Yemisi Izuora
The fifth Insurance Chief Executive Officers (CEOs) summit organised by Continental Reinsurance, in Swakopmund, Namibia is promoting technology adoption which is considered germane to industry growth and development.
The summit, with the theme: “Insurance and adaptation in the face of technological change in Africa”, was part of efforts to see how technology could transform insurance business in the continent.
The Continental Re’s CEO Summit is hosted in different countries each year, attracting representations from over 20 African countries (both Anglophone and Francophone). Speaking at the Summit, Continental Reinsurance Group Managing Director, Dr. Femi Oyetunji, noted that this year’s summit would be 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,’’ he said.
Chief Executive Officer, Google Kenya, Charles Murito, said digital transformation within the insurance sector helps drive acquisition, retention, as well as the servicing of claims, adding that insurance companies need to become fluid, seamless and assistive by using technology to enhance their operations.
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 per cent and insurance penetration stood at 7.9 per cent, which was higher compared to other African countries in 2013, such as Kenya (3.4 per cent) and Morocco (three per cent).
Other topics that were discussed at the 2018 summit were the changing regulatory framework and fundamentals of instituting a regulatory compliance strategy, how players can catalyse insurance technology for sustainability and how players in the sector can optimise the current media environment for exposure.Since 2013, Continental Reinsurance has been organising the CEOs summit yearly for insurance industry leaders and other strategic stakeholders to network, share ideas and best practices.