WAICA charts ways to improve insurance sector contributions in West Africa

President West African Insurance Companies Association, Eddie Efekoha (5th left) at the event.

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Chuks Udo Okonta

The West African Insurance Companies Association (WAICA) is charting a course aimed at positioning the Insurance Industry as a key contributor to economic growth, its President Eddie Efekoha, has said.

He disclosed today in his address at the ongoing 2023 WAICA Education Conference in Aberdeen, Freetown, Sierra Leone, adding that it is pertinent to reiterate that as part of the promise made at his investiture ceremony, he would galvanize the collective knowledge, strength and will power of members to build WAICA of their dream and aspiration.

“This conference will actively focus on achieving this aim.The clarion call is for everyone to embrace Insurance and I’m sure we are all aware of the strides being taken to promote the acceptance of Insurance in the sub region.

“We are making progress, but are nowhere near our desired goal yet. However, I believe that with the efforts of the association coupled with the support of Insurance Professionals, Practitioners and regulatory bodies, we shall achieve the Insurance Industry of our dreams which will contribute meaningfully to the West African countries’ GDP,” he posited.

He submitted that the theme of this year’s Education Conference, “Aligning Insurance Practice In the 21st Century to Serve Public & Private Sectors,” is an expression of what all insurance practitioners want the insurance industry to develop into.

He noted that as insurers esteemed clients are evolving and displaying various innovations, there is need to align insurance practice to meet their needs and demands.

The WAICA President maintained that the relentless match of online and mobile technology would continue to fuel the constant change in clients’ expectations, stressing that online social networks are becoming pooling mechanisms for insurance and whether insurers like to admit it or not, Insurance companies are fast changing roles.

“The evolution is here; therefore, we must embrace it. Advances in software and hardware are transforming “big data” into information that gives enough insight into the future for decision makers to act.

“As the Insurance Industry reaps the gains from the most recent wave of automation, new technologies (Insuretech) are significantly enhancing operational efficiencies, increasing revenue opportunities, and improving customer experience. How do we maximize the potentials of Insuretech using tools like block-chain technology and artificial intelligence among others?

“We need to ensure persistence, respect, integrity, and passion by way of ethics in the industry to boost the confidence of customers,” he said.

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