Continental Re: Technology, a key contributor to Africa's development
Continental Re organized the 8th edition of the CEO Summit in March 2023. The event was held in Kenya under the theme: "The Accelerated Future: Opportunity, Resilience and Growth in Africa's Insurance Sector at a Time of Constant Disruption".
To mark the occasion, the pan-African reinsurer conducted a survey among 80 CEOs to identify key technology trends that could play a significant role in the African continent's development.
The survey found that 54% of respondents view general investment in startups as a promising prospect, while 32% believe that foreign direct investment (FDI) is essential for Africa's digital transformation.
Nearly 33% of insurance company executives plan to invest 3-5% of their turnover, or nearly 1 billion USD, in fields that rely on advanced technologies such as blockchain, open-source data and ChatGPT.
More than 38% of respondents believe that technology represents a huge opportunity for the insurance industry within the next five years.
Lawrence Nazare, CEO of Continental Re, stated that "Covid-19 has demonstrated that Africa cannot rely on the global supply chain. The adoption and development of tomorrow’s technologies offers the continent the chance to reduce its reliance on aid and become a strategic partner to the rest of the world."
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