Experts Brainstorm on Technological Transformation of African Insurance Landscape

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Ebere Nwoji

No fewer than 100 insurance CEOs and regulators converged at Strand Hotel in Swakopmund, Namibia for the 5th CEO Summit organised by Continental Reinsurance Plc.
This year’s edition of the annual summit, has the theme ‘Insurance and adaptation in the face of technological change in Africa.

The Continental Re’s CEO Summit, is hosted in different countries each year. This was the first time it held in Namibia and the event attracted representation from over 20 African countries (both Anglophone and Francophone).

Speaking at the Summit, Continental Reinsurance Group Managing Director, Dr. Femi Oyetunji, enlightened the participants on the choice of the theme of the year’s summit.

He said: “This year, we are focusing on technology because nearly everything in business now is governed by technological advancements. For the industry to fully optimise, players need to adopt technology in all processes to help drive penetration. Historically, the insurance industry, has been slow to adopt technology compared with other sectors and this is stifling its growth.’’

Also speaking at the event, Chief Executive Officer, Google Kenya, Mr. Charles Murito, gave an address on digital transformation within the insurance sector and noted that to help drive acquisition, retention as well as the servicing of claims, insurance companies need to become fluid, seamless and assistive by using technology to enhance their operations.
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According to a recent report by Timetrics, the Namibian insurance industry grew in terms of gross written premium at a review-period CAGR of 10.8% and insurance penetration stood at 7.9%, which was higher compared to other African countries in 2013, such as Kenya (3.4%) and Morocco (3.0%).