Browsing: ‘Driving Inclusive Insurance Agenda : Closing the Protection Gap’

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Technology a key driver of microinsurance in Africa

Industry and Trade
  • Technology will be a key driver of micro-insurance in Africa as insurers close the protection gap in driving the inclusive insurance agenda.
  • IRA Commissioner of Insurance Godfrey Kiptum urged insurers to adopt innovative business models that will curb the damages that hinder access to insurance.
  • Insurance companies that fail to adapt will weaken under the pressure exerted by those that use digital technology to slash costs and get better returns on their investments. And they will be left floundering once digital’s relentless force ultimately breaches both the industry’s business model and boundaries. 

Technology will be a key driver of micro insurance in Africa as underwriters close the protection gap in driving the inclusive insurance agenda.

Speaking at the ongoing Eastern and Southern Africa Regional Conference on Inclusive Insurance, the IRA Commissioner of Insurance Godfrey Kiptum urged insurers to adopt innovative business models that will curb the damages that hinder access …

From Left to Right: Cabinet Secretary - National Treasury and Economic Planning - Prof. Njuguna Ndung’u and Commissioner of Insurance and Chief Executive Officer (IRA) Godfrey Kiptum share a light moment during a courtesy call to the CS at his offices at the National Treasury buildings on 6th February 2023.

Regional insurance conference to shine light on low uptake

Business
  • The meeting will share lessons and experiences on strategies deployed to catalyse the development of insurance sectors for inclusivity and innovation..
  • Delegates will also explore client value and viability dimensions of national health insurance schemes in Africa.
  • Insights and lessons from trends and business models on inclusive digital insurance solutions; taking stock of what has worked and what has not worked will be shared.

Kenya is preparing to host the Eastern and Southern Africa regional conference on inclusive insurance, which is part of a series of regional learning sessions aimed at contributing to the development of inclusive insurance markets in Africa.

Across the continent, insurance penetration remains low and different players including governments have been deploying various strategies to scale up uptake of various cover products.

The eighth regional conference is modeled as a combination of high-quality training and plenary forums that are aimed at sharing insights on inclusive insurance …