Africa thinking digital to revolutionize reinsurance
Friday, 04 06 2018, Category: Insurance and Reinsurance, Country: Africa
With the proliferation of mobile phones, users of social media in Africa, experts say that the reinsurance sector on the continent is still underutilizing technology. Odimegwu Onwumere unearths that reinsurers in Africa are however thinking what the sector might be like in 30 years from now and not what they have in hand; they are thinking digital reinsurance for the future; they are thinking that the social media has impacted the ways of life of their potential target market so they must rise to bridge the digital divide between them and their potential target market in order to stay relevant; they are thinking of a continent where buying insurance will no longer be associated with questions but the big data will provide enthusiastic and accurate predictors of risk.
A strong voice was heard at the 42nd annual general meeting for the Federation of African National Insurance Companies (FANAF) held on February 12 2018. The ferocious voice harangued that re/insurers in Africa were not utilizing the Information Communication Technology (ICT), upon that examination has it that approximately 80.8% of Africans own a mobile phone today.
Source: The Nigerian Voice