Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited, Dr. Awele Elumelu.
BY NKECHI NAECHE- ESEZOBOR— Lack of reliable and comprehensive data remains a major challenge for Africa insurance industry.
Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited, Dr. Awele Elumelu, disclosed this while presenting her Keynote Paper titled: ‘The Future of Insurance: Trends, Challenges and Opportunities’, at the Inaugural Conference of Africa Insurance Women Association(AIWA), hosted by Nigeria.
According to her lack of reliable data hampers operators abilities to accurately assess risks, set fair premiums, and streamline claims processing.
She noted that lack of data creates added complexity and higher costs in risk management. Whereas predictive analytics and artificial intelligence will allow us to assess risk more accurately.
“At Avon HMO, we have been at the forefront of utilising advanced data analytics and digital solutions to transform healthcare insurance delivery.
“By harnessing the power of big data and machine learning, we can gain deeper insights into our clients’ needs, predict trends more accurately, and personalise plans more efficiently and effectively.
“By monitoring these metrics, we can pinpoint areas for improvement, implement best practices, and ultimately improve service quality.”
She submitted that while some nations across the world are advancing in digital adoption, insurers in Africa still face challenges in implementing effective digital transformation.
“As digitalisation transforms the insurance sector, Africa must begin to leverage the new trends and opportunities available to bring insurance to millions, making our industry more inclusive and accessible.
“From automating claims processing to deploying mobile app for customer service, there are opportunities to modernise and improve client interactions across our continent.
