[Transcript] #57: African InsurTech - How consumer insurance platforms are providing insurance across Africa
Transcript for podcast originally recorded on October 17, 2022
😉 In Oct 2022, we explored the state of Africa's consumer insurance technology sector and its companies. Insurance for underserved populations, delivered through digital platforms and microinsurance products, promotes financial inclusion by enabling more individuals to protect themselves against risks. Insurtech innovations streamline processes such as claims and underwriting, making insurance more efficient and affordable.
By leveraging data and analytics, these platforms can offer tailored and relevant insurance solutions that address the specific needs of the African market.
Companies discussed: Reliance Health, BIMA, Naked Insurance, Pineapple Insurance, Amenli, Creditas, Minutos Seguros, Acko, Policy Bazaar, Casava Insurance, Lami, Curacel, Turaco, Amanleek & Avidea
Business concepts discussed: New product development, consumer market penetration & pricing strategy
Enjoy!
Olumide Ogunsanwo
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Transcript starts here
[00:00:00] Olumide Ogunsanwo: we're going to talk about African InsurTech. We'll discuss the consumer insurance landscape and analyze InsureTech players across Africa. This episode was recorded on October 17th, 2022. Afrobility time finally. Ready?
[00:00:12] Bankole Makanju: I'm ready, man. I just came back from New York. Life is good. I can’t complain. New York is great. My trip was good. I was at an Africa Tech mixer saw a bunch of people out there.
[00:00:24] Olumide Ogunsanwo: [Laughter] Are you famous in Africa Tech circles?
[00:00:28] Bankole Makanju: No I’m not. I'm also not rich , which I think is a dominant problem.
[00:00:32] Olumide Ogunsanwo: [Laughter] You need to have an Afrobility logo on your shirt. Then you'd be famous.
[00:00:35] Bankole Makanju: You know how they say Africa Tech is like Silicon Valley in 1995, I'm just waiting for 2000.
[00:00:50] Olumide Ogunsanwo: Did you use any insurance while you were in New York? See what I did there.
I don't know if I would say I'm excited to do this episode, I just wanna get it done. Bang it out and move on.
[00:01:17] Bankole Makanju: I respect that. What are we talking about today?
[00:01:19] Olumide Ogunsanwo: We're talking about insurance technology, InsureTech, the application of technology to the insurance industry in Africa. It should be fun.
[00:01:26] Bankole Makanju: I'm excited to have this conversation.
This is one of our industry overview episodes and we haven't done these in a while. We appreciate every single email we get because people feel stronger about things we left out or didn't understand.
I think that's why we do this. But please definitely look forward to all the messages or emails that come right after we publish this.
[00:01:41] Olumide Ogunsanwo: We've done one on agriculture, health, mobility obviously, and education. We've done a lot.
We're talking about insurance technology, InsureTech specifically for consumers. And as I was doing research for this, I realized there's a lot more insurance that I could ever have imagined.
There's health insurance, of course – and then there's auto/vehicle (even motorhome) coverage, renters insurance, property insurance, umbrella insurance, disability insurance, long-term care, and a whole lot more. I won't list every option here, because in this episode we're focusing primarily on African developing countries. For our discussion, we'll zero in on life, health, and motor insurance, since those tend to be the most prevalent, even though there are plenty of other types available.