Hello! Here's what you need to know for September 9th in less than 2 minutes.
What’s going on. I missed it. For the first time since this Memo started, I missed a timeline yesterday - for a good reason though. I was at the Africa Insurance Organization 2021 conference and got the clarity of how insurance and quality are intertwined.
Zooming out. Managing insurance. You should read this nice insight about insurance and inclusion. In a recent memo, I alluded that as a continent - Africa, we cannot achieve financial inclusion without driving insurance inclusion. And I mentioned Curacel - which is driving insurance inclusion in emerging markets through technology. (Disclaimer - I work here).
Looking ahead. Fraud. If there’s anything impeding the growth in insurance, it is fraudulent claims and time to process claims. The effect of fraud in an insurance company’s bottom line is huge - “Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims”. To fix this, the place of technology as an enabler is welcomed. Recently, we’ve seen the rise of insurtech’s in Africa - Lami, Curcael, Baloon Africa, Naked and many others, are introducing new products either directly to the consumer - helping them with easy access to insurance OR embedded so anyone with a platform can sell insurance OR infrastructure - the cost-effective solution for insurance companies to manage their businesses.
Once again, I apologize for missing yesterday.
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