Harnessing emerging technologies and innovative methods to broaden reach and improve service delivery is the audacious new goal of the Tanzania Insurance Brokers Association (TIBA). This vision was shared during a press conference in the lead-up to the much-anticipated 7th Annual Insurance Conference 2023.
TIBA views the introduction of these modern channels as a chance that presents immense opportunities for collaboration, partnerships, and improvement of sales performance. TIBA's intention is not merely to adapt to this evolving landscape but also to align with and bolster government initiatives to expand insurance coverage in Tanzania.
This growth trajectory in the insurance sector is already evident, with user numbers rising from 6 million in 2021 to 7.8 million by June 2022, out of a total population of 61.7 million. This trend demonstrates a promising future for the industry.
The theme of the upcoming conference, "The Power of Inclusive Insurance Market," is a testament to these ambitions. The focus will not be limited to technological advancements and innovation. Regulatory landscape, customer experience, and distribution channels will also be central topics of discussion.
The National Insurance Corporation (NIC), the primary sponsor of the conference, is actively exploring digital platforms and online services to improve insurance coverage and broaden customer awareness. This includes the recent launch of their mobile application designed to make insurance products more accessible to a larger audience.
Similarly, the CRDB Insurance Company (CIC) is committed to expanding insurance coverage among Tanzanians to align with government targets. As a new entrant in the insurance sector, CIC is keen on capitalising on the inclusive trend in the industry.
This progressive outlook shared by industry stakeholders is shaping the revolution in Tanzania's insurance landscape, heralding exciting times for consumers and professionals alike. As technology continues to evolve and disrupt traditional practices, industry leaders are resolute in their commitment to adapt and utilise these advancements to cultivate an inclusive and comprehensive insurance market.