Digital innovation and transformation in insurance has been accelerated by the combination of the COVID-19 and climate change crisis. As a fundamental building block for sustainable inclusive economic and social development, insurance is fundamental for individual and collective protection, providing safety nets and resilience against and to risks. It is even more significant for growth in economies like those in Africa where insurance penetration is still very low.

The ‘Digital Innovation in Insurance in Africa’ conference took place on Tuesday 21 and Wednesday 22 of September, and it was organized by ‘West Africa Business School’ based in Lagos, Nigeria and ‘Mobile Convergence Ecosystems Ltd.’ based in London, UK. The online event provided attendees with a fascinating journey into digital innovation and transformation, insurtech, and entrepreneurship in the insurance industry across Africa.

We discussed how digital innovation allows and sustains the development of new business models and products that contribute to the coverage of major risks, including new systemic risks such as pandemics and climate change; how incumbent insurers and insurtech startups can collaborate to the benefits of financial inclusion and expand the access to insurance. In this dialogue we debated about how technologies such as Blockchain and Artificial Intelligence can help insurance firms to increase their efficiency, reduce costs, and communicate better with their clients. How mobile money and insurance are converging to the benefits of users; and how the regulatory and legal frameworks can support innovation without destabilizing markets or harming consumers and data protection.

This virtual conference was supported by: The Global Index Insurance Facility and the International Finance Corporation (IFC), Munich Re Africa, DWF Law Firm, and Deloitte Africa.