Sub-Saharan Africa Public Dialogue on InsurTech: Catalysing Access to Financial Services following Covid-19

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Sub-Saharan Africa Public Dialogue on InsurTech: Catalysing Access to Financial Services following Covid-19

Read the joint blog between the A2ii and the UK Department for International Trade - 'InsurTech – shaping financial services in Sub-Saharan Africa'.

Technology is transforming global financial services. Across Africa, it has tremendous potential to address market challenges such as scale and customer experience. This offers opportunities for everyone, not least the consumer, as technology can help deepen access to financial services especially in light of the Covid-19 crisis. The global pandemic has far-reaching consequences for the financial sector in general including the insurance sector.

In times of crisis, supervisors and regulators recognise the opportunity that innovation offers and are taking proactive steps to catalyse the role of technology across financial services. The insurance sector is no exception. However, from both an industry and regulatory perspective, many challenges that currently limit innovation and scale remain. What are some of these challenges from the consumer perspective? e.g. how are claims payments and remote customer onboarding being dealt with? How can (Fin)Tech companies, insurers and regulators collaborate to promote access to insurance and deepen financial services across Africa?

This event took place on 15 October from 13.00-16.00 CEST. It was hosted by the Access to Insurance Initiative (A2ii), the United Kingdom’s Department for International Trade (DIT), FSD Africa, the International Association of Insurance Supervisors (IAIS) and the UK-Nigeria Tech Hub.

The public dialogue consisted of a range of speakers including innovators and insurance supervisors. The opening session covered early extracts from the Global Covid-19 Fintech Market Rapid Assessment Survey, carried out by the Cambridge Centre for Alternative Finance (CCAF) and the World Bank. The data shared by CCAF indicated the resilience of InsurTechs during the pandemic, but that challenges still lie ahead.

This was followed up with a fireside chat with innovators in the region that highlighted that established incumbents are also embracing innovation as well as start-ups. Both Pula and Prudential Africa participated and reiterated the need for regulators to be flexible in their approach and customise their regulatory environment to the local context.

The final panel session on regulating for innovation highlighted the challenging balance for supervisors who need to embrace innovation whilst not ignoring the risks. As perfectly summarized by Kofi Andoh, Deputy Commissioner for Insurance at the National Insurance Commission in Ghana, “we shouldn’t build walls, but walk side by side with innovators”.