By Jean-Pierre Afadhali
Nairobi-Kenya, Kenya is set to host the London based InsurTech conference in July that is coming to Africa for the first time to provide platform for tech start-ups in the East African region to tackle challenges insurance sector faces.
The conference dubbed Africa 3.O is the first conference outside of London organized by MarketMinds (a membership based InsurTech community). The event is in partnership with the UK government and will be held on 15th and 16th July, 2019.
The two-day event will provide the first platform for tech start-ups in the East African region specifically in health, agriculture and frontier InsurTech to collaborate with incumbents to seek solutions for challenges facing the insurance sector.
The event themed ‘Sealing the Insurance Gap’ will also look at ways governments and regulators will enable insurance innovation in the region.
The move comes at a time when the insurance penetration in Africa continues to lag behind globally. The current insurance penetration on the continent stands at 3.5 percent with South Africa leading the continent with a penetration of 17 percent against a global average of 6.28 percent.
Kenya’s penetration is currently at a staggering 2.93 percent.
“We are very excited to be launching Africa 3.0 – a new insurance ecosystem – on July 15th and 16th in Nairobi with the UK Government.” Sebastian De Zulueta Founder, Market Minds said.
According to De Zuleta, the start-ups targeted are in AgTech, HealthTech or InsurTech sector.
According to Insurance Outlook report 2018 by Delloite, the East African insurance market offers vast growth potential, although there are inefficiencies in the value chain that significantly affect shareholder returns. The report adds that insurers should consider financing and buying InsurTech start-ups for services that include mobile technology to reduce claim adjudication time, drones to improve claim and risk evaluation; interactive websites, making real-time digital sales, IoT technology (wearables; home, car, and commercial sensors) to improve pricing, underwriting, and claims management, among others.
The event is targeting over 200 tech start-ups and investors.
“East Africa Tech start-ups will have an opportunity to pitch for funding and partnership opportunities for their businesses during the conference. An ecosystem of new partnerships between the tech sector, insurance and broader financial services is critical to deliver the enormous growth opportunities that serve the needs of the consumer and engage tech entrepreneurs, incumbents and investors alike,” de Zulueta added.
Key Speakers at the conference include: Efosa Ojomo, Global Prosperity Lead at The Clayton Christensen Institute & co-author of The Prosperity Paradox, Rehan Butt, Group Business Director MicroEnsure, Dr. Tom Herbstein Insurance Prosperity Specialist Department for International Trade, Zach Oloo Founder and CEO Changamka MicroInsurance, Fanie Hattingh Founder and CEO Health Solutions Africa, Michael Macharg Special Advisor, International Mobilization, Babylon Health & Adelaide Odhiambo Founder and CEO Blue Wave Insurance.