Reimagining business in a post-COVID Africa

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By Funmilola Olukomaiya

The NewsMarket in partnership with pan-African reinsurer, Continental Reinsurance held a special virtual roundtable discussion titled ‘Reimagining business in a post-Covid Africa’ on Friday 26 February, 2021.

The discussion which was moderated by Juliette Foster, highlighted the challenges and business opportunities for Africa in 2021 and beyond and how the insurance industry reacted to the COVID-19 pandemic.

The event which was monitored by P.M. News had in attendance Dr. Femi Oyetunji, Group Managing Director of Continental Reinsurance, Tavio Roxo, CEO and CO-Founder of OWLS Software, South Africa, Patty Karuaihe-Martin, Managing Director NamibRe & OESAI Board Chair, Shola Tinubu, Managing Director, SCIB Insurance Brokers, Nigeria and Liz Booth, the Managing Editor, Africa Ahead: The Sustainability Challenge.

Speaking on whether the pandemic has changed the working dynamic or if it has an improved working opportunity for women, Patty Karuaihe-Martin, Managing Director NamibRe & OESAI Board Chair said: “Social scientists have long recognised that the lack of access of flexible work arrangement is a major contributory factor to gender inequality. And prior to COVID-19, working from home or remote work was a privilege afforded to many, however, with the pandemic, it has become a norm.”

Sola Tinubu, Managing Director, SCIB Insurance Brokers, Nigeria while talking about safety in the workplace, stressed that everyone has a role to play by ensuring that all COVID-19 protocols are keenly observed. He also said that in a bid to guard against contracting the virus, his organisation made sure that not more than 10 persons were physically present in the office while others worked from home because the business must run.

Tinubu also highlighted that everyone is talking about a new normal which is not just “a set of standards and provisions and technology and the rest, it’s more of what everybody does with it…the enforcement is usually in the office, but everybody returns home, how do they behave at home? And at the weekend.”

Tavio Roxo, CEO and CO-Founder of OWLS Software, South Africa, believes the insurance companies have adapted to the use of technology because “they have no choice”. He said one of the unique features of the insurance company over other sectors “is that the products being sold are intangible that links itself really well to be sola through digital means. It can be used, managed or utilized in a form that you don’t have to be physically present in the front of a person.

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Dr. Femi Oyetunji, Group Managing Director of Continental Reinsurance, on his part said being as the use of technology has to be regulated, conforming to the use of technology has left them without a choice as everything has to be technology-driven. “At least in the countries where we are regulated, we’ve seen the regulators imbibe technology.”

Also, the panelists believe that the insurance sector stakeholders need to come together to come up with policies that will cater to the need of clients in such difficult times as we have now as the COVID-19 has given a need for more considerations in the light of pandemics.

The panelists all agreed that the post-pandemic world would be the one that genuine insurance solutions on demand can be provided to clients while insurance companies have to stay relevant and imbibe more of technology as the future is definitely digital.

The event also marked the unveiling of the new home for Continental Reinsurance, its headquarters located at 17 Olosa St, Victoria Island 101241, Lagos.

Incorporated in Nigeria in 1985, Continental Reinsurance, the private sector champion of the pan-African reinsurance industry, started business initially as a private reinsurance company.

From January 1987, it began operating as a general reinsurer and in January 1990, became a composite reinsurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base.

Continental Re converted to a public limited liability company in 2000 and recapitalised to N10bn in 2007, with widespread ownership, including international investors.

On May 30, 2007, Continental Reinsurance was listed on the Nigerian Stock Exchange.

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