Jubilee Life Insurance Sets the Pace at Africa Insurtech Forum 2024
Nairobi, Kenya, Friday, 15th August 2024
Jubilee Life Insurance made a strong presence at the Africa Insurtech Forum 2024 in Nairobi, where industry leaders gathered to discuss the future of insurance under the theme “Insurtech Reformation: Reimagining Insurance for a Secure Tomorrow.”
Here are the key insights from the event
Building Resilience in the African Insurance Ecosystem
Julius Orayo, Group CIO, Jubilee Insurance, emphasized the importance of resilience in the African insurance ecosystem, highlighting the need for strategic adaptability in areas such as cybersecurity, mobile payments, cloud services, big data, and AI. These technologies are pivotal in creating innovative products like microinsurance, which can extend risk mitigation to millions.
Cybersecurity: An Essential Strategy
With the rise of mobile apps and data analytics, a robust cybersecurity strategy is no longer optional. Charles Chirchir stressed that cybersecurity is crucial not only for data protection but also for building customer trust and safeguarding the insurance ecosystem.
Big Data: Proactive Risk Management
Big data is transforming insurance by enabling proactive risk management. Panelists discussed how analyzing vast amounts of data can help insurers predict and prevent risks, tailor products to specific needs, and enhance overall efficiency.
The Future with AI and Robotics
Lydia Gathoni highlighted the transformative potential of AI and robotics in insurance, particularly in streamlining operations, improving customer service, and automating claims processing through Robotic Process Automation (RPA).
The forum called for regulatory frameworks that can keep pace with insurtech innovations. Collaboration among regulators, insurers, and technology companies is essential to ensure both growth and consumer protection. They further emphasized the need for affordable, tailored insurance products to bridge the protection gap for low-income earners in Africa. By designing accessible options, insurers can offer financial security to millions who are currently uninsured.
In summary, the Africa InsureTech Forum 2024 highlighted the necessity of regulatory adaptation, customer-centric strategies, and innovative solutions to address the evolving challenges facing the insurance industry. By focusing on client-tailored insurance products, data-driven solutions, and promoting consumer rights, the industry is poised for significant growth and impact.
At Jubilee Life Insurance, we are committed to leading this transformation. Our Fanaka Investment Plan is designed to help you achieve your financial goals while navigating the complexities of the modern world. Learn more about how Fanaka can help you secure your future here: https://jubileeinsurance.com/ke/product/fanaka-investment-plan/
