ICT Africa Headline News

Insurers Urged to Embrace ICT to Address Poverty in Africa

10 June, 2014

Source: Daily Independent

The African insurance operators have been enjoined to leverage on Information and Communication Technology (ICT) especially telecommunications and the mobile telephony in promoting financial inclusion among rural populace, thereby making its products and services accessible and affordable in order to break the cycle of poverty plaguing the continent.

This formed part of the nine-point communiqué issued at the end of the 41st conference of the African Insurance Organisation (AIO) in Kigali, Rwanda after having considered the four papers presented.

The conference's theme was "Insurance in Africa: The Importance of Technology, Research and Development."

The conference also called for collaborative efforts in addressing Africa's food security challenges, urging insurance industry to partner with agencies such as local banks, microfinance institutions, agricultural processors and buyers, non governmental organisations, government institutions working together and harmonising the efforts with the view to provide the most needed finance to support agricultural development in the continent.

While appreciating the huge potentials of information technology in insurance market, the conference underscores the need for effective regulation coordination between the various stakeholders which include telecommunication, banking and insurance industry regulators.

In realisation of the far reaching implications of the adaption of e-insurance and the need to ensure proper insurance, the conference urges African insurance regulators to formulate and articulate appropriate regulatory framework that will set out modalities and guidelines for the operation of e-insurance by the African market.

The conference equally resolved that the Africa insurance operators should adopt the use of technology in crop insurance by using satellite image with the view to reducing the processes in claims settlement.

The participants further applauded the government of Rwanda for its role in deepening insurance penetration through deliberate inclusive developmental policies especially in its economic development poverty reduction strategy.

The delegates, however, pleaded with the government to further create enabling environment for the insurance sector to thrive and assume its rightful place in the country's economic development.

The conference featured high quality paper presentation in technology, research and micro insurance and quality resources persons.

It also saw a large turnout of 678 delegates from Africa, Asia, United Kingdom and United States of America.

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