Ebere Nwoji
Managers and executives of insurance, reinsurance firms as well as relevant stakeholders have agreed to massively deploy technology to enable them popularise insurance and insure the uninsured in the grassroots across Africa.
The operators, under the auspices of the African Insurance Organisation (AIO), said after due consultations with other stakeholders, they have raised a 10-point communique, that will enable them achieve the above technology deployment strategy in insurance distribution at the end of the recent 47th conference and General Assembly.
The communique, according to the insurers, would serve as action plan template, promising to ensure that most uninsured Africans would be under insurance coverage in the next few years.
The communique urged operators across the continent 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.
According to the insurers at the 47th African Insurance Organisation Conference, held on 4th to 8th September, 2021, the participants agreed to: collaborate and work with respective governments to ensure that insurance companies can contribute directly and impactfully 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, “they siaid.
They insisted 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, the former president of AIO, Mrs Delphine Traore, 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, the chairman, Local Organising Committee (LOC), Mrs. Ebelechukwu Nwachukwu, stated that, the theme of the conference was apt, coming at a time when the Coronavirus pandemic had severely impacted economic activities all over the globe.
Speaking, the new president of AIO, Mr. Tope Smart, unveiled a five-point agenda that will serve as a guide during his one-year tenure.
