Why Innovation Is Key to Growth of Insur...

Innovation is a powerful tool of staying relevant and moving ahead of the rest in the ever evolving consumer market. It can do the same for the insurance industry, particularly as technology-driven startups challenge established players.

While innovation alone cannot guarantee an insurer's sustainability, it bears the largest responsibility for long-term viability. Insurance companies in Kenya and South Africa have already embraced digital transformation, and the proliferation of smartphones and development tools across Africa has enabled innovative digital platforms offering improved transparency and information access. Firms that leverage these technological advances will continue thriving while competitors catch up.

Data plays a central decision-making role across every industry, and technology has fundamentally transformed how risk - the core element of the insurance business - is understood and managed, through improved data creation, capture, analysis and storage. Insurance companies that strategically position themselves for this growth in connected devices and data will see significant opportunity across home, health and car insurance.