Nurturing insurance growth in turbulent moments

THE second Insurers Association of Zambia (IAZ) conference was successfully held from June 19, to 23, 2016.
In what now looks like an annual event, the conference took place at Avani Hotel and Resort in Livingstone under the theme “Nurturing growth in turbulent times.”
This author spoke to the IAZ President, Shipango Muteto who took time to explain the benefits and focus of this year’s event.
Mr Muteto paid tribute to all stakeholders for their input in ensuring that the conference was a success.
These included The Pensions and Insurance Authority (PIA), Insurance Brokers Association (IBAZ), Insurance Institute of Zambia (IIZA) and Financial Sector Development Plan Zambia (FSDP).
Mr Muteto said that the industry was going through a rough patch with among other factors affecting the industry, being high inflation and high exchange rates.
The effects of these fundamentals among others was the more reason the insurance family needed to come together and share ideas of how they can survive and hence the carefully selected theme of the conference.
“We need to challenge ourselves of how we can still do business profitably despite the many challenges we are facing which among others, include high inflation and high exchange rates. The latter has resulted in exchange loss when paying premiums in foreign currency for example,” he explained.
He also stated that the industry needed to do whatever it could to remain financially stable and continue to practice prudency in underwriting.
Further, by inviting international speakers, Mr Muteto believes such people bring their much needed wealthy of experience to the market.
He cited some speakers from Alexander Forbes in South Africa for example,  as experts who would bring in the importance of using data in decision making.
He also noted that the insurance industry in South Africa has gone through similar economic challenges but was able to survive and remain the biggest insurance market in Africa todate, hence Zambia could learn from them.
This year’s conference attracted 150 participants from both local and foreign participation.
Some of the key topics discussed included the global economic environment, using data to unlock value, getting value from actuarial valuations and achieving universal health care-private sector opportunity.
Others were what the future holds for brokers, business motivational talk, creating an enabling environment through regulation, and leveraging technology for growth.
The rest of the topics were creating winning partnerships in distribution, strategic linkages in inclusive insurance and creating a dynamic insurance industry.
IAZ assembled a multi-skilled and experienced team of speakers from across different sections of the society.
Among them with admirable experience was Mr Steven Paul William currently serving on the board of directors for Professional Insurance Corporation Zambia PLC as a director and chairperson of the insurance and ICT sub committees.
Mr Williams came to Zambia to start up PICZ life and pensions department in 1992 as general manager and was promoted to managing director of the same company in 1997.
A graduate from the London School of Economics from 1972 to 1975, Mr Williams joined the insurance industry in 1980. He is a chartered insurer with the much needed wealth of industry experience.
Other local speakers included the PIA registrar Mr Martin Libinga, Mr Lemmy Manje a Consultant/Insurance Lead, FSDP, Mr Simomo Akapelwa, an expert insurer and Mr Musapenda Phiri from Bank of Zambia.
From the international front, speakers included  Michael Duncan, managing director of the Marsh Africa Region, Agrotosh Mookerjee, a consultant from Risk Shield Consultaions and Schalk Van Tonder from Alexander Forbes.
Other speakers were drawn from actuarial and information expertise to give the delegates a diverse taste necessary in making crucial decisions as we navigate these turbulent times.
Other than formally discussing various issues at the conference, the 2016 IAZ conference went a notch up by organization, a social event that made participants unwind and momentarily forget about office issues.
The notable activity was a golf tournament which saw Mr Humphrey Kabwe win the first prize while  Paul Nkhoma won the third prize.
The delegates were also given a welcome treat in form of a cocktail sponsored by Prima Re, let alone a sunset boat cruise on the mighty Zambezi River.
Thumbs up to IAZ and other stakeholders for this successful and exciting conference.
Indeed when the industry breaks company walls and come together to fight a common cause, then we will see an improved and more collaborative insurance market in Zambia.
Comments: webster@picz.co.zm or webster_tj@hotmail.com or on face book search for Insurance Talk-Zambia page or call/text 0977 857 055
[The Author is a Chartered Insurer with 12 years industry experience]