This, it said, is necessary to survive and exceed expectations in the new world created by coronavirus pandemic.
Advising West African insurers in various insurance markets working with and under the leadership of their regulators to develop and manage a high-quality insurance industry database that will provide a more holistic view of the industry’s operations, it appealed to members to embrace digital transformation and optimise technology as part of the new normal in order to increase market penetration.
“WAICA members should anticipate and prepare in a tangible manner for possible future threats in the Insurance industry. Also, insurance regulators, working with relevant government agencies, should endeavour to increase the amount and quality of the teaching of insurance as a subject at the grass roots level of society, in a bid to boost penetration and awareness,” it pointed out.
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