This association brings together insurance professionals in the region to assess challenges in the insurance sector, explore solutions, identify opportunities, and discuss how to contribute to the industry's growth in various ways.
Mhiribidi said, "We also discussed artificial intelligence (AI), considering how we can collaborate with tech-savvy youth to create advanced solutions that will improve service delivery."
"We urged companies to invest in technology, better understand their customers, and enhance their services to meet clients' needs," she added.
The Director of Policy and Legal Affairs in the Financial Sector Department at the National Bank of Rwanda, Bernard Nsengiyumva, pointed out the need for technology that connects insurance brokers, insurance companies, and service users to improve the efficiency of the sector and expand its reach.
He also noted that for the insurance sector to grow, efforts must be made to raise public awareness about the benefits of insurance, as many people are still hesitant to adopt it.
'How can today's technological tools like phones help us? What is needed is for insurance brokers and companies to partner with young tech experts to develop technology tailored to their operations. We haven't yet seen a strong connection between the tech industry and the insurance sector,' said Nsengiyumva
He urged insurance brokers to play a significant role in educating the public on the importance of insurance to ensure the sector continues to grow.
Data from the National Bank of Rwanda (BNR) shows that the percentage of the population in Rwanda with insurance cover is 1.6%. Across Africa, less than 1% of people have various types of insurance.
During the assembly, it was also discussed that for the insurance sector to grow, companies offering these services must adapt their operations to current trends, especially in a world facing climate change challenges and sectors such as agriculture, which is vital to Africa's economy.
Ngoga Alain, Head of Sales at SanlamAllianz General Insurance, highlighted that insurance brokers are essential as they help extend services and impact company profits.
'The key is to strengthen technology because most operations are now done through it. We are planning to boost efforts to enhance more positive results,' he said.
Currently, SanlamAllianz General Insurance works with over 14 brokers and more than 345 agents in their market, contributing to 60% of the company's revenue.
One of the initiatives encouraged by the National Bank of Rwanda for the insurance sector is innovating with technology (insurtech).
This requires using technology and innovations to drive the growth of the insurance sector and keep pace with current times, including modernizing different insurance practices such as selling insurance, resolving insurance-related issues, managing insurance companies, delivering quality customer service, and assessing potential risks.
They are also encouraged to establish programs that support the national fintech policy and foster collaboration between public and private sectors.
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