior level Staff 55 17 100 Source: Author’s Computation, 2022 According to the results shown in Table 3, 333 people from all insurance companies responded to the questionnaire. This represents 91.5% of the total sample size. Going by this response rate, the result presented in Table 2 above shows that the respondents who responded to the questionnaire were 333 in all the insurance companies. This represents 91.5% of the total sample size. Going by this response rate, 68.5% of the respondents are male, while 31.5% are female. This result implies that male respondents demonstrated a more significant response in both assurance companies than their female counterparts. Going by the age group of respondents, as presented in the above table, the result shows that 5% of the 116 respondents are below the age of 20, while 21–30 represent 24% of the respondents, 31–40 represent 49%, 41–50 represent 18%, and 50 years and older represent 4%. By implication, it means that the majority of the respondents to this study are mature and vibrant. Also, going by the marital status of the respondents, 21% of the respondents are single, while 65% are married. Also, 4% of the respondents are divorced, while 7% are widowed, and 3% are actually separated. By implication, it means that the majority of the respondents are married. In terms of education, NCE/ND holders account for 10% of respondents, while 59% have HND/BSC qualifications, 30% have MBA/MSC qualifications, and 1% have PhD qualifications. By implication, it means that the majority of the respondents hold an HND or BSC degree. For work experience, 17% of the respondents have been working between 1–5 years, while 27%, which represents 90% of the respondents, have been working between 5– 10 years. Also, 26% have been working between 10 and 15 years, 19% have been working between 15 and 20 years, and 11% have over 20 years of experience. By implication, it means that the majority of the respondents have been working for between 5 and 10 years and have enough experience to answer the question. Lastly, for the managerial level of the respondents, 28% are junior-level staff, while 55% are middle-level staff, and 17% are senior-level staff. By implication, the majority of the respondents are middle-level staff. Hypothesis Testing H01: New generation technology platform as a digital transformation strategy does not have an impact on the sustainability of Insurance companies in Nigeria Y=α0+β1X1+e……………………(1) Where: Y = New Generation Technology Platform (NGTP) α0 = Autonomous β1 =Slope of a line X1 = Digital Transformation strategy e = Error A simple linear regression model was used to forecast the sustainability of insurance businesses in Nigeria (dependent variable) using a digital transformation approach utilizing a next-generation technology platform (independent variable). According to the first table (model summary), the independent variable has a coefficient of determination (R2) of 0.481, accounting for 48.1% of the variation in the dependent variable that is explained by the independent variable. Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .694a .481 .479 2.41691 a. Predictors: (Constant), NGTP 117 ANOVAa Model Sum of Squares Df Mean Square F Sig. 1 Regression 1326.741 1 1326.741 227.125 .000b Residual 1431.154 245 5.841 Total 2757.895 246 a. Dependent Variable: SUSTAINABILITY b. Predictors: (Constant), NGTP The second table (ANOVA) reveals that the analysis of variance for the linear regression data yielded an F-ratio value of 227.125, which is statistically significant because the significance threshold is smaller than P 0.05. This means the regression model is statistically significant, legitimate, and well-fitting. According to the valid regression model, the independent variable (Next Generation Technology Platform) has a positive and significant connection with the dependent variable (Sustainability of Insurance Companies in Nigeria). Coefficientsa Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) 6.855 1.165 5.882 .000 NGTP .700 .046 .694 15.071 .000 a. Dependent Variable: SUSTAINABILITY The third table (Coefficient) indicates that the independent variable (i.e. New Generation Technology Platform) contribute positively and statistically to Sustainability of Insurance Companies at P≤0.05. H02: Digital accounting tools as a digital transformation strategy does not have an impact on the sustainability of insurance companies in Nigeria Y=α0+β1X1+e……………………(1) Where: Y = Digital Accounting Tools (DAT) α0 = Autonomous β1 =Slope of a line X1 = Digital Transformation strategy e = Error 118 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .948a .900 .899 2.62709 a. Predictors: (Constant), DAT To predict the sustainability of insurance companies in Nigeria (the dependent variable) from Digital Accounting Tools (the independent variable), a simple linear regression was run. The first table (model summary) indicates that the independent variable yielded a coefficient of determination (R2) of 0.948, accounting for 94.8% of the proportion of variance in the dependent variable that is explained by the independent variable. ANOVAa Model Sum of Squares Df Mean Square F Sig. 1 Regression 20106.888 1 20106.888 2913.358 .000b Residual 2243.027 325 6.902 Total 22349.914 326 a. Dependent Variable: SUSTAINABILITY b. Predictors: (Constant), DAT The ANOVA table shows the Analysis of Variance for the linear regression data produced an F-ratio value of 2913.358, which is statistically significant because the significance level is =.000, which is less than P <0.05. This implies that the regression model is statistically significant, valid, and fitting. The valid regression model implies that the independent variable (Digital Accounting Tools) is showing a positive and significant relationship with the dependent variable (Sustainability of Insurance Companies in Nigeria). Coefficientsa Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) -1.651 .528 -3.126 .002 DAT .334 .006 .948 53.976 .000 a. Dependent Variable: SUSTAINABILITY The third table (Coefficient) indicates that the independent variable (i.e. Digital Accounting Tools) contribute positively and statistically to Sustainability of Insurance Companies at P≤0.05. 119 CONCLUSION AND RECOMMENDATIONS The ANOVA shows the analysis of variance for the linear regression data produced an F-ratio value of 227.125, which is statistically significant because the significance level is =.000, which is less than P≤0.05. This means the regression model is statistically significant, legitimate, and well-fitting. The Next Generation Technology Platform has a favourable and significant relationship with the sustainability of insurance firms in Nigeria, according to the valid regression model. The quest for next-generation technology has also led to many organizations seeking to organize their technological investments. Since organizations only used their digital capabilities on occasion in the past, it was easy for redundancies or gaps in services to be missed by both employees and company executives. The pandemic's dependence on technology, on the other hand, has prompted individuals to reconsider their technology investments and how they align with what they need to properly manage a digitally focused organization. Insurance companies carefully analysed the software and capabilities they needed to invest in, then determined if there were any overlapping costs and investments or capability redundancies. During and after the epidemic, companies had to assess why they had invested in several technologies to determine whether there was a justification for the various platforms and seek for methods to eliminate redundancy while ensuring that the goals of the various departments were satisfied. Conferencing software, project hosting platforms, monitoring tools to monitor client experiences, and other critical kinds of software were chosen for their capacity to provide a unique experience that allows the companies to function with as little confusion and disruption as possible. The ANOVA table shows the analysis of variance for the linear regression data produced an F-ratio value of 2913.358, which is statistically significant because the significance level is =0.000, which is less than P≤0.05. This means the regression model is statistically significant, legitimate, and well-fitting. According to the valid regression model, Digital Accounting Tools has a positive and significant relationship with the long-term viability of insurance companies in Nigeria. As customers have increasingly requested contactless services, companies have seen a significant push toward automation, which has improved their capacity to provide this experience for customers. The fewer operations that must be handled directly by staff, the easier it is for companies to deliver great, safe client experiences. Automation has enormous promise for companies, assisting in the management of anything from inventories to email subscriber lists. While many organizations have already begun to appreciate the value of automation in operating their businesses, this epidemic has caused a rising number of enterprises to adjust their outlook and understand the power that this technology can contribute to them. This tendency has grown especially widespread in industrial organizations, since the benefits of automation in terms of decreasing the number of humans working in close quarters while simultaneously reducing the number of people required to make a certain product have been enormous. Before the pandemic, many businesses saw technology as a way to save money and eliminate waste. Since accounts can be computed in minutes, data can be examined, and emails can be automatically sent when triggered, for example, accounting teams, sales teams, and marketing teams may focus on other activities that automation and technology cannot handle. Digital accounting software also provides organizations with fantastic solutions and the opportunity to develop and get to the forefront of their market through timely account preparations for various stakeholders. Prior to the 120 pandemic, one of the top three digital aspirations for organizations was to use technology to cut expenses. Nevertheless, as the epidemic expanded and businesses began to realize the numerous benefits of technology, just 10% indicated this as a primary cause for the shutdowns after they began. Instead, more organizations said that upgrading their accounting capabilities led to acquiring an accounting reporting edge and that developing a corporate culture centred on digital technology outweighed concerns regarding cost and time savings. When digital accounting technology is implemented correctly, it provides significant opportunity for companies to innovate and evolve in their capacity to engage stakeholders, meet their demands, and go ahead in a new way. Organizations have begun to comprehend and adopt this approach as they have begun to embrace the potential given by this technology. Recommendations Based on the findings of the study and the conclusions made, the following recommendations were made: 1. Nigerian insurance companies should invest in new generation technology and digital accounting tools to enhance their financial reporting systems and improve their operational efficiency. 2. Insurance companies should consider implementing cloud-based accounting systems, which can offer benefits such as real-time data access, enhanced data security, and reduced costs. 3. There should be a focus on training and up skilling the workforce to use these new technologies effectively. Training programs should be designed to ensure that all staff members understand how to use the new systems. 4. Insurance companies should collaborate with technology firms and industry experts to identify the best digital solutions that can help them achieve their digital transformation goals. 5. Regulatory bodies and policymakers should support the adoption of new technologies in the insurance industry by providing incentives for companies that invest in digital transformation. 6. 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