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Technology key to driving growth of insurance industry – Underwriters



Technology key to driving growth of insurance industry – Underwriters

By Rukayat Adeyemi

Insurers under the auspices of the African Insurance Organization (AIO) have urged African insurers to drive insurance growth and deepen penetration using technology, with an emphasis on artificial intelligence.

The call is contained in a 10-point communiqué issued on Monday by Ms. Ebelechukwu Nwachukwu, chair of the IOA local organizing committee at the end of its 47th annual conference and general assembly in Lagos.

“Insurers need to invest in information technology with a focus on disruptive artificial intelligence, while partnering with FinTech organizations to develop the sector,” he said.

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

He said, “Insurers should design insurance products that effectively cover government development actions and deepen insurance penetration at all levels.”

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

“Insurance industry actors need to invest in quality tax literacy education both for practitioners and for the general population by establishing schools and scholarships, among others.

”They must also invest in sustainable projects and in the design of facilities; Switch to risk-based supervision in line with current global best practices and create a thriving business environment for all practitioners, ”he said.

The statement called for the encouragement of the active participation of all women insurance practitioners in the activity of the Association of Women Insurance Professionals (PILA) Africa, in order to facilitate effective networking and industry growth across the continent.

The Nigeria News Agency reports that former AIO President Ms Delphine Traoré, who is also COO of Alliance Africa, said innovation in the insurance sector would help to complement government efforts in economic growth and development.

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

Smart said his administration would be anchored in five key areas, namely: increasing awareness, embracing digitization, collaborating with other markets, working with government and regulators, and building trust among consumers. clients.

Source: NAN

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