“Insurance, Banking and Telecoms Unite in Lusaka to Drive Africa’s Economic Transformation”

By Daily News Reporter

Over 200 CEOs and leaders in the insurance industry in Zambia, Kenya, Africa, the Middle East and Asia  convened in Lusaka, to identify solutions to challenges affecting the industry. The global conference was convened by the Kenya Reinsurance Corporation (Kenya Re) under the theme "The Nexus of Insurance, Banking & Telecommunications for Economic Transformation."

The insurance sector provides the necessary risk mitigation and long-term capital for major infrastructure and developmental projects. The banking sector provides the essential liquidity, credit and payments infrastructure.

The telecommunications sector, increasingly, is the digital engine that facilitates access, reduces transaction costs and allows for product innovation for the previously unbanked and uninsured. It is this symbiotic relationship -insurance providing security, banking providing capital and telecoms providing reach that will redefine financial inclusion and stability in Africa.

 Dr Hillary Wachinga, Managing Director of Kenya Re commented on the summit saying: “For us, the nexus is where we find new avenues for risk transfer. The telecommunication platforms are providing data and distribution channels that enable banks to offer bespoke credit products, and in turn, enable insurers to wrap those products with affordable protection. This translates to stronger balance sheets for banks, reduced vulnerability for consumers and expanded premium growth for the insurance and reinsurance sectors.”

 The leaders discussed current issues affecting their industry including financial inclusion and economic advancement, strategic collaboration and convergence, regulatory frameworks and policy synergies, digital transformation and innovation, and climate resilience & sustainable finance.

 “This summit is vital in building resilience for the industry as it provides a platform for them to address these challenges collectively,” added Dr. Wachinga. The national reinsurer with a footprint in Africa, the Middle East and Asia also urged the sector to embrace technological innovation to help drive access to products and provide convenient services.