The UK’s Department for International Trade (DIT) recently hosted Africa’s first ever InsurTech for Development Conference in Nairobi, as part of an ongoing partnership with UK insurtech business MarketMinds and Kenyan tech accelerator The Baobab Network. The theme of the conference was ‘Sealing the insurance gap – Africa 3.0’, and participants discussed the ways that regulators, governments and other stakeholders can work together to support insurance innovation throughout the continent, increasing awareness, use and application of insurance-related products and services, and drive development.
Health, agriculture and insurtech were the main foci of the event, which explored how tech companies and insurers can pool their resources in order to overcome the development barriers that still exist throughout Africa. Over 250 delegates attended.
“I am delighted that DIT, in collaboration with our strategic partners, has hosted the first ever InsurTech for Development conference and focused on development issues in Africa,” commented Emma Wade-Smith, DIT’s Trade Commissioner for Africa. “This reflects the ambition and commitment of the UK Government to catalyse new partnerships between UK and African tech companies, insurance and the broader financial services sector.”
“Technology and innovation form a key pillar of our prosperity agenda on the African continent, and this conference is an excellent lead up to the UK Government’s Africa Investment Summit on 20 January 2020 in London. This will bring together businesses, governments and international institutions to showcase the breadth and quality of investment opportunities across Africa.”
It is heartening to see insurers and other businesses working together in order to bring the benefits of insurance and innovation to countries that need them; hopefully an ethical and open-minded approach will result in transformative benefits for consumers and business owners throughout the African continent.