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Africa’s insurance firms increasingly look to cloud to bolster business

More insurance companies in Africa are looking to leverage cloud solutions to strengthen market presence and service delivery.

According to Deloitte’s Insurance Outlook Report EA 2020/21 insurance companies must embrace the cloud in order to remain innovative.

An excerpt from the report states: “Insurance companies who want to deliver faster solutions to their clients need to place cloud computing as a high priority. As a step to transforming their operational processes and systems, insurers need to consider their options in using cloud systems to replace their legacy systems.”

Companies like AAR Insurance in Kenya have adopted cloud tools, including the AWS cloud computing service, to bolster their digital channels like mobile apps, USSD services, web portals and chatbots.

Nixon Shigoli, AAR Insurance Kenya Managing Director, said, “Moving our information assets, core systems and digital tools to the Cloud presents attractive opportunities for the realisation of our goal of being a full digital insurance provider, by creating an environment for customers to enjoy end-to-end services through their phones and digital devices.”

South Africa-based insurtech provider Naked Insurance offers end-to-end self-service insurance services on its digital platform supported by cloud technologies.

Alex Thompson, Co-Founder, Naked Insurance, said, “Users can quote and buy, make changes to their policies, download documents and make claims all on the app without speaking to anybody.”

According to Statista, in 2021 South Africa registered 30 insurtech companies and Kenya 15.

“In 2021, 57 insurtech startups were active in Africa. Most of them were located in South Africa, Kenya, and Nigeria, each market with 30, 15, and four Fintechs focused on insurance services, respectively,” Statista said.

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