BY NKECHI NAECHE-ESEZOBOR–Alpha Direct Insurance Company of Botswana has been named the best innovative insurance company in Africa.
The company emerged the winner at the just concluded 6th African Insurance Awards with over 1,250 professionals.
The company emerged winner because it was able developed an easy-to-understand ‘Insurance-in-a-box” product that makes it accessible to low -income groups to access vital insurance products and services.
This BOX IDEA according to the organizers is unique and original with free scratch card and 60 second sign up. It is accessible to all mobile users, even with very basic mobile phones.
The 2020 edition which was held virtually on Friday, 18 December 2020, also saw Mauritius Union Assurance (MUA Ltd) from Mauritius clinching “The Insurance Company of the Year award” for its strong and steady growth in the last three years, successful digitisation of its services and client centric strategies have earned it the consensus ranking from the judges to be the winner .
While PULA from Kenya won the InsurTech of the Year award for being able to find solution for smallholder farmers to easily access insurance.
PULA has also partnered with the World Food Programme to insure 3.5 millions of farmers in 10 African countries.
Mr. Valentine Ojumah, MD/CEO of FBN Insurance, Nigeria, won the CEO of the Year award. This former broker has turned around FBN Insurance to be a top performer in terms of premium growth (3rd position in Life Insurance), profitability, shareholders’ funds and Return on Equity. Under his leadership FBN insurance oversaw a strategic acquisition.
This year, the Awards featured two panel discussions with industry leaders like Richard Lowe, Hammam Badr, Patrick Tumbo , Dominic Christian and prominent economists like Ludovic Subran and Carlos Lopez who reflected on the impact of Covid-19 in the African economy, especially the insurance industry , and how it can be rebuilt after the pandemic.
The event also witnessed the performance of some African artists like Betty G. from Ethiopia, Femi Kuti from Nigeria and Magic System from Côte d’Ivoire.
In his congratulatory message, Dr. Corneille Karekezi, Group MD and CEO of Africa Re congratulated all the nominees and disclosed that each winner will get a sum of $ 25,000.
He said “ You have made all of us, in the insurance industry, proud and even more determined, to achieve greater success, and to serve our customers and communities to manage better the risks they face”
