Online Reporter
Leigh Masakara
Herald Correspondent
In June this year, I joined over 6 000 insurance leaders, investors, and tech innovators at Insurtech Insights USA 2025 in New York , a powerful gathering that did more than showcase shiny tech demos. It signalled a clear pivot in the global insurance sector: from experimenting with digital solutions to embedding them into the very DNA of insurance delivery.
From AI-optimised underwriting to GenAI-enhanced claims and onboarding, the message was resounding, the future of insurance isn’t just digital; it must be sustainable, ethical, and inclusive.
As someone rooted in insurance underwriting and digital product management, and now working in sustainability-linked finance advisory, I couldn’t help but reflect on how this transformation resonates with the realities and opportunities back home in Sub-Saharan Africa.
One of the summit’s most compelling sessions, “View from the Top,” featured industry leaders Juan Andrade (USAA) and Mark Hammond (AssuredPartners). Their message? This is no longer about pilots and prototypes. With real-world deployment, companies are now achieving 10–20× productivity gains in areas like claims management, underwriting precision, and customer engagement. They also emphasized the need for robust human oversight, especially as AI becomes embedded across insurance workflows.
This balance between speed and responsibility was echoed throughout the summit. Discussions went beyond what AI can do to ensure it does good through governance, bias testing, ethical frameworks, and regulatory alignment. In a standout panel on “Operationalising AI,” leaders from firms like CNA, Mapfre, and DigitalOwl reiterated that scalable adoption demands human-in-the-loop systems, responsible data use, and constant monitoring for fairness.
The real breakthrough, however, was the convergence of insurtech and ESG thinking. It’s no longer enough for insurers to offer slick digital platforms. Today’s solutions must be resilient, inclusive, and sustainable. As Kristoffer Lundberg, CEO of Insurtech Insights, put it: “Insurance is no longer just about risk, it’s about being resilient.”
That sentiment holds even more weight in Sub-Saharan Africa, where the risks we face from climate shocks to healthcare gaps are deeply intertwined with development challenges.
According to the African Risk Capacity, natural disasters such as floods and droughts have displaced over 20 million people in the region over the past decade. Insurance systems that respond only after disaster strikes are no longer fit for purpose. We need systems that anticipate, adapt, and build community-level resilience.
Our region stands at a critical crossroads: we can either digitise legacy systems or leapfrog into a new insurance paradigm, one where technology serves people, and financial protection fuels sustainable growth. Already, mobile penetration rates across the continent are among the highest in the world. In countries like Zimbabwe, Kenya, and Nigeria, mobile money platforms such as O’mari, EcoCash and M-PESA have opened the door to delivering insurance at scale, especially in remote or underserved communities.
Beyond the technology, the summit also addressed the funding climate. In a panel titled “Unicorn Building,” investors from Munich Re Ventures, Anthemis, and New York Life Ventures made it clear: capital is flowing toward insurtechs that are not only innovative but resilient, inclusive, and aligned with long-term societal needs. This approach fits the African context, where there is increasing demand for solutions that combine impact and scale, from index-based agricultural insurance to climate-smart parametric products.
This also calls for strong policy frameworks. Regulatory collaboration, something that was a core theme of the closing plenary at Insurtech Insights is essential. African regulators must be proactive in crafting guidelines that support innovation without compromising consumer protection. Encouragingly, we are already seeing progress. The Insurance Regulatory Authority of Kenya, for instance, has created a regulatory sandbox to pilot digital insurance solutions in a controlled environment. These kinds of initiatives are critical to ensuring new products are not only safe but also effective.
The rapid uptake of digital financial services on the African continent proves that demand is there, especially when solutions are tailored, affordable, and accessible. Moving from legacy insurance products entails designing solutions that are mobile-native, community-focused, and environmentally aligned.
To ensure the insurtech wave becomes truly transformational, ESG principles must be embedded from the outset. This includes prioritizing underserved markets and inclusive coverage, accounting for environmental and climate-related risks in product design, and ensuring data governance and fairness in AI-led decision-making.
Equally important is collaboration. The most insightful sessions in New York underscored the value of bringing together startups, insurers, regulators, and investors. That same model can work in Africa, where public-private partnerships can unlock the infrastructure, data, and trust needed to scale. At the World Bank, where I am currently engaged as a Summer Consultant, this type of multisector engagement is a consistent priority ensuring finance not only reaches the last mile, but does so responsibly and sustainably.
What stood out most at the summit was the idea that insurance is evolving from a reactive product into a proactive ecosystem. One that doesn’t just pay claims but predicts, prevents and protects. For African markets, this evolution holds the promise of redefining what protection means for informal workers, rural farmers, and low-income households.
Africa’s insurance future isn’t about mirroring the past successes of others, it’s about leading with purpose and innovation. We have the talent, the urgency, and the tools to build something uniquely African. One that is grounded in our realities, powered by smart technology, and guided by a clear vision: to make insurance more than a financial product, but a platform for resilience, empowerment, and inclusive progress.
Leigh Masakara is an MBA student at Georgetown University in Washington DC and a summer consultant at the World Bank. He has over 8 years of experience in diversified financial services across insurance underwriting, digital product innovation, and sustainability-linked finance.
Peter Tanyanyiwa