Managers and executives of insurance, reinsurance firms as well as relevant stakeholders have agreed to massively deploy technology to insure the uninsured in the grassroots across Africa.
These operators, under the auspices of the African Insurance Organization (AIO), after due consultations with other stakeholders reached a resolution and released a 10-point communique, at the end of the recent 47th conference and General Assembly of the Pan-African insurance body, which held in Lagos,
The new action plan, according to the body, will serve as sustainable template, promising to ensure that most uninsured Africans would be under insurance coverage in the next few years.
Also, operators across the continent have been urged to drive insurance growth and deepen penetration through deployment of technology with focus on artificial intelligence and development of insurance products that cover developmental action of government.
In focus is to also design insurance products that effectively cover the developmental actions of government that would help deepen insurance penetration at all levels.
According to these stakeholders who participated at the 47th African Insurance Organization Conference, held on 4th to 8th September, 2021, collaboration with respective governments in ensuring that insurance companies can contribute directly and impactful to the economy.
“Design insurance products that effectively cover the developmental actions of Government and deepen insurance penetration at all levels.
“Invest in Information Technology with focus on artificial intelligence, disruptive, while partnering with FinTech organisations.”
Stating that cross-border collaborations will improve insurance penetration and growth while proactively and collectively embracing AfCFTA, they agreed to, “invest in quality education for both the practitioners and the whole populace especially in financial literacy; and set up of schools and scholarships amongst others.
“Invest in sustainable projects and financing of facilities developments; Move to risk-based supervision in line with current global best practices; Create a thriving business enabling environment for all practitioners.”
The communique called for the encouragement of active participation of all female insurance practitioners in the activity of PILA Africa to facilitate effective networking and growth of the African insurance industry.
Earlier, Mrs Delphine Traore, the former president of AIO, who is also the chief operations officer of Alliance Africa assured that, innovation in the insurance sector would help in complementing government efforts in economic growth and development.
Similarly, Mrs. Ebelechukwu Nwachukwu, the chairman, Local Organising Committee(LOC), stated that, the theme of the conference is apt, coming at a time when the Coronavirus pandemic has severely impacted economic activities all over the globe.
“Several conferences across different markets have focused on the impact of COVID-19 on the industry from various perspectives. This theme paper will attempt to look at broader issues of how
Believing that insurance can contribute to and benefit from the efforts at rebuilding the African economy post-COVID, it is our hope and indeed expectation that participants will find the presentations insightful, enriching and of significant value,” Nwachukwu, who is also the managing director/CEO of NSIA Insurance Limited pointed out.
Similarly, Mr. Tope Smart, the new president, AIO, unveiled a five-point agenda that will serve as a guide during his one-year tenure.
In his acceptance speech, he said his administration will be anchored on five key areas namely: increased awareness; adoption of digitalisation; collaboration with other markets; collaboration with government and regulators and building customers trust.
Noting that the insurance industry in Africa has underperformed compared to other sectors such as banking, telecommunication, and promised to reverse the trend.
He expressed disappointment over the low performance of the African insurance market aside from South Africa, Morocco, Kenya, Egypt, Malawi, Zambia and Ghana, he said, no other African country has been able to grow penetration to one per cent, promising that, things will change positively during his tenure.
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