This category is open to all insurance companies registered in Africa with focus on the performance of the last 2 years. This award will be given to a company that demonstrates a commitment to meet customer needs and deliver high quality service across all its activities as part of a broad strategic vision. This commitment should be coupled with a proven track record of success in terms of profitable expansion in existing or new markets.
The company must have also identified and successfully adopted an underwriting strategy in a market, niche or otherwise. The category will also focus on a clearly demonstrated level of excellence in customer care backed by clear standards and validated monitoring of performance. In particular, the Selection Committee will be looking for proof of the impact of an innovative customer care strategy on client satisfaction.
This award will be given to an insurance company that excels in the use of technology, launching of a breakthrough product / services or a new and innovative distribution channel. Covering client-company and company-company relationships, this award will reward any company that has fully engaged customers through a multitude of platforms, products or service delivery to enhance their end-to-end insurance journey.
Evidence of success in applying the latest technologies, structured products, distribution techniques and generating profitable business as part of a holistic response to the digital shift, community needs and the effectiveness and efficiency of distribution channels will be among the key considerations. This award will focus on business and administrative processes used to deliver superior products and services. Insurers will demonstrate that the quality, efficiency and cost-effectiveness of their business administration have been enhanced by the application of new information and communication technology (ICT) and the introduction of new products and distribution techniques. The Selection Committee members will be looking for evidence of greater efficiency, better customer service, meeting community needs, lower error rates, evidence of enhanced customer satisfaction, integrated adoption of tools and techniques such as data analytics and effective implementation of ICT within agreed budgets and timetables.
This initiative is a great opportunity for early-stage entrepreneurs to have international exposure, recognition, potential investors, liaise with key industry leaders from diverse backgrounds and identify other investment opportunities in InsurTech. It is the first-of-its-kind start up competition aimed at identifying the most promising innovations for the evolving insurance and reinsurance sector. This competition offers aspiring entrepreneurs the unique opportunity to gain access to the guidance, expertise and professional networks necessary to build global, market-leading companies.
Entries must come from individuals/companies of African descent or based in Africa.
Entries submitted must represent the original work of the submitting team (Project Team).
Entries must be technology-driven and applied to insurance / reinsurance.
A Project Team may be composed of an individual, group of individuals or a company. Project Teams may be of any size and may submit, in one application, as many ideas/products as they wish. However, each idea may only be entered once.
By submitting an entry, the Project Team and/or any member thereof represents and warrants to Africa Re that it has all right, title and/or interest in the entry submitted and the information it contains is accurate and complete; and that by submitting the entry it is not and will not be violating any contract or third party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right; and the Project Team agrees to indemnify and defend the Competition Partners, their affiliates, and any one acting on their behalf against any claims or lawsuits, including attorneys’ fees, that arise from or result from such Project Team’s submission.
Project Teams that have already secured financing or other capital arrangements from any source for their idea/product must disclose the amounts and sources of such funding in their application form. Financing arrangements include, but are not limited to, sales revenue or contracts, research grants, personal or family funds, angel investment, or venture capital investment. Any Project Team securing financial or other capital arrangements midway through the Project must immediately disclose to Africa Re the amounts and sources.
A Project Team which has previously secured an equity dilutive financing arrangement in an amount exceeding $100,000 relating to their application is not eligible to participate in the competition.
This special award will be presented to a CEO of an Insurance Company who has made an outstanding contribution in the last 12 months to the advancement of his company or the insurance industry.
The winner will be someone who has led a profound change through strategic vision and/or a successful merger or acquisition; or has helped the wider sector through his engagement with stakeholders, regulators and politicians to effect a notable change that boosts the industry’s standing in the eyes of the public and the insurance market.
This award will also consider the outstanding contribution of the CEO to the success of the insurance industry during his career.