Adama Ndiay: "Digital is a significant asset for the development of the insurance sector in Africa" - Digital Business Africa
(Digital Business Africa) - At a time when the world is more and more turned towards the digital, insurance companies in French-speaking Africa are slow to tie up. However, "Digital is a significant asset for the development of the insurance sector in sub-Saharan Africa", says Adama Ndiay, President of the Federation of Insurance Companies under African National Law (FANAF).
During the Markets Forum, organized by FANAF in collaboration with the Association of Insurance Companies of Cameroon (ASAC) in Douala on November 7 2019, Adama Ndiay said that new technologies are tools capable of boosting the insurance rate of FANAF member countries. "They can help speed up the processing of information, increase the chain of scanning process that accompanies the occurrence of the disaster, insurers can make electronic findings through a downloadable application on Smartphone that allows you to contact the insurer and trigger the process through an integrated system. And why not use drones to geotag, materialize and send information on the platform of the insurer "He says.
In the same vein, Mandaw Kandji, President and CEO of the Interafrican Institute for Insurance Education and Business Management (IFAGE) also believes that digitalization is one of the challenges of the insurance industry. In particular, in adapting the regulatory framework. "It is urgent that the CIMA transition from the study and reflection phase to the effective definition of a regulatory framework for the development of these new offers by ensuring the protection of policyholders and beneficiaries of contracts through adequate supervision and control of underwriting and a good performance of electronic contractual commitments ", suggests Mandaw Kandji.
The 5e edition of the Forum des marchés which opened in Douala on November 7 2019, has allowed insurers to also focus on new tools that can help them develop their sector. Gathered around the theme: "proofreading of the CIMA treaty, what orientations for our markets after 25 years of implementation", insurers are convinced that this treaty knows today insufficiencies related to the heaviness of some of its provisions but also to profound changes in the environment. Therefore, it should be improved, as recommended by the International Association of Insurance Controls (IAIS or IAIS): "The insurance industry, like other parts of the financial system, is evolving in response to a wide range of global forces in the social, technological and economic spheres. Insurance control systems and practices need to be constantly improved to cope with these developments ».
aware of the issues and the urgency of updating the
CIMA treaty that, FANAF organizes the 5th edition of the forum of the markets, the 07
and 08 November 2019 in Douala. Main objective of this meeting: to debouch
concrete proposals for revision and improvement of the Treaty in order to
better articulate it to current and future development challenges of the sector
Digital Business Africa