Tuesday, February 21, 2017
On the occasion of the Mobile Insurance Conference, which starts this Thursday February 23 in Douala, Cameroon, the Microinsurance Network and Munich Re Foundation are happy to release the French version of “The Landscape of Microinsurance Africa 2015”.
The conference, which is organised by the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and the Inter-African Conference on Insurance Markets (CIMA) will delve into the unique regulatory challenges and opportunities of using mobile insurance to make inclusive insurance at scale a reality.
According to The Landscape of Microinsurance Africa 2015 study, technology is increasingly necessary for cost-effective transactions in microinsurance at both the front end and the back end. The African region continues to increase its use of mobile phones to reduce costs whilst improving customer contact. In 2014, compared to 2011, there were significant increases in the proportion of insurers using mobile phones in all areas surveyed in the study, but the largest increases were in the areas of customer service, as well as marketing and education.
In 2014, more than a third of insurers (38%) were using mobile phones for premium collection (up from 24% in 2011), 18% used POS (Point of Sale) devices, and another 11% used smart cards or magnetic stripe cards. Also in 2014, 30% of insurers were using mobile for claims payments, a significant increase over the 13% doing so in 2011. In 2014, for both premium and claims payments, more than half of insurers were still using paper or manual processes.
As digital technologies, including mobile insurance, have experienced rapid growth in recent years, regulators and supervisors continue to grapple with the ever-changing technological landscape. The Douala Conference this February 23 and 24 is a unique opportunity to delve into the subject matter and better understand how to stay ahead of the game.