September 2024 Edition

The African Insurance Exchange 2024 stood out as a prime example of what happens when industry professionals, experts, and sponsors come together in pursuit of growth and shared knowledge. The conference provided not just a platform for discussions on the pressing issues facing our industry but also a tangible value for attendees and sponsors alike. From keynote sessions addressing the evolving economic landscape to focused panels on risk management and digital transformation, delegates left with actionable insights to take back to their businesses.

For sponsors, the exchange served as a powerful avenue to showcase their innovations and connect with decision-makers across the African insurance space. MyGlass, a key sponsor, took their involvement a step further by hosting a fun quiz competition that quickly became a highlight of the event. Designed to test participants’ knowledge of the industry while injecting a dose of entertainment, the quiz fostered an atmosphere of camaraderie and engagement. Delegates had a blast competing for top honors, and the interactive nature of the quiz ensured that learning didn’t just come from the formal sessions but through playful competition too.

The value derived from such interactions cannot be understated. For attendees, it was a chance to learn, connect, and unwind with peers, while for sponsors like MyGlass, it was an opportunity to leave a lasting impression in a memorable way.

In short-term insurance, we see growing complexity in managing fire risks and the impacts of hybrid workspaces. As businesses navigate the new normal, with partially occupied offices and evolving risk profiles, underwriters must work hand in hand with clients to ensure robust policies that account for both traditional and emerging threats. As Santam’s Thabo Twalo highlighted, office capacity impacts risk, and the hybrid model demands new approaches to property protection and business continuity planning, followed by Aon’s insights into fire safety reveal just how vital precise, well-maintained water- based fire protection systems are for business sustainability.
Across the financial planning and employee benefits landscapes, there is a growing demand for more tailored, inclusive solutions. Whether it’s addressing the financial wellness of blue-collar workers, managing the complexities of the new two-pot system, or creating offshore investment strategies that protect against double taxation, it’s clear that one-size-fits-all solutions no longer suffice. People are looking for advice and products that align with their unique circumstances, and it is up to financial advisers, insurers, and product developers to meet that call.

The technology sector, meanwhile, is experiencing rapid shifts as well. Angus Black from BarnOwl Data Solutions reminds us that data management is not just about meeting regulatory standards but unlocking new opportunities for smarter business decisions (Edited Angus Black Inte…). At the same time, the focus on cybersecurity is more critical than ever. As Brent McDaniel of Cardinal Insurance Management Systems pointed out, human error remains one of the top causes of data breaches, but by cultivating better cyber behavior and enforcing stronger security protocols, companies can mitigate these risks (We Mitigate Cyber Risks…).

The OESAI conference reminded us of the importance of coming together, not just to learn, but to strengthen the bonds within our community. The backdrop of Victoria Falls served as a metaphor for the cascading challenges ahead, but also the power of our collective potential when we work in unison. As the drums beat at the Boma dinner, I was reminded that while the insurance industry faces its share of storms, our resilience and willingness to innovate will carry us through (OESAI 2024 Conference).

Looking forward, it’s clear that our industry is on the cusp of something new. The winds of change may be strong, but with the right tools, a collaborative spirit, and a relentless focus on education and empowerment, we are well-positioned to navigate them. Together, we will continue to build a resilient future for African insurance.