CIO East Africa and Zep-Re partnered to host an insurance summit focusing on technology in insurance. As diverse industries reap the benefits of digital transformation, the insurance sector’s chance to adopt and navigate technology to stay relevant on the wake of rising expectations of consumers cannot be over emphasized. The summit’s main objective was to open a window of opportunity that would allow risk managers to better engage with customers rather than spending time behind paperwork, prone to sluggish service delivery and fraud among other threats.
“The insurance industry is ripe for disruption. There wouldn’t be a better time than now to rethink the insurers business models by seizing opportunities unveiled by technology to grow and remain relevant,” said Hope Murera the CEO ZEP-RE who graced the opening of the first ever insurance technology (insuretech) forum in Nairobi.
Hope added that through the use of technology, the industry has an opportunity to embrace analytics further to come up with customised products that meet user requirements, new product development to expand and grow the pie as well as improve efficiencies that will lower distribution costs making insurance more accessible to all.
The forum brought together Technology, Operations and Business leaders to connect, collaborate and inspire change, purposed to benchmark progress with digital transformation, exchange ideas and share use cases and experiences lined to offer value to the end-users and the insurance industry as whole.
Laura Chite, the CEO CIO East Africa said; “InsureTech Forum will address the changing needs and expectations of clients and/ or customers while exploring the benefits of emerging client-driven technological innovations as well as solutions yearned from the insurance industry.”
“InsureTech Forum will challenge the traditional world of insurance by initiating a journey to create an ecosystem that will deliver an enhanced and successful digital insurance strategy for insurers today,” said Chite.
In a joint spirit, the forum is intended to deliver a tangible impact for the industry at large and clear business value for all who utilise it. It is lined to drive a progressive collaborative and innovation agenda in an industry frontier that is bubbling with new ideas and concepts being
tested within real companies.
Speaking at the forum, Dr. Julius Kipngetich, the Group CEO with Jubilee Insurance said, “As various industries reap the benefits of digital transformations, the insurance sector needs to adopt and navigate the digital journey to not only stay afloat, but also meet the rising expectations of consumers.”
Kipngetich also noted that it is gratifying to witness that at the very onset of InsureTech Forum several volunteers have offered their time to build an agenda that would ensure continuous relevance and high impact of collaborative efforts after the forum.
The whole day forum will be held annually going forward in the major capital cities of the East Africa region.