AIO Secretary General lists benefits of digitization of Africa’s insurance markets
AIO Secretary General, Jean-Baptiste Ntukamazina
African Insurance Organisation, Secretary General, Jean-Baptiste Ntukamazina, said digitalization has the potential to transform insurance in Africa, benefiting customers and insurers alike as well as empowers consumers to make better risk protection choices and gives them faster and simpler access to insurance solutions.
At the same time, he said digitalization will equip insurers with the necessary data to better cater to customers’ needs and the technology to sharply improve the efficiency across the entire insurance value chain.
The AIO Secretary General noted that a digital transformation of the African insurance sector is not possible without the support from insurTech companies and regulators, adding that insurers often partner with insurTech firms to combine their underwriting expertise with the technology expertise of the partner to accelerate the digitalization process.
“Regulators across the different African jurisdictions are critical as their support facilitates the deployment of new technology, the collection of necessary data and they can offer a level playing eld to all insurance market participants.
“The new orientation of the African Insurance Organisation as a hub of competence and an advocate for the needs of the African insurance industry puts the topic of insurance innovation in Africa and more speci cally digitalization at the center of our action.
“The AIO supports decision making and industry recognition by providing thought-leadership and market insights. Digitization will help our members to grow and the AIO to leverage our data analytics capabilities to better identify future trends and thus guide our definition of new key topics and thought-leadership contributions. Our ultimate goal remains to create insights that help increase insurance penetration in Africa,” he said.
