FINANCE Minister Situmbeko Musokotwane has called for the widespread adoption of digital technology to increase insurance coverage in Zambia.
Speaking at the inaugural Insurtech Conference in Lusaka on Wednesday, the minister emphasised the potential of digital tools to reach underserved populations, particularly in remote areas.
The Insurtech Conference, which attracted participants from across the region, showcased a range of technological advancements aimed at improving efficiency, accessibility, and security in the insurance industry.
Dr Musokotwane shared how in the past it was difficult to make transaction after banks had closed but with time, innovation and deployment of technology things have changed
The minister highlighted the need for innovative solutions to streamline insurance processes and expedite claim payments.
He noted that mobile phones, which have become ubiquitous in the country, offer a viable channel for delivering insurance services to rural communities.
“Move forward and break into this space which is emerging,” Dr Musokotwane urged.
“We have seen all this explosion riding on technology to the point where… I hardly go to the bank , everything I need to do at the bank I do on the phone.”
He stated that farmers affected by the drought, for example, can benefit significantly from insurance coverage, and digital tools once they are provided with efficient means of reaching them.
“Through deployment of technology we we
I’ll be able to expand the insurance service to many of our citizens in the country… The whole society is hoping that many of our citizens are not left behind,” added Dr Musokotwane.
Gralix CEO Mulenga Mutati echoed the minister’s sentiments, highlighting the role of technology in driving innovation and growth within the insurance sector.
He pointed at the regulatory reforms and industry expansion that have paved the way for increased adoption of digital solutions.
Pensions and Insurance Authority President Namakau Ntini stressed the importance of responsible digital innovation in combating fraud and ensuring that clients receive quality service.
She called for increased investment in cybersecurity and data protection measures to safeguard sensitive information.
By Moses Makwaya
Kalemba September 27, 2024
