East Africa: The New Insurance World

24 September 2020

Insurance is fast undergoing transformation globally, a shift that has all stakeholders adjusting to a new world.

Dubbed 'The Demanding Future' by a Deloitte study, the report documents that while technology is transforming the insurance industry, customers are becoming just as

disruptive. It further explores how customer needs and expectations are changing

drastically and why the industry has to extend beyond its core products and services if it is to retain consumer loyalty and live up to the 'new world of insurance'.

During the #CIOInstechEA, a virtually held regional insurance industry forum hosted by East Africa, it emerged that when it is tasking to move to the modern world of insurance it is an equal task to keep up with the demands of this modern insurance customer.

During her keynote adress, Laura Chite, CEO CIO East Africa noted that the new insurance ecosystem demands that insurers understand their customer demands leveraging the data collected.

"Accelerating digital insurance with AI is the future of insurance," she said, adding, "Disrupting the industry by leveraging Big Data is the new shift. Technology will help insurers keep up with the demands of the modern customer."

The #CIOInsTech forum is an annual forum in its second year running that is aimed to disrupt the East African Insurance Industry, a space that is considered to have a lag in the adoption of technology.

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