Trading

Technology key to driving growth of insurance industry – Underwriters

Underwriters under the auspices of the African Insurance Organisation (AIO) have urged African insurers to drive insurance growth and deepen penetration using technology, with focus on artificial intelligence.

 

The call is contained in a 10-point communique issued on Monday by Mrs Ebelechukwu Nwachukwu, the Chairman,  Local Organising Committee of AIO at the end of its 47th Annual Conference and General Assembly in Lagos.

 

“Insurers must invest in Information Technology with focus on artificial intelligence, disruptive, while partnering with FinTech organisations to grow the sector,” it stated.

 

According to the communique, insurers must collaborate and work with respective governments to ensure that the industry contributes directly and impactfully to the economy.

 

It said, “The underwriters should design insurance products that effectively cover the developmental actions of Government and deepen insurance penetration at all levels.”

 

The Pan-African Insurance organisation urged its members to proactively embrace the African Continental Free Trade Area ( AfCTA) as cross-border collaborations to improve insurance penetration and growth.

 

“Players in the insurance sector must invest in quality education on financial literacy for both the practitioners and the whole populace by setting of schools and scholarships amongst others.

 

” They must also invest in sustainable projects and financing of facilities developments; Move to risk-based supervision in line with current global best practices and create a thriving business enabling environment for all practitioners ,” it said.

 

The communique called for the encouragement of active participation of all female insurance practitioners in the activity of Professional Insurance Ladies Association ( PILA ) Africa, to facilitate effective networking and growth of the industry across the continent.

 

The News Agency of Nigeria (NAN) reports that  the former President of AIO, Mrs Delphine Traore, who is also the Chief Operations Officer of Alliance Africa, said that innovation in the insurance sector would help in complementing government efforts in economic growth and development.

 

In his acceptance speech, the new President of AIO, Mr Tope Smart, unveiled a five-point agenda that will serve as a guide during his one-year tenure.

 

Smart said his administration would 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.

 

Source: News Agency of Nigeria