I am writing this a few days before the annual OESAI conference, this year held virtually under the main theme Collaboration Towards a Sustainable Insurance Sector in Africa.
I don’t need to list the many benefits of a sustainable insurance industry has to the continent and its people as that has been illustrated all over the world. The fact that needs to be highlighted is that improving the wellbeing of the people on the continent is dependent on generational wealth preservation and transfer. Personal, business, community and country wealth, making it an essential goal for all stakeholders.
The environment in which the insurance industry operates on the continent has become progressively more favorable over the past two decades with technology accelerating this process. From identifying individuals and corporations through legal channels to pin pointing locations and risk detail, legal ownership and contractual certainty, most of the essentials to conclude a legal insurance contract have become easily available.
We are now poised for stellar growth in premium and wide spread inclusivity, only requiring us to take the bold steps of being allowed to and then proactively utilizing the multiple technology innovations available to us. No consumer on the continent can now not be reached efficiently enough to make it viable to pursue them. I believe it is not only our mandate but our obligation to create a sustainable industry aimed at increasing inclusivity across the continent.
I look forward to bringing you feedback from the upcoming OESAI Conference in our next issue.