Firms under the African Insurance Organisation have emphasised the need to drive insurance to the grassroots through technology.

A statement issued by the organisation on Sunday said this was part of a 10-point communique at the end of the recent 47th conference and General Assembly of the Pan-African insurance body.

In the communiqué, the organisation urged operators across the continent to drive insurance growth and deepen penetration through deployment of technology with focus on artificial intelligence and development of insurance products that covered developmental action of government.

The communiqué stated that the operators agreed to design insurance products that effectively cover the developmental actions of government and deepen insurance penetration at all levels.

They also agreed to invest in information technology with focus on artificial intelligence while partnering with FinTech organisations.

It stated that cross-border collaborations would improve insurance penetration and growth while proactively and collectively embracing the African Continental Free Trade Agreement.

The operators also agreed to invest in quality education for both the practitioners and the whole populace especially in financial literacy; and set up of schools and scholarships among others.

The communique called for the encouragement of active participation of all female insurance practitioners to facilitate effective networking and growth of the African insurance industry.

It stated that former president, AIO, Mrs Delphine Traore, said innovation in the insurance sector would help in complementing government efforts in economic growth and development.

The Chairman, Local Organising Committee, Mrs Ebelechukwu Nwachukwu, stated that the theme of the conference was apt, coming at a time when the coronavirus pandemic had severely impacted economic activities all over the globe.

The new President, AIO, Mr Tope Smart, said his administration would be anchored on five key areas which were increased awareness; adoption of digitalisation; collaboration with other markets; collaboration with government and regulators and building customers trust.

He observed that the insurance industry in Africa had underperformed compared to other sectors such as banking and telecommunication.

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