By Zainab Iwayemi
Alpha Direct Insurtech, a Botswana insurance company, has won the Innovation of the Year 2020 award at the sixth Africa Re award directed organised to celebrate insurance companies.
This year’s event, which was held virtually in observation of the Covid-19 protocol, had a total of 52 entries scrutinized by a panel of expert across the insurance industry.
Corneille Karekezi, Africa Re’s group managing director and chief executive officer, noted that the pandemic has been a blessing in disguise for organisations, especially in the insurance industry.
“We believe that the Covid-19 pandemic is a golden opportunity for the insurance industry to reposition itself to project its relevance to risk management impact across the economic value chain,” Karekezi admonished.
According to him, a report on the state of the African insurance industry 2020, prepared by his company, revealed many indications that insurance companies have adapted quickly to the new challenges, adding, “Our sincere hope is that the forthcoming recovery period will witness tremendous positive changes which will speed up the challenges of bridging the insurance gap in our communities and economy”.
He noted that while there is need to plan for the future, it is necessary to celebrate the achievement made in recent years as there are many positive developments in the industry which have bred more resilient companies. He, therefore, commended the job of insurance professionals in Africa.
Arun Iyer, CEO, Alpha Direct, expressed delight at receiving the award. He also commended his team for relentless effort towards innovative ideas during the pandemic. “In the depth of the challenges we faced, due to Covid-19, innovation has proven as a big enough hope that leads the path in our vision and the elimination of poverty.
“The instant development in the box concept developed by our team has proven that using African ingenuity and programming talent, we can truly create first in the world innovation that allows every single African to have access to insurance solutions in a way that addresses the key financial inclusion namely; cost and accessibility,” he said.
Out of 52 insurance companies that entered for the award, the emerging four insurers at the finals were; AAR Insurance, Alpha Direct, Custodian Investment Plc and, Kenbright Insurance Brokers Limited. The companies were selected based on their innovation in the use of technology to improve the insurance industry and for fully engaging customers in their end to end journey.