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Pensions and Insurance Authority (PIA) Registrar and Chief Executive Officer, Namakau Ntini, has stressed the need for insurers to keep pace with fast-changing technology and evolving consumer expectations in order to remain relevant and competitive.
Ntini was speaking on Thursday at the 2025 Insurtech Conference in Lusaka, held under the theme “Building Bridges: Transforming Traditional Insurance by Accelerating Innovation.”
The two-day event, hosted at Pamodzi Hotel, brought together regulators, insurers, innovators and development partners to chart a new path for the insurance industry.
“The collaborative space created by this conference is a step in the right direction,” Ntini said, adding that digital solutions present an opportunity to make Africa’s insurance landscape more inclusive, resilient and responsive to the continent’s unique challenges.
Financial Sector Deepening (FSD) Africa’s Director of Early Stage Finance, Juliet Munro, observed that innovation would be crucial in addressing risks linked to climate change, while Insurance Association of Zambia Executive Director, Nkaka Mwashika, underscored the need for the sector to lead the adoption of emerging technologies such as artificial intelligence (AI).
“As we enter the age of AI, it is imperative that we embrace the tools of tomorrow to meet the ever-changing needs of clients,” Mwashika said.
He described the conference theme as “both timely and timeless,” noting that bridges symbolise unity and progress.
“Our task as an industry is to build bridges that connect insurers with technology and bring us closer to our clients.”
Meanwhile, Finance and National Planning Minister Situmbeko Musokotwane challenged Africa’s insurance industry to harness innovation and technology to design products tailored to the realities of citizens on the continent.
He said the sector should mirror the banking industry, where digital platforms had made it possible for clients to access services without visiting physical branches.
“Innovation is key if we are to reach more people, especially in remote areas,” Dr Musokotwane said. “I believe Africa can develop solutions tailored to its own needs. While we may lack first-world infrastructure, we can leapfrog by using technology to deliver affordable and accessible insurance.”
The Minister urged players to create homegrown breakthroughs that can expand access and drive sustainable growth.
He further assured that government would provide a supportive environment but stressed the importance of striking a balance between regulatory oversight and innovation.
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