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Finance and National Planning Minister, Situmbeko Musokotwane, has reaffirmed government’s commitment to providing the necessary reforms and policies to boost growth and resilience in Zambia’s insurance sector.
Speaking at the Annual Insurance Conference 2025 on Monday in Livingstone, in a speech read on his behalf by Permanent Secretary for Economic Management and Finance Mulele Mulele, Musokotwane highlighted the crucial role of insurance in the national economy.
This year’s conference was held under the theme, “Navigating a New Era – Automation, AI, and Market Uncertainty.”
“Government stands ready to provide the necessary policy reforms and a favourable regulatory environment to support the growth and resilience of the sector. I encourage you to engage in discussions that will enhance the industry’s capacity to address challenges and seize opportunities,” Musokotwane said.
He added that the theme was timely, noting that technology now sits at the centre of every sector, including insurance.
Automation and artificial intelligence (AI) are transforming underwriting, claims processing, and customer engagement.
“Alongside these opportunities, we face growing uncertainties, geopolitical tensions, increasing climate risks, and persistent economic shocks. In this era of volatility, agility in the insurance industry will be essential,” he said.
Insurers Association of Zambia (IAZ) Executive Director, Nkaka Mwashika, described AI as a powerful tool for the sector and expressed confidence that the conference would address key issues surrounding its adoption.
IAZ President, Irene Muyenga, noted that emerging technologies were driving a strategic shift in insurance globally and in Zambia.
“Automation and AI are fundamentally transforming underwriting, policy administration, claims processing, and client services.
“AI-powered analytics are enhancing risk modelling, fraud detection, and real-time customer engagement, while automation streamlines workflows, reduces turnaround times, and minimizes human error,” she said.
Muyenga cautioned that technological advancement also demanded stronger governance and collaboration.
She pointed to ongoing challenges, including a fragmented market, inconsistent policy interpretation, and the adaptation of international standards to the local context.
Pension and Insurance Authority (PIA) Board Chairperson, Peter Banda, highlighted the importance of fairness, transparency, and data privacy in the use of AI.
“As risks and tools evolve rapidly, the industry must rethink its approaches and leverage automation and AI in underwriting, claims processing, fraud detection, and product distribution,” he said.
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