The next big transformation in Africa's insurance industry will likely be driven by digitalisation, product innovation, and financial inclusion, according to Mr Emmanuel Mokobi, the CEO of Prudential Africa.
Speaking in a recent interview with the newspaper BusinessDay, he also said that Prudential sees significant potential in health insurance and hybrid products that combine life and health coverage, addressing a critical gap in many African markets.
Mr Mokobi also said that Prudential sees several growth levers in the African market, starting with the vast under-penetration of insurance across the continent.
He added, “In Nigeria, our focus will be on expanding our reach through multi-channel distribution, particularly enhancing our digital and mobile platforms to reach underserved and remote populations.
“We are also committed to innovating in product development and creating solutions that address the specific financial and health needs of Nigerian families and businesses.”
Earlier this year, Prudential acquired the remaining 49% shares of Prudential Zenith Life Insurance that it had not already owned.
Mr Mokobi said, “This decision reflects our commitment to not just participate in but to also actively shape the evolution of the life insurance sector in Africa’s largest economy. Nigeria’s life insurance market is the fifth largest on the continent, yet with less than 0.2% of GDP spent on insurance, the opportunity to grow is profound.”
Across the continent, Prudential is looking at opportunities to scale its presence in key markets through strategic investments and partnerships. The insurer sees Africa as a cornerstone of its growth strategy.
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