AXA Mansard Insurance PLC, a member of the AXA Group and global leader in insurance and asset management in collaboration with Africa Fintech Network (AFN) & Africa Insurtech Rising recently partnered with InsureTech Connect (ITC) to reinforce the company’s commitment to insurance innovation and technological advancement through the ITC global event.
This digital journey across the globe is part of ITC’s “September to Remember”, a month-long celebration of insurance innovation featuring two brand new virtual events – ITC + DIA World Tour and ITC Global. The event provides a platform to promote and enable the development of new and emerging technologies within the African region onto the global InsurTech stage.
Speaking at the Panel Session titled “Insurtech in Africa – Leapfrogging Inclusivity via Technology”, Mr. Bayo Adesanya, Chief Digital Officer, AXA Mansard Insurance, stated that “A number of factors have affected the penetration rate of Insurance in Nigeria such as cultural factors, lack of awareness and the lack of trust in Insurance companies. There is a need for insurance products to therefore be- Simple, Understandable, Accessible and Affordable, Valuable and Efficient in order to drive their penetration in Nigeria”.
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Mr Adesanya continued “Insurance must be made accessible to the under-served population. There is a need to actively sensitize and educate the mass market on the benefits and value proposition of insurance. We also need to leverage more partnerships with institutions such as Telcos, Banks and e-commerce sites etc to drive performance and distribution”.
Mr Adesanya also emphasised AXA’s commitment to the customers when he stated “For us at AXA, we have as one of our principles, “Customer First”. We put the customers at the heart of everything we do especially when it comes to delivering customer-friendly solutions while leveraging on technology.”
Commenting on the Panel session the moderator, Andrew de Kock, Board Member of the Africa Fintech Network (AFN) and Head of Africa at The Digital Insurer. said “We had a lively and engaging discussion amongst some experienced industry professionals which demonstrated a diversity of views!” adding “What is clear is that traditional approaches simply don’t work – how else do we explain insurance penetration of less than 2%? To succeed into the future, a significant shift is required towards more inclusive, digitally accessible products and services. The insurance industry has a responsibility to help build resilience amongst the most vulnerable in our society. With leaders like AXA Mansard and others already on that journey, it is now time for insurers to take action.”
If you weren’t able to attend the event live, you can access a recording here: https://jabba.slideslive.com/share.cgi?ssid=0KgDF0f
Africa Fintech Network is extremely pleased to have been able to put this impactful program together in line with one of its key objectives of unifying and channelling Africa fintech/Insurtech initiatives toward creating solutions and partnerships that drive indigenous creativity and innovation to solve Africa’s peculiar real-world challenges. For more information, please visit: https://www.africafintechnetwork.com/
AXA Mansard is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services and health insurance solutions through its two subsidiaries – AXA Mansard Investments Limited and AXA Mansard Health Limited respectively. The parent company was listed on the Nigeria Stock Exchange in November 2009.
