Africa poised to become digital insurance leader, says Allianz CEO Oliver Bäte

Posted by News Express | 26 July 2017 | 1,151 times

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Oliver Bäte, CEO of Allianz SE, on Monday opened the 44th annual Insurance Conference in Sun City, South Africa, with a keynote address on the conference theme “Disrupt, Debate, Deliver”. In his speech, Bäte addressed the profound transformation of the insurance industry wrought by digitalisation.

He said: “In today’s fast changing world, it’s critical to innovate quickly and to change course rapidly if necessary. The insurance industry, like other customer service industries, is transforming because of the all-encompassing impact of digitalisation on our lives. Customers have new expectations, a growing number of disruptors are taking the stage and new megatrends, such as artificial intelligence (AI), voice-based smart assistants (i.e. ‘Alexa’), telematics, wearables and drones are fundamentally changing the traditional insurance model.

“We are completely rethinking the way we serve our customers, not least because of the competition posed by disruptors from the fin-/insuretech space, who have an impressive facility with mobile technology and analytics. Today’s customers will choose a product primarily because it’s easy to use, transparent in terms of price and quality, and personalised – and because it’s available to them via the digital channels they want it from.”

“Digital comes naturally to African customers

“While traditional markets, such as Europe, are struggling with their digital transformation process, Africa is digital by nature. Mobile is the fastest growing sector and innovation enabler on the continent with an expected 1.2 billion African subscribers by 2018.

“By leveraging the internet and mobile penetration, African countries can leapfrog innovation. African customers will rightfully demand and drive insurance innovation in Africa as they expect offerings and channels to be fully digitalised. This, and the fact that rules and regulations are favorable for innovation in financial services, puts Africa in a great position to become the digital insurance leader of the future.”

“Insurance companies have much to offer to the African economy. Digitalisation allows us to gain considerably better insights into our individual and institutional customers and thereby to better serve their needs. We believe deeply in Africa’s huge long-term growth potential and we will leverage our global footprint and extensive expertise to strengthen our market position and to attract African talent,” Bäte said in closing.

•Photo shows Andreas Berger, Allianz Global Corporate & Specialty (AGCS) Chief Regions & Markets Officer; Delphine Traoré Maïdou, Allianz Africa COO;  Oliver Bäte and Coenraad Vrolijk Allianz Africa CEO.


Source: News Express

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