We caught up with Michele Jennings, Chief Executive at glu – a division of PPS Insurance, to explore the evolving landscape of insurance in Africa. As the industry navigates rapid technological advancements and shifting customer expectations, we delved into the key opportunities, challenges, and strategic shifts shaping the future. From AI-driven underwriting to digital financial inclusion, Michele shares valuable insights on how insurers can stay ahead in an increasingly digital world.
Q. Michele, what are the biggest opportunities and challenges shaping the future of the African insurance market over the next decade?
A. We believe that the advances in technology (especially AI and machine learning) provide the biggest opportunities for insurers that are agile and progressive. Organisations that have the right culture to foster eternal curiosity, and ongoing improvement, and that are willing to collaborate with skilled technology partners will be able to successfully leverage these opportunities by capitalising on data analytics, enhanced/ personalised user experiences and operational efficiencies.
Q. How can insurers leverage technology and innovation to increase insurance penetration and financial inclusion across Africa?
Digital channels (including social media) provide excellent opportunities for insurers to provide financial education and build trust with potential customers, while digital platforms and mobile technology make insurance products more accessible and affordable for users.
A. What strategic shifts should insurers prioritize to stay competitive in a rapidly evolving global and regional landscape?
It is important to invest in a culture that promotes innovation and digitisation to enhance customer experience. There should also be a willingness to partner with providers who are ahead of the curve in terms of the adoption and development of technology such as AI and machine learning, as this will help traditional insurers to understand and adopt technological advancements without having to carry the risk of experimenting with the unknown.
As the African insurance industry evolves, embracing technology, innovation, and strategic partnerships will be key to driving growth and financial inclusion. Michele Jennings highlights the immense opportunities that lie ahead for insurers willing to adapt, collaborate, and leverage digital advancements. The future of insurance in Africa is not just about mitigating risk—it’s about creating value, enhancing accessibility, and building trust in a rapidly changing world.
Join us on 19 – 20 June 2025 at the Insurance Transformation Africa Summit for more insights on insurance innovation in Africa.
