Digital Transformation : GICAM Urges Companies To Measure Up

The 4th edition of the ‘Digital Meet-up’ took place at the headquarters of the employers union in Douala on Tuesday May 25 with special focus on the insurance sector. The event organised by the Digital Economy Commission of GICAM in collaboration with the association of insurance companies, ASAC, dwelled on the theme; “e-insurance, untapped opportunities.”
According to Reine Mbang Essobmadje, First Vice President of GICAM and President of the Digital Economy Commission, the seminar was aimed at exploring how digital technology can be used to design new insurance products at a competitive and how to leverage digital tools to reach more people even in the rural areas. She said the major challenges faced by the sector is the absence of regulation to enable people sign contracts online, low level of digital literacy and availability of internet services all across the country.
The President of ASAC, Theophile Gerard Moulong said the adoption of digital technology will not only enable insurance companies design new products but also reduce cost and shorten the procedures for both customers and insurance companies. He painted a bleak picture of the insurance sector in Cameroon saying it has been stagnating due to the outbreak of Covid-19 and the insecurity in the North West and South West Regions whereas the sector knew a seven per cent growth rate in the past. The insurance penetration rate is just three per cent as compared to 10 per cent in the developed world. He said the highest sought insurance policy is the vehi...