Faber Consulting AG presents Africa Insurance Pulse 2020
AIO Secretary General, Jean-Baptiste Ntukamazina
The fifth edition of the Africa Insurance Pulse 2020 has been released to the public consumption by Faber Consulting AG.
Chairman and Partner Faber Consulting AG, Henner Alms, said the report combines the African Insurance Barometer (focussing on Africa’s primary insurance markets) and the Africa Reinsurance Pulse (looking at the continent’s reinsurance markets), under the Pulse brand, adding that starting in 2020, the rest edition will be devoted to the digitization of Africa’s insurance markets.
He said the opportunities that the new technology will generate for Africa’s insurance markets is a mega-trend that is set to change the face of the continent’s market and its players, affecting wholesale and personal insurers, brokers and reinsurers.
He said the expectations are high, noting that technology could deepen the insurance penetration by opening up new customer segments previously beyond scope even as he said that it has the potential to bring down cost and enhance efficiency, improve customer experience, appeal and engagement, strengthen risk management and risk-based pricing and enable new product development.
“As with previous editions,” he said “our research is structured in two parts. Our initial section describes and analyses global trends in digitization and how they manifest in Africa.
“The second section presents the findings of our survey of market practitioners on their approach to digitization and its current status. Not surprisingly, the spread of digitization in Africa is varied. While some insurers (and regulators) are still in the process of digitizing analogue, paper-based systems, others – mainly in the larger, more advanced markets – are already experimenting with Arti cial Intelligence, blockchain and distributing newly designed products on mobile or digital platforms.
“This publication was intended to coincide with the 47th AIO General Assembly, scheduled to take place in June 2020 in Lagos, Nigeria. Due to the Coronavirus crisis the conference, which also had the digitization of Africa’s insurance markets as its main topic, had to be rescheduled to 2021.
“We therefore worked closely with our exclusive partners, the African Insurance Organisation and Africa Re, to make this publication an exciting and inspiring reading for all those operating in the African insurance markets. We want to thank Africa Re, as well as our long-term partner, the African Insurance Organisation for their support and continued commitment to improving and advancing the African insurance markets,” he added.
