African insurance CEOs discuss how technology can transform industry

Swakopmund, Namibia, April 9th 2018: Today, over 100 insurance CEOs and regulators converged at Strand Hotel in Swakopmund, Namibia for the 5th CEO Summit organised by Continental’s Reinsurance. This year’s summit theme is Insurance and adaptation in the face of technological change in Africa.

The Continental Re’s CEO Summit is hosted in different countries each year, and this is the first time its being held in Namibia. It attracted representation from over 20 African countries (both Anglophone and Francophone).

Speaking at the Summit, Dr. Femi Oyetunji, Continental Reinsurance Group Managing Director noted, “This year, we are 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.’’

Chief Executive Officer, Google Kenya, Mr. Charles Murito gave an address on digital transformation within the insurance sector and noted that “to help drive acquisition, retention as well as the servicing of claims, 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% and insurance penetration stood at 7.9%, which was higher compared to other African countries in 2013, such as Kenya (3.4%) and Morocco (3.0%).

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 CEO Summit event every year for insurance industry leaders and other strategic stakeholders to network, share ideas and best practices.

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