African insurers set to grow market with technology
By Ngozi Onyeakusi— Firms under the African Insurance Organisation have emphasised the need to drive insurance to the grassroots through technology. According to the organisation, this was part of a 10-point communique at the end of the recent 47th conference and General Assembly of the Pan-African insurance body. In the communiqué, the organisation urged operators across the continent to drive insurance growth and deepen penetration through deployment of technology with focus on artificial intelligence and development of insurance products that covered developmental action of government. The communiqué stated that the operators agreed to design insurance products that effectively cover the developmental actions of government and deepen insurance penetration at all levels. They also agreed to invest in information technology with focus on artificial intelligence while partnering with FinTech organisations. It stated that cross-border collaborations would improve insurance penetration and growth while proactively and collectively embracing the African Continental Free Trade Agreement. The operators also agreed to invest in quality education for both the practitioners and the whole populace especially in financial literacy; and set up of schools and scholarships among others.