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At the 4th annual Insurance Meets Tech (IMT) conference, Casava Inc. CEO Bode Pedro urged insurance stakeholders to utilize technology like WhatsApp and SMS to broaden insurance access to underserved Africans, making it affordable and simple. Per Lagerström emphasized overhauling outdated models, stating consumers buy solutions, not just insurance products, and that data-rich, trusted platforms will dominate. Another speaker argued for regulations that encourage innovation rather than hinder it. The conference aimed to inspire industry leaders and young professionals to drive change in the insurance sector.
News summary provided by Gemini AI.
Bode Pedro, CEO, Casava Inc. has urged stakeholders in the insurance sector to leverage technology and innovation to deepen penetration and reach millions of underserved Africans.
Pedro disclosed this during a fireside chat with Per Lagerström, former McKinsey partner and insurtech pioneer, at the 4th annual Insurance Meets Tech (IMT) conference recently held in Lagos.
“We must leverage technology. We want to take insurance to the people where they are, whether through WhatsApp, SMS, USSD, or POS agents. Insurance should not be a product for the few; it should be accessible, affordable, and simple for everyone.”
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For Lagerström, the challenge is deep and goes beyond technology, calling for the need to overhaul the models.
“Consumers don’t buy insurance products; they buy solutions to their needs,” he said. “The current models are outdated, and Distribution has to evolve. Platforms that are data-rich and trusted will dominate, not legacy intermediaries,” he said.
Aleobua argued that regulation must support innovation rather than hold it back to achieve desired results.
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He also emphasised that IMT was designed to inspire both industry leaders and young professionals.
