Methods of African insurance market to customers too detached, outdated – Nazare

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By Favour Nnabugwu
The Group Managing Director of Continental Reinsurance, Mr. Lawrence Nazare said African insurance market need to wake up to the current methods of technology to appreciate the value of existing and prospective customers
Speaking at the Continental Reinsurance CEO Summit in Marrakech, Nazare Africa market would need to provide customers with update system to give value to customers.
 “If there’s another thing we know about, it is the value of our customers and providing them with an enduring value proposition.”
He recounted on the first CEO Summit eight years ago when the key goals were to:
“As I was reading those words written more than eight years ago, I was surprised by how relevant and pertinent they still are. It is as if nothing has changed. But we all know that that so much has changed,” he said.
He asked rhetorically,  “Why is it that the trauma of the pandemic cannot be forgotten and yet the contribution this industry made to mitigate it’s impact has been overlooked?”
Nazare strongly believed that insurers’ mission to embed the culture of insurance in Africa remains and that the industry continues to serve its customers.
 “We place a lot of emphasis on the relationships that we build across the continent,” he said.
“Everything we do is underpinned by a deep commitment to this continent. As Africans, we have to sustain this continent for ourselves. We do that in collaboration and in partnership, the cake is big enough for all of us.”
He also stressed the need for diversity in all its forms and that diversity needs to be part of the corporate DNA for all insurers in the aim to become sustainable.
 “We, as Africans, have a deep understanding of our markets and all their idiosyncrasies and demands of our customers. We alone, as insurers, can come up with solutions to match their needs.
 “Sustainability has to be embedded within all our businesses. Internally, we must consider our long-term success. As Continental Re, we plan to be here for at least the next 100 years.”
However, he said, that does not make everything plain sailing. “We don’t agree with certain notions around the ESG plans for the continent, but we want to be part of the conversation.
We signed up to the UN Principles of Sustainable Insurance because primarily we want to be part of that conversation and we want to be making contributions in the areas where we may not be agreeable with what global demands are

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