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How to drive grassroots insurance penetration

Insurance Chief Executives and relevant stakeholders under the auspices of the African Insurance Organization (AIO) have pledged to deploy technology...

Insurance Chief Executives and relevant stakeholders under the auspices of the African Insurance Organization (AIO) have pledged to deploy technology to cover the uninsured in the grassroots across Africa.

These were part of a 10-point communiqué at the end of the recently concluded 47th conference and General Assembly of the Pan-African insurance body.

The communiqué will serve as an action plan template, to ensure that most uninsured Africans would be under insurance coverage in the next few years.

The stakeholders tasked operators across the continent to drive insurance growth and deepen penetration through the deployment of technology with a focus on artificial intelligence and the development of insurance products that cover the developmental actions of the government.

They urged collaboration amongst respective governments to ensure that insurance companies can contribute directly to and impact the economy.

The communiqué noted that cross-border collaborations will improve insurance penetration and growth.

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