This research initiative with Cenfri stemmed from our desire to uncover the realities behind the challenges faced in the independent insurance channel in Africa, particularly regarding approval processes and timelines. Our goal was to engage with underwriters, brokers, and banks to gain insight into their perceptions of these issues on the ground. By doing so, we aimed to provide stakeholders with a clear understanding of the problems and potential solutions available.
Download the Research
Efficient insurance distribution is crucial for success in Africa. The effectiveness of distribution systems and processes impacts the viability of products for insurers and their partners, as well as the user experience for consumers. While digitalization and integration with partners offer solutions, challenges remain.
This project, focusing on banks and brokers as key distribution partners, aims to identify challenges and opportunities for the insurance industry through automation in life insurance distribution. Conducted in collaboration with Equisoft, the research draws insights from 55 insurers, banks, and brokers across 13 African countries.
The research explores: #
- A 360° view of executive experiences with policy onboarding challenges
- Top opportunities for underwriters, brokers and banks
- The state of digital sales and agency automation challenges
Methodology #
This project utilized a mixed method approach, combining one-on-one stakeholder interviews with a quantitative survey. The research targeted banks, brokers, and insurers distributing individual life and health products across 13 African countries.
Key Sections in the Report: #
- Challenges with insurance distribution in Africa
- How digitalised is insurance distribution in Africa?
- Key challenges to digitalising in the African Market
- Key opportunities for African Insurers
