Charis Chrisna
TechInAfrica – In developing countries of Africa where technology development thrives almost every day, most of the citizens (90% of sub-saharan Africans) are uninsured. Even though the means of insuring can be obtained through the nation’s technology, the ecosystem often goes as a hindrance in providing a better insurance scene.
Africa 3.0, an event that will be held in Nairobi, Kenya, will serve its purpose to be an instrument of collaboration between tech startups in the fields of health, agriculture, and frontier InsurTech. Their main goal is to work together with hopes to solve problems facing the insurance sector, as well as creating a newer, fresher insurance ecosystem for citizens in Africa. In addition, the event itself will be held for two days, on 15th and 16th July 2019.
Essentially organized by MarketMinds, this event would be the first conference to be held outside of London and is in partnership with the UK government. This event, themed ‘Sealing the Insurance Gap’, invites collaborators and startups to brainstorm in ways which they can perform insurance innovation that does not contradict the region’s government and regulators.
You can watch the promotional video of Africa 3.0 below:
Key themes of the upcoming event will be as follows:
- Frontier InsurTech
- AgTech + Insurance
- HealthTech + Insurance
- Microinsurance: A Case Study
- CEO + Founder Partnerships
- Helping Government + Regulators Enable Innovation
The idea of this event was born when the insurance penetration (the level of insurance development in a country—measured in premiums to GDP) in the continent kept falling further and further behind other developing and/or developed nations. In average, the insurance penetration rate in Africa is at a worrying 3.5 percent, with South Africa leading the continent by a significant 17 percent. Contrarily, Kenya’s insurance penetration rate is at a poor 2.93 percent. The global average itself is at 6.28 percent.
Sebastian De Zulueta, founder of MarketMinds confessed that he and his team are very excited to be launching Africa 3.0, with a world-class line up of startups and innovators. Despite their differences in culture, their united purpose is to seal the insurance gap. People and companies moving in the fields of AgTech, HealthTech, and InsurTech are encouraged to team and partner up with leading insurance companies in the region.
With the event targeting over 200 tech startups and investors, the insurance market offers ample room for collaborators to flourish and develop themselves with hopes to create a better insurance ecosystem in Africa. Additionally, insurance companies are advised to facilitate InsurTech startups services in giving birth to a novel, innovative insurance system. For example, implementing IoT technology to know the customer’s condition that comes in convenient sensors or wearable accessories. Another example is to design interactive websites for easier claim, and utilizing drones to assess claims and evaluate potential risks.
With Africa 3.0, various tech startups and innovators dream of evolving their respective businesses by working together with each other to achieve triumph, all while also contributing to the African insurance ecosystem. This, in return, would make it more proficient and sustainable for both investors and citizens.
You can find out more about the event and even buy tickets by clicking here.
Source: capitalfm.co.ke
