The Group Managing Director/Chief Executive Officer, Africa Re, Dr. Corneille Karekezi, has listed the various benefits of digitization of Africa’s insurance markets, noting that Digitization is expected to reshape the insurance and reinsurance business model.
Dr. Corneille Karekez while speaking in an interview with Africa Insurance Pulse 2020, said Digitization is expected to play the role of a game-changer, which according to him, is the main reason why Africa Re is engaged here, adding that ever since the corporation was founded over 40 years ago, its mandate has been to advance the development of Africa’s insurance industry.
Africa Re boss stated that “the availability of data and new technology will significantly contribute to our effort to reduce the protection gap in insurance as we access new client segments, improve risk management, underwriting, pricing and claims management and enhance our overall efficiency.
This will benefit insurance clients and customers alike as affordability will improve while we can provide products tailored to their needs.
“The product will become more appealing as we become more customer-centric, supporting them with enhanced products and services that we may offer on platforms or ecosystems that provide new opportunities for engagement with our clients.
“Digitization thus affects the entire value chain of our industry from the original clients (insured) to agents, insurers, brokers and the reinsurers.
In Africa, we associate digitization foremost with enhanced distribution channels for personal lines products.
But ultimately, in Africa, we also see the advantages in the digitization of commercial insurance lines such as agriculture or credit insurance.
“Finally, digitization also involves the own value chain of an insurer from research to actuarial, product development or distribution, improving efficiency and profitability, enhancing transparency and strengthening the robustness of our systems.”
