As a think-tank exploring the role of the financial sector in the developing world, we, like many others, are grappling with how the latest wave of innovation will change the insurance game in the emerging world? Can technology expand outreach and value at lower levels of income? Can it enable voluntary, individual outreach to previously underserved markets?
The ultimate aim being to strengthen household’s ability to manage risk and enabling investment through more productive risk taking, risk mitigation and mobilization of capital.
Under our partnership with FSDA, we have been exploring the potential of insurtech in the emerging world and found that most of the innovations are yet to transform insurance. However, there are pockets of innovation which offer a lens into what could be.
Under our i2i programme, we are exploring the potential of data and analytics to change the paradigm that most insurers experience at the lower market, namely high costs for low premiums. Data can play a role in customer acquisition and distribution, product design, risk modeling, premium pricing and claims pricing.
However, the potential of technology, data and analytics is yet to be fully realized. There are many potential challenges and pitfalls, and regulatory restrictions in some markets could be inhibiting it.
Cenfri and i2i will be exploring these discussions later this month at the 4th Inclusive Insurance business models for Africa regional learning sessions in Kigali, Rwanda from the 29 to 30th August.
Cenfri will be facilitating and participating in three core sessions, which include:
- Data: Consumer insights to client value and business viability, presented by Krista Nordin, Research Associate for insights2impact
- Distribution and Technology, facilitated by Jeremy Gray, Engagement Manager at Cenfri
- Developing inclusive insurance markets: Growth opportunities for Africa, presented by Mia Thom, Technical Director at Cenfri
- Regulating for innovation: How to encourage responsible market innovation, presented by Jeremy Gray, Engagement Manager at Cenfri
The event is a combination of high-quality training and plenary sessions aimed at sharing insights on inclusive insurance business models that are making access to low-income market segments in Africa possible.
Around 100 international and regional participants and experts will exchange experiences and discuss a number of key themes and topics on inclusive insurance business models. They include representatives from insurance and reinsurance companies, brokers, distribution channels, international organizations, NGOs, development-aid agencies, policymakers, regulators and supervisors in Africa.
These sessions also complement the 13th International Microinsurance Conference taking place from 7-9 November 2017 in Peru.