The Impact of COVID-19 on Digitization in the Insurance Sector
The COVID-19 pandemic has amplified the importance of the insurance sector's role in development and in the economic resilience of businesses and individuals. As of April 9, a third of the global population was in lockdown to slow the spread of the virus. Lockdown restrictions across the world have led to insurers across the continent working remotely. Regulators in many countries are similarly being required to supervise remotely in many countries.
Some have seen forced digitiation due to COVID-19 as a major opportunity to drive public-sector and economic innovation as consumers are required to interact with service providers through digital channels, thereby shifting behavior. Can the COVID-19 crisis truly shift the way in which insurance is sold and engaged with on the continent over the long term?
This webinar, in partnership with the Digital Frontiers Institute and FSD Africa, will be moderated by Jeremy Gray (Cenfri) and the following panel of experts: Elias Omondi (Insurance Regulatory Authority Kenya), Craig Thorburn (World Bank) and Pravin Kalpage (Hollard International). The discussion will explore the following questions:
- What is the feasibility of working remotely throughout the continent for both insurers and regulators? What are the major challenges?
- How are insurers on the continent trying to shift towards digital interaction with clients?
- How feasible is this? And what is it likely to enable a shift over the long term?
- What adjustments need to be made by regulators to accommodate this shift?