Staff Writer
The Insurance Council of Zimbabwe (ICZ) says insurers are looking into the future and have realised that the future is digital.
In this regard, ICZ commissioned a research competition that was themed “The Implications of Artificial Intelligence (AI) and Machine Learning (ML) in Transforming Insurance Operations and Products and How the Industry Should Position for Innovation Disruptions”.
Three top finalists presented their research papers on Wednesday in front of a panel of adjudicators. The 1st runner up Agustine Mupeti, a student from the University of Zimbabwe got US$4 000, Courage Gomera was the second runner up and got US$2800 and in third runner up Varaidzo Maribha got US$1 500.
ICZ chairman Mr David Nyabadza, “We needed to bring some excitement so that we can have some research that we can use that can stimulate us using these tools as an industry.
“We realise that as individual companies they may not have the capacity to actually fund these on their own, but when we come together, we can then get that research, and then we can use it for the benefit of the whole industry,” he said.
Nyabadza said the research presentations showed the state of the industry in terms of AI and machine learning.
“The gaps that are there and some of the proposals and suggestions that came from the research are some that we can carry on.
“We had one of the winner presentations, which is really a breakthrough after developing an algorithm that can be developed further to deal with some of the processes that we deal with in the insurance industry.
“It is a start, and now we can fund them to develop it even further,” he said.
Insurance Regulator Embraces Innovation, Prioritizes Consumer Protection
According to Mary Takavarasha, an IPEC rep, the insurance regulator has taken a proactive approach to fostering innovation in the industry while ensuring consumer protection.
She said by adopting a facilitative regulatory framework, the regulator is enabling industry players to develop and test new products and services.
Piloting New Products
One notable example is the “Farmers Basket” insurance product, which was piloted in Goromonzi and has since been rolled out nationwide. This innovative product demonstrates the regulator’s willingness to work with industry players to bring new ideas to market.
Balancing Innovation and Protection
While encouraging innovation, the regulator remains committed to protecting consumers. “We’re looking at issues to do with affordability, treating customers fairly, ethics, and transparency,” said a spokesperson. The regulator closely monitors new products and services to ensure that consumers are not prejudiced.
Regulating Emerging Technologies
The regulator recognizes the need to stay ahead of the curve and is working on developing a regulatory framework for emerging technologies, including artificial intelligence (AI) in insurance. This forward-thinking approach will enable the regulator to address potential challenges and opportunities presented by these technologies.
Industry Impact
The regulator’s approach is expected to have a positive impact on the insurance industry in Zimbabwe, enabling innovation while protecting consumers. By striking a balance between innovation and protection, the regulator is creating an environment that fosters growth and development in the industry.
Consumer Confidence
The regulator’s commitment to consumer protection is expected to boost consumer confidence in the insurance industry. By ensuring that new products and services are fair, transparent, and affordable, the regulator is helping to build trust between consumers and industry players.
Future Outlook
As the insurance industry continues to evolve, the regulator remains committed to finding innovative solutions to emerging challenges. By working closely with industry players and adapting to changing landscape, the regulator is well-positioned to support the growth and development of the industry while protecting consumers.
