Malawi Revenue Authority (MRA) commissioner general Tom Gray Malata has advised the insurance industry to embrace digital technology, stressing that it could help in providing customer solutions in real-time.
He said this on Saturday in Blantyre during the Insurance Institute of Malawi (IIM) Annual Charter Dinner held under the theme Digital Insurance: Innovate and Evolve.
Said Malata: “As part of this on-going process, the role of insurance is likely to shift, from being purely about financial risk transfer to being about preventing claims from arising in the first place, which is why insurance industries elsewhere have played such a central role in facilitating the roll out of autonomous vehicles.”
He said the insurance industry’s ability to deliver against the changing consumer demands and expectations is dependent on the ability to gather, process, understand and use data.
With insurance penetration at 1.4 percent, according to the Reserve Bank of Malawi (RBM), Malata advised the insurance industry to open up and adapt a new culture of change management.
“Insurers need to be prepared in this world of change as it requires swift approaches to ensure availability of perfect products and processes,” said Malata.
In his remarks, IIM president Maclonex Mwase said the charter dinner takes place every year, and provides a platform where the insurance industry recognises the achievements of individuals who have completed various levels of the Chartered Insurance Institute of London qualification.
During the event, IIM gave out awards to individuals who have completed their diploma level, advanced diploma level as well as those who have attained the most coveted fellowship status.
This year, IIM recognised the United General Insurance (UGI) chief executive officer Bywell Chiwoni, who has attained the fellowship status.