16 May 2018

Cameroon: Insurance Companies Go Digital

The second edition of Assurtech yesterday was based on three major technological innovations that enable the insurers to expand their market.

The second edition of the meeting between insurers and IT program developers christened ASSURTECH took place on May 9 at the GICAM conference hall with special focus on three major technological innovations that would help the insurance company improve on their penetration rate in Cameroon.

According to the president of ASSURTERCH, Protais Ayangma Amang, the innovations have to do with the launching of an insurance portal or website, the introduction of the traveller's application that enable the tracking of driver and a third that enables the tracking of vehicles.

He said the insurance sector is at crossroads and has either to adapt to new technologies or disappear. He disclosed that the insurance penetrating rate in Cameroon is just two per cent.

"Insurance cover is below 2 per cent, internet cover is 28 per cent and mobile phone cover is 80 per cent, so we want to make use of this opportunity to reach the maximum number of people," he said.

Speaking during the opening ceremony of the meeting, the representative of the minister of Finance and the governor of the Littoral, Tchacketong Adjota Herman, said Cameroon is a pioneer in the digitalisation of insurance companies in Africa adding that digitalisation improves the performance of companies, promotes transparency and enhances speedy treatment of documents.

He expressed the wish that digitalisation will enable insurance companies improve the insurance cover in the country which now stands at two per cent.

Discussion during the meeting also focused on issues such as the latest technological innovations in insurance such as 'Autolife' that enables the tracking of a vehicle from the moment it is put into circulation to the moment it leaves, to avoid double insurance cover, cyber security and how to prevent or reduce road accidents and their impacts through the use of an application that enables tracking the behaviour of the driver from take-off to arrival.

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