This was the key question that was on the table during the Great Fintech and Insurtech Conference in Africa last week. An impressive and interesting conference attended by key industry figures from across the continent as well as representatives from across Europe. It was interesting to see how the common theme creates a fast connection between people from all over the world and how the Insurtech makes a great deal of interest in insurance companies in Africa, government officials, and industry activists
The insurance market in Africa is not sufficiently developed. For example, in Nigeria, which is one of the largest countries in the continent (about 180 million residents), only 0.3% of the population is insured! Distribution channels are also not developed. In a conversation I had with the CEO of one of the largest insurance companies in the carpentry shop, I understood that he works with only 300 insurance agents, many of which stem from infrastructure, culture, and capital problems. At the same time, I met an interesting InsurTech ecosystem. I visited the accelerator, which reminded me of meetings with another part of the world. Young people sitting together think about technological ideas and develop them
At the conference, I participated in a number of panel discussions on the subjects of the InsurTech and also participated as a judge in the outstanding Fintech and Insurtech startup Competition. The competition was attended by some start-ups who have developed technology that will improve and increase insurance coverage and Fintech solutions for residents of the continent
Before and during the conference, I was asked several times how Insurtech Israel could help to increase the Insurtech industry in Africa from my point of view our ability to assist the development of the industry in Africa is based mainly on assisting in building infrastructures to development a strong ecosystem that produces entrepreneurs and technological ideas, investments, and especially mentoring. In the continent there are entrepreneurs and there are capabilities but no experience and knowledge, here Insurtech world can help to develop this industry in Africa. The development of Insurtech in Africa will lead to the growth of the industry worldwide because Africa has enormous potential for growth and technology can greatly help to bridge the gaps and lead to a huge growth in insurance coverage on the continent and the world.
The conference itself was organized very professionally even on a European scale and included panels and lecturers from all over the continent and from all over the world. Many representatives of insurance companies, entrepreneurs, communications companies and government officials attended the conference, which is a very important factor in the progress and development of these countries
From the lectures and the meetings I had with the key people and entrepreneurs at the conference, I see a number of areas in the world of the Internet that have a potential for growth and influence:
Micro-insurance – economic protection in the event of insurance damage in the scope of a simple and accessible small coverage can provide a response to economic development
Community insurance – The Insurtech enables this on the basis of the use of technology that will enable it to maintain and manage the raising of money and the management of coverage and claims
E-wallet – a technology that is actively used in the field of Fintech and will enable the insurance companies to better know the customers offer them and appropriate insurance coverage at a low price
Agricultural Insurance – the technology will enable farmers to ensure against damage and will allow greater risks to be taken, resulting in increased productivity and income
The development of Insurtech world will lead to economic development on the continent. Insurance is a significant tool in economic and social development and enables the public to take risks in raising money and developing the industry. Countries in the continent must act with government support for entrepreneurs and technology, the promulgation of supportive regulations and the building of infrastructures will have an amazing opportunity for developing countries to grow and increase their economies.