BY NKECHI NAECHE-ESEZOBOR--The African Reinsurance Corporation (Africa Re) has announced winners of the 8h African Insurance Awards 2023.
The award which took place on the sideline of just concluded 49th Africa Insurance Organization Conference, held in Algiers, Algeria, had about 1,200 professionals of the insurance industry who took part in the event.
The winners of the four categories of the awards are:
Maksure Risk Solutions clinched ‘the Innovation of the Year’ award.
The Company won the award following it’s unique diaspora funeral cash plan.This product, which speaks to current trends, is an extraordinary innovative solution to the problem of premium flight.
With this innovative product, premium is flowing in the opposite direction to Africa and
benefitting local reinsurers while integrating international and local ecosystems.
While Misr Life emerged winner of the ‘Insurance Company of the Year’ award.
The 122 year-old company, which has remained a top market player in life business, demonstrated extraordinary financial and professional strength in the last 12 months. Misr Life experienced 84% increase in premium, 112 % growth in solvency ratio, an exceptional rise in new issued policies which stood at 295%, significant progress in automation and improvements in customer service.
The ‘Insurance CEO of the Year’ award went to Omar Gouda.
With over 40 years’ experience in the industry, Gouda has brought innovation through Mob App for Motor to the satisfaction of the clients.
This innovation has significantly increased the market share of Misr Life.
With his leadership skills he was able to position Misr Life as an undisputable major player in the Egyptian insurance market.
Gouda has implemented digital transformation projects and initiated partnership with the Ministry of Education to create a new school.
He has also been actively involved in ESG initiatives and community development programs, solidifying Misr Insurance’s reputation as a socially responsible company.
The ‘InsurTech of the Year’ award went home to BeNew insurance.The company designed a unique payment solution for premium and claims via an electronic wallet.
The innovation consists in recycling recovered products in exchange for insurance premiums and involved the use of new technologies.
This is a welcome solution and a tool for financial inclusion for the less privileged population living on less than $5 a day.
Africa Re noted that each winner has a cash prize of US$25,000.
This year, the awards ceremony also featured the ten best trainees of each of the 4th cohorts (2022) of the Young Insurance Professionals (YIPP) initiated by Africa Re in 2018.
The trainees are from different African countries namely Kenya, Eritrea, Tanzania, Egypt, Cameroon, Madagascar and Rwanda.
