Insurers should look to the African market when trying to digitise, Allianz CEO Oliver Bäte recently said at the 44th annual Insurance Conference in South Africa. Opening the conference, Bäte told the gathered insurers that the African market is digital by nature, and that ‘by leveraging the internet and mobile penetration, African countries can leapfrog innovation’.
Bäte spoke about the ‘profound transformation’ that technology provides, and the move towards customers choosing products ‘primarily because it’s easy to use, transparent in terms of price and quality, and personalised – and because it’s available to them via the digital channels they want it from’.
The African market’s digital sector is one of the fastest growing, asserted Bäte: “African customers will rightfully demand and drive insurance innovation in Africa as they expect offerings and channels to be fully digitalised. This, and the fact that rules and regulations are favourable for innovation in financial services, puts Africa in a great position to become the digital insurance leader of the future.”
Allianz says it will use its digital reach to access areas of Africa where insurance penetration is still low.