Finance service experts have identified that female leadership gives strategic advantage and ethically imperative for insurance service delivery in the country and on the African continent.
Speaking at the African Insurance Women Association (AIWA) inaugural conference in Victoria Island, Lagos yesterday, the chairperson, Heirs Insurance Brokers, Dr. Awele Elumelu, in her keynote address, titled ‘The Future of Insurance: Trends, Challenges, and Opportunities,’ she emphasised that, “the urgency to bring more women into this field is clear. Women bring fresh perspectives and empathy, and these are essential for designing inclusive, people-centred solutions.”
The low insurance penetration of the African insurance industry, he said, currently below three per cent, as a significant growth opportunity, stressing the potential of digital solutions and microinsurance to enhance accessibility and inclusion.
She said: “With our young, tech-savvy population, we have a unique chance to build products that truly resonate with Africans, especially, through mobile technology, which can help reach underserved communities and foster financial literacy among younger generations.”
She concluded by calling for stronger public-private partnerships to foster regulatory innovation and enhance customer trust, saying: “A collaborative approach between industry players, regulators, and local communities will set the stage for a resilient and inclusive insurance sector that can drive economic growth across Africa.”
Earlier, the president of the Africa Insurance Women Association, Lady Margaret Moore, stated that, “This landmark event, the first of its kind, brings together African women in insurance to empower and inspire one another. The conference aims to foster connections, share knowledge, and promote collaboration across the industry.”
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
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