42nd annual general meeting of the Federation des societes d'assurances de droit national africaines - Federation of African national insurance companies (FANAF) -in Kigali - 850 participants discussed on "African insurance disruptions"
15 Feb, 2018
The Rwandan head of state, Paul Kagame, chaired the proceedings of the 42 nd annual meeting of FANAF from 12-15 February, 2018 in Kigali.
The theme of the meeting was :" African insurance disruptions". The meeting took place in the Rwandan capital city and was attended by 850 people, and among them three Congolese executives - Constant Badia, executive director of national financial institutions in the Ministry of Finance and Budget, Alexandre Yoka Galloy, director of insurance and Joseph Mbangoumouna Kimpoua, head of statistics and studies unit .
The main theme on disruptions was chosen because the world is experiencing so many issues such as demographic explosion, economies going digital, emergence of news threats, emergence of middle classes and new actors. This situation is a real change in the insurance industry. The situation is so serious that people refer to it as being a change.
The proceedings were organized as follows : five panels, one round table, a presentation and workshops.
In the panels, the participants followed the following presentations:"management of the modern insurance company : vision, management and operational management"; development of the insurance intermediary job in a 3.0 environment;"identification of a new customer, getting in touch with him and meeting his needs", "new insurance jobs: communication 3.0, finance and investment, compliance, digital officer ...";"optimization of the regulation of modern insurance company in the age of uberization: monitoring, rating, block chain, networking".
The round table brought together the delegates of the CIMA and FANAF on the one hand, and those of FANAF and the Federation interafricaine des assureurs conseils on the other.
The presentation on « the ten trends of insurance in 2018 » was made by the KPMG firm.
Lastly, the participants were divided in two workshops to discuss on sub-themes.
What to keep in mind ?
One should note that the participants laid the stress on the high growth potential of the insurance market on//the African continent. According to them, the assets are : a big population, an emerging middle class and a weak penetration rate of insurance companies.
To better take advantage of these assets, local insurance carriers must design innovative products more suited to the needs of customers. The wide use of new information technologies is the key to the growth of the insurance industry, said Adama Ndiaye, chairman of FANAF.
At the meeting, the drafting of an agreement for the creation of a continental free trade Zone was also mentioned. It took almost forty years to prepare the project. The agreement will be signed in March 2018 in Kigali and provide new opportunities for insurance carriers willing to operate beyond national borders.
The other item reviewed was the digitalization of the insurance sector. In this regard, it had been suggested to insurance carriers to set up online services and to design products which meet customers' needs.
