Daily Fintech

The insurance earth is flat. Digital conferences have helped prove that theory.

Being a last minute addition to two Digital Insurance Innovation Conference Africa 2020 panels has proven the Flat Earthers’ hypothesis- the earth is not a spherical barrier to virtual navigation, and taking the concept one step further, insurance innovation has loosed its bindings from its earthly coil and barriers raised by regulatory frontiers.

 

Patrick Kelahan is a CX, engineering & insurance consultant, working with Insurers, Attorneys & Owners in his day job. He also serves the insurance and Fintech world as the ‘Insurance Elephant’.  image source

As a last-minute addition to panels in the Digital Insurance Innovation Conference Africa 2020 proved to me several things:

  1. Zoom doesn’t care where you are- it will place you in a participation matrix, equal among equals, whether in the UK, Amsterdam, India, Namibia, US or Nigeria.
  2. Insurance innovation knows few bounds.
  3. A pitch deck is a pitch deck is a pitch deck.
  4. You no longer need worry if you are the smartest person in the room- there are smart people everywhere. Some wear kufi hats rather than ball caps.
  5. Jean-Stéphane Gourévitch , CEO, Mobile Convergence Ecosystems Limited  is a master facilitator. Obasi Ngwuta , CEO West Africa Business School, is a passionate educator/advocate/consultant.

 

The African insurance market is fractured but growing, penetration of products is low and insurance as an average % of GDP on the continent is approximately 1%, far below global averages of 9%.  Yes, there are exceptions such as South Africa and Namibia among others, but overall acceptance of insurance as a concept by the more than 1.3 billion who inhabit the continent is low.  Which makes the following statement encouraging:

 

There are many in the industry who are home grown talent and are motivated to make insurance a more regular part of African life, and digitization is a key pathway the continent can take to bringing that concept to fruition.

 

Consider:

 

Sounds familiar, every point.  Insurance and innovation know no bounds on a ‘flat’ insurance earth.  And it’s easier to fill in on a conference if the task can be accomplished from one’s home office.

Thank you, panelists and attendees of the Digital Insurance Innovation Conference Africa 2020.  Africa, your insurance time is nigh.

 

You get three free articles on Daily Fintech; after that you will need to become a member for just US $143 per year ($0.39 per day) and get all our fresh content and archives and participate in our forum.

Skip to toolbar