Zambia’s Finance Minister Urges Use of Digital Technologies to Expand Insurance Coverage
Finance and National Planning Minister Dr. Situmbeko Musokotwane has called for the deployment of digital technologies to expand insurance coverage across Zambia.
Speaking at the inaugural Insurtech Conference in Lusaka, Dr. Musokotwane emphasized the potential of digital tools to reach underserved populations, particularly in rural areas, where access to mobile phones could enable insurance coverage and claims processing.
He highlighted the importance of providing insurance to farmers affected by droughts, stressing that mobile technology can bridge the gap between insurers and remote communities.
“Farmers in rural areas, many of whom are vulnerable to climate-related shocks, can benefit from insurance coverage delivered through digital platforms,” Dr. Musokotwane stated.
The conference, organized by Gralix CEO Mulenga Mutati, aimed to showcase technological innovations in the insurance sector.
Mutati noted that regulatory reforms and sectoral growth have transformed the insurance landscape in Zambia, with companies from East and Southern Africa, as well as the Middle East, presenting cutting-edge digital solutions.
Pensions and Insurance Authority (PIA) CEO Namakau Ntini echoed the need for responsible innovation, stressing the importance of combating fraud while enhancing client services.
Ntini also called for greater investment in cybersecurity and data protection to ensure the sector’s digital transformation is both secure and sustainable.
The two-day conference aims to further explore how digital innovations can increase the effectiveness of Zambia’s insurance sector, making it more accessible and efficient.
