Navigating Transformation: Insurance Industry Insights

Kenyan Wallstreet

In this episode, Reena Moonoosamy, Group Chief Services Officer at National Insurance Co., Ltd. in Mauritius, speaks to Ally Mwakaneno on the evolving landscape of the insurance sector and the trends shaping the industry. She highlights the impact of emerging hazards, such as the pandemic and climate change, on the insurance sector. Reena also explores the role of InsurTech in Mauritius and the challenges and opportunities it presents. She emphasizes the importance of balancing risk management with innovation and ethical business practices. Additionally, Reena discusses the challenges of insurance penetration, the adoption of new technology, and addressing climate risks. The conversation explores the impact of innovation, risk management, and the advancement of African women in the financial sector. It discusses the introduction of innovative insurance products like parametric insurance to mitigate climate-related risks. The rise of usage-based insurance and the promotion of catastrophe bonds are also highlighted. The conversation emphasizes the need for relevant skill sets, a high-performing workforce, and partnerships with academic institutions. It addresses the challenges of increased competition, market saturation, and the shift towards purchasing insurance when needed. The importance of balancing risk and innovation is discussed, along with examples of how to achieve this balance. The conversation concludes by highlighting the role of the Angaza Awards in empowering African women in the financial sector and driving policy reforms.

Key Takeaways

• The insurance sector is facing significant changes due to emerging risks like the pandemic and climate change, emphasizing the need to balance risk management with innovation and ethical practices.
• InsurTech is driving rapid digital transformation, with the adoption of cloud-based solutions and AI to improve efficiency, reduce costs, and enhance the customer experience.
• Insurance penetration remains low, requiring efforts to close protection gaps, while partnerships with academic institutions are crucial for developing relevant skill sets.
• Insurers are addressing climate risks by using predictive analytics, introducing parametric insurance, and promoting catastrophe bonds to cover economic losses from natural disasters.
• Demand for usage-based insurance is rising, with accurate monitoring systems and a shift towards purchasing insurance as needed, including embedded insurance and bundled offerings.
• Increased competition and market saturation are creating challenges for insurers, making innovation and testing new technologies in controlled environments essential.
• Empowering African women through initiatives like the Angaza Awards could drive policy reforms and further impact the financial sector.

Following a successful gathering in Kigali last year, the Angaza Forum heads to Nairobi, Kenya, from October 16th to 18th, 2024, bringing together the 2024 Angaza Award winners and women in the financial sector from across the Continent. The Angaza Forum 2024 will feature a lineup of compelling speakers, knowledge presentations, and training sessions, alongside ample networking opportunities.

This episode features:

Reena Moonoosamy - Group Chief Services Officer, National Insurance Co. Limited

Ally Mwakaneno Gakweli - Host and Producer, Angaza Podcasts