Africa’s Insurance Industry: Embracing Technology While Building Trust
A New Era for Insurance in Africa
Olamide Olajolo, CEO of Coronation Insurance, recently emphasized the pivotal moment facing Africa’s insurance sector, advocating for the use of technology as a means to serve humanity rather than replace it. “As leaders, we have a collective duty to build trust, embrace technology, and deepen access to protection for individuals and enterprises alike,” Olajolo remarked. This call to action highlights the urgent need for the industry to adapt while maintaining a human-centric approach.
The Promise of Smart Insurance
At Coronation Insurance, the concept of “smart insurance” transcends mere digitalization. It embodies dependability through the utilization of artificial intelligence (AI) and data analytics. Olajolo stated, “By leveraging AI and data, we are building systems that predict risk more accurately, resolve claims faster, and empower customers with confidence.” This innovative approach seeks not only to enhance operational efficiency but also to foster a stronger relationship between insurers and their clients.
Nurturing Future Talent
During the upcoming 2025 Africa Financial Summit (AFIS) scheduled for November 3-4 in Casablanca, Morocco, Olajolo will join a high-level roundtable discussion on “Smart Insurance: Sharpening up Claims, Risk Modelling and Operations with AI and Insurtech.” The session aims to explore the transformative impact of technology on insurance operations, from improving claims accuracy to enhancing financial inclusion across African markets. Furthermore, Olajolo stressed the importance of cultivating talent as the cornerstone of future industry leaders.
AFIS 2025: Unlocking Financial Potential
The AFIS 2025 summit, themed “Unlocking Africa’s Financial Sovereignty: From Savings to Strategic Power,” will convene over 1,000 industry stakeholders, including bankers, insurers, asset managers, fintech innovators, and regulators. Discussions will focus on harnessing domestic and institutional capital to elevate private sector growth across the continent. Coronation Group’s presence at the summit underscores its commitment to fostering innovation, trust, and long-term strategic growth in Africa’s financial framework.
Celebrating Excellence: AFIS Awards 2025
In addition to his participation in the summit, Olajolo has been appointed to the jury for the prestigious AFIS Awards 2025, which celebrates the “African Insurer of the Year.” This accolade aims to recognize exceptional executives and institutions driving sustainable growth, innovation, and resilience in the African insurance sector. Olajolo’s role as a juror underscores Coronation’s influence as a leading financial services provider dedicated to tackling Africa’s challenges.
Distinguished Jury Members
Olajolo joins an esteemed panel of industry leaders in the jury for the AFIS Awards, including notable figures such as Barbara Chesire from Kenya, Yared Mola from Ethiopia, Namakau Ntini from Zambia, and Mehdi Tazi from Morocco. Together, they will celebrate the visionary insurers reshaping risk management and financial inclusion across the continent.
Conclusion: A Unified Vision for a Prosperous Future
With the leadership of organizations like Coronation Insurance, the African insurance industry stands poised for transformation. By integrating advanced technology, nurturing talent, and fostering collaboration, the sector can pave the way for a more inclusive and prosperous financial landscape. As Olajolo aptly stated, this is a defining moment where technology can empower rather than replace, setting the stage for a resilient, forward-looking insurance framework in Africa.
Author Bio:
Iheanyi Nwachukwu is a seasoned journalist with over 18 years of experience in banking, finance, and capital markets. An Assistant Editor at BusinessDay, Iheanyi holds a BSc in Economics from Imo State University and a Master’s in Management from the University of Lagos. His tenacity for excellence is reflected in his numerous awards and specialized training in advanced writing and capital markets.
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