The insurance industry in Africa is at a turning point, with innovation and digital transformation essential for remaining competitive. This was the key message from speakers at a recent event hosted by the Tanzania Insurance Regulatory Authority (TIRA).
TIRA commissioner of insurance, Baghayo Saqware, said that innovation is an essential aspect of the insurance business, and that it is reflected in the development of smart insurance products and services. He highlighted the importance of knowledge and experience sharing in insurance supervisory, regulatory, and related matters.
ZB Financial Holdings Limited executive head of continuous development, Tinashe Dzaramba, echoed Saqware’s sentiments, saying that insurance companies in Zimbabwe and Africa need to embrace digital transformation to improve efficiency, reduce costs, and provide a better customer experience.
Dzaramba emphasized the importance of prioritizing customer experience, as this can lead to increased customer loyalty and retention. He also highlighted the need for insurance companies to personalize the customer experience in order to stand out from their competitors.
Dzaramba said that insurance companies can implement digitization through the use of mobile apps, online portals, and automation. He also stressed the importance of keeping up with the ever-evolving technological landscape in order to remain competitive.
The speakers at the event agreed that innovation and digital transformation are essential for the insurance industry in Africa to thrive. By embracing these trends, insurance companies can improve their bottom line and provide a better customer experience.
By embracing digital transformation, insurance companies in Africa can position themselves for success in the years to come.
