2024 African Insurance Awards

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The African Reinsurance Corporation (Africa Re) has established the African Insurance Awards as part of its mission to foster the development of insurance and reinsurance in Africa. The African Insurance Awards reward the most innovative and sustainable development in the African insurance market, as well as the best corporate management, leadership and governance.

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CEO of the Year

This special award is presented to a CEO who has made an outstanding contribution in the last 12 months to the advancement of his company or the wider insurance industry. The winner is someone who has led a profound change through strategic vision and/or successful merger or acquisition; or has helped the wider sector through his engagement with stakeholders, regulators and politicians to effect a notable change that boosts the industry’s standing in the eyes of the public and the insurance market. This award also considers the outstanding contribution of the CEO to the success of the insurance industry during his career.

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Insurance Company of the Year

This category is open to all insurance companies registered in Africa with focus on the last 2 years. This award is given to a company that demonstrates a commitment to meet customer needs and deliver high quality service across all its activities as part of a broad strategic vision. This commitment should be coupled with a proven track record of success in terms of profitable expansion in existing or new markets.

The company must have also identified and successfully adopted an underwriting strategy in a market, niche or otherwise. The category also focuses on a clearly demonstrated level of excellence in customer care backed by clear standards and validated monitoring of performance. In particular, the Selection Committee looks for proof of the impact of an innovative customer care strategy on client satisfaction.

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Innovation of the Year

This award is given to an insurance company for the best use of technology, launching of a breakthrough product / services or a new and innovative distribution channel. Covering client-company and company-company relationships, this award rewards any company that has fully engaged customers through a multitude of platforms, products, or service delivery to enhance their end-to-end insurance journey.

Evidence of success in applying the latest technologies, structured products, distribution techniques and generating profitable business as part of a holistic response to the digital shift, the community needs and the effectiveness and efficiency of distribution channels are among the key considerations. This award focuses on business and administrative processes used to deliver superior products and services. Insurers demonstrate that the quality, efficiency and cost-effectiveness of their business administration have been enhanced by the application of new information and communication technology (ICT) and the introduction of new products and distribution techniques. The Selection Committee members look for evidence of greater efficiency, better customer service, meeting community needs, lower error rates, evidence of enhanced customer satisfaction, integrated adoption of tools and techniques such as data analytics and effective implementation of ICT within agreed budgets and timetables.

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InsurTech of the Year

This prize targets non-insurers that are collaborating with insurers to improve customer service delivery, product development and overall innovation in the insurance value chain. For this category, Africa Re provides a platform for the winner to meet the insurance industry.

This initiative is a great opportunity for early-stage entrepreneurs to have international exposure, recognition, potential investors, liaise with key industry leaders from diverse backgrounds and identify other investment opportunities in InsurTech. It is the first-of-its-kind start up competition aimed at identifying the most promising innovations for the evolving insurance and reinsurance sector. This competition offers aspiring entrepreneurs the unique opportunity to gain access to the guidance, expertise and professional networks necessary to build global, market-leading companies.