Insurance in Africa: Casava and others highlight industry digitalization at IMT 2.0

by MMC
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The Insurance Meets Tech 2.0 conference recently held in Lagos witnessed an extraordinary convergence of technology enthusiasts, insurance executives and stakeholders who share a deep passion for the dynamic sector in Nigeria.

The conference was not only a triumph for the organizers, but also a testament to the dynamic and evolving insurtech landscape in Nigeria.

The year’s theme, “Unblocking the Policy and Technology Bottlenecks that Hold Back Disruptive Insurance Penetration,” was enlightening. It allowed startups, investors and industry leaders to deliberate on creating an ecosystem that works together to address the bigger picture.

This year, IMT 2.0 hosted over 50 speakers, 20 demos and masterclasses, over 3,000 attendees, over 50 sponsors and exhibitors and 50+ speakers, with keynote speakers including Casava Founder/CEO Bode Pedro; Technology manager at Microsoft, Wole Odeleye; President of the Nigerian Insurers Association (NIA), Olusegun Omosehin, among others.

The event focused on the digital transformation and innovation of the insurance industry, connecting traditional insurance companies and providers with insurance and technology companies seeking to reshape the industry landscape .

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Discussions at the conference highlighted a crucial idea: regardless of the type of insurance one is involved in or their specific role, there are universal trends, innovations and opportunities within the sector that can catalyze substantial growth.

We’ve highlighted four key takeaways from the conference, which any professional or organization should focus on over the next 12 months and beyond.

Insurtech is the future

All speakers emphasized that there is still a lot to do in the insurance sector, which could be achieved by deploying the right technology.

They expressed their belief that the Nigerian insurance sector could go even further if it transitioned to a technology-driven sector, similar to how the banking sector transformed itself through the infusion of IT technologies. information and communication in its service delivery processes.

Wole Odeleye, head of customer technology at Microsoft, said a key missing element in the insurance industry is integration, saying insurance services need to be integrated with banking services.

“The insurance sector is not fully integrated into the core of financial services.

Fintechs started by integrating their products into financial services, which is why they can scale. They started as an extension of existing financial services,” Odeleye said.

Casava founder and CEO Bode Pedro said every sector is tapping into technological opportunities and insurance cannot be isolated.

He called for closer collaboration between insurers and technology companies to deepen insurance penetration and acceptance. “By leveraging technology and empathy, we will deliver insurance with exceptional user experience and incredible value, with instant benefits,” he said.

Reaching the trillion dollar mark

The Nigerian insurance sector is on track to reach the trillion naira mark in 2023. Insurance penetration is expected to surpass its current level of less than 1%. Insurers want to surpass last year’s gross premium of N726.2 billion.

Speaking at the event, President of the Nigerian Insurers Association (NIA), Olusegun Omosehin, said despite the current challenges of inflation and inadequate infrastructure in the country, insurers are adopting technology to stimulate growth, which will propel the sector above N1. trillion at the end of 2023.

Conference organizer Odion Aleobua stressed that while the numbers are impressive, the industry is only scratching the surface of what is possible.

“When you consider that in the same year, one bank alone reported N945.5 billion in gross profits in the same economy, this indicates the potential, and it is instructive that the Nigerian insurance sector has not has not yet scratched the surface of what is possible,” said Odion, who is also the Managing Director/CEO of Modion Communications Limited.

Casava leads by example at Insurance Meets Tech 2.0

Casava, Nigeria’s pioneering fully digital insurance company and the official insurer of the IMT 2023 conference, has fulfilled its obligation by offering cash health cover to all registrants for an entire month.

The beautiful Casava exhibition stand was a hive of activity as conference attendees gathered to take advantage of the new insurance solution.

Conference attendees were treated to a real-world demonstration of how to make insurance affordable, attractive, valuable, relevant and enjoyable.

According to many participants, cash health coverage provided them with significant value and contributed to a healthy experience where insurance meets technology. Casava’s cash health coverage initiative demonstrates what insurtech brings: innovation, collaboration and excellence.

Human-centered design

The insurance industry in Nigeria has been accused of having a tendency to put business ahead of customer experience, which was a hot topic during IMT 2.O. Speakers emphasized that this must change to improve our industry in the future.

Bode Pedro described the growing gap between customer expectations and insurers’ ability to meet them, saying practical and sustainable insurance innovation starts with understanding who you are solving the problem for.

The consensus of Insurance Meets Tech 2.0 is that technology is a leveler and will give the insurance industry the necessary breakthrough. It is worth noting that the sector is evolving rapidly, with more consulting and technology companies entering the market.

Additionally, most of the solutions presented at the conference were significant improvements rather than minor changes, and the impact of the collaborations and innovations will ripple across the entire industrial ecosystem in the coming days.

“Insurance companies have always focused on the insurance and transaction business,” revealed Bode Pedro. “We need to transform the way people experience insurance by making it simple and ensuring a fast claims process so our customers can thrive and prosper in every aspect of their lives.

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