THE 2016 Insurance Association of Zambia (IAZ) annual conference which opens tomorrow is expected to focus on global economic outlook, among other themes, for insurers to be able to adjust strategies and tactics while remaining competitive.
The conference, under the theme “Nurturing growth in turbulent times”, is a follow-up to the successful inaugural conference held in 2015 under the theme “Underwriting excellence: A key to sustainable insurance growth.”
At the conference, participants would discuss the economic outlook for the insurance industry to adjust strategies and tactics to remain competitive and relevant in today’s dynamic economic environment. As insurers seek to increase outreach, it was important not to overlook the untapped potential of the vast majority of the population in the low income sector. This session would provide a synopsis of the current global trends and how to align strategy to current global trends.
They would also discuss drastic growth in the use of mobile and internet platforms in recent times which had significantly altered modern society.
Participants would discuss a new light on some of the common misconceptions on the delivery of inclusive insurance to all the untapped sections of society.
The importance which data plays in unlocking profitability in the industry will be among the topics to be discussed at the meeting.
As insurance companies in the world over seek to remain afloat, a renewed focus on data and data analytics could be a useful tool for optimal use of scarce and valuable resources.
Data analytics was by no means a new management tool, rather it was fresh perspectives on tapping the full potential of the wealth of information that will help serve each organisation’s needs during turbulent times. This session would highlight the important role that big data is playing in unlocking profitability.
The conference runs from tomorrow to Tuesday.