Very few insurers (8%) in the CIMA (Conference of Inter-African Insurance Markets) area have mobile applications available to customers, according to a survey on digitalisation among 52 insurance companies in the zone.
The lack of financial and technological resources is the main cause for not having a mobile app for at least 42% of these companies. 24% cite the lack of skills as a reason, according to a report in Digital Business Africa.
While 88% of the insurance companies polled maintain a website. However, few of them (19%) offer e-insurance features on their website.
The survey was conducted by Karbura and P2A with the support of FANAF (Federation of African National Insurance Companies).
The study, carried out from November 2019 to January 2020, covered insurers as follows: Benin (3), Burkina Faso (5), Cameroon (13), Central African Republic (1), Congo (3), Ivory Coast (7), in Gabon (2), Mali (3), Niger (4), Senegal (8), and Togo (3). The return rate for the survey questionnaire was 32.5%.
The study also indicates that 100% of insurance companies claim to have current or future digitalisation projects. Also, although almost all of the companies (90%) have identified and designated an internal business unit or external service provider to be in charge of their information system, few (11.5%) have formalised their procedures for using digital tools.
In addition, more than half of the companies (58%) say that senior management is intensely involved in the digital transformation process.
The digitalisation of insurance companies will be difficult, and not effective, if the insured is not at the centre and integrated into internal formal procedures, say the authors of the study.