Ministry of Finance and National Planning Deputy Minister Christopher Mvunga applauded the insurance industry for organising the first ever international insurance conference in Zambia.
Meanwhile, Pensions and Insurance Authority (PIA) registrar Martin Libinga has called on the industry to develop skills that will enhance capacity within the industry.
This was during the official opening of the Insurers Association of Zambia (IAZ) conference 2015 held in Livingstone which was the first of its kind in the history of insurance industry in the nation.
Mr Mvunga thanked the delegates for responding positively to such an event and assured the conference of government’s commitment to the development of the industry.
“I wish to applaud the IAZ and all industry stakeholders for organising the first ever international insurance conference. I understand we have delegates who have come from Botswana, Kenya, South Africa, Malawi, Nigeria and Rwanda, welcome to Zambia.
“As government we are committed to the development of the industry and we will do our part,” he stated.
Mr Mvunga reiterated the need for a strong private sector driven market that will design viable products that will meet the needs of the masses.
He challenged the industry to knock on his door and make proposals of how the industry should be run as opposed to government dictating the affairs.
He further assured the audience that the proposed minimum capital requirements which has been proposed by stakeholders will very soon be signed into law through a Statutory Instrument by his government.
Speaking earlier PIA registrar highlighted the need for the industry to have right skills needed in the sub-sector in order to grow capacity.
He emphasised the need to have well trained and experienced personnel in the industry if the penetration levels which stand at about five percent is to be increased.
He praised IAZ and other stakeholders for organising such a function. Earlier at the PRIMA RE sponsored welcome cocktail, Mr Libinga reminded the industry that they hold the nation together through providing the much needed insurance protection to the assets and the many lives of people.
During the official opening, IAZ President Shipango Muteto explained the reasons of the conference which included the need to challenge the status quo.
“We need to challenge ourselves by coming up with different and better ways of doing things of which this conference hopes to achieve,” he said.
The other objectives of the conference were to expose the underwriters and other players at such platforms so that they could be provoked in their pursuit of underwriting excellence.
He also explained that brainstorming, learning and challenging each other were other objectives.
Creating linkages with colleagues within the industry and the region at large was also the reason for function.
The conference which I also attended was highly organised and well attended. Over 150 delegates made it to the conference.
These included chief executive officers, chief finance officers, senior underwriters, group managing directors, business development managers, insurance officers, branch and regional managers, strategic business units heads, insurance regulators among others. Most of the industry gurus and captains made it.
There was also a very good number of international delegates from the countries mentioned above.
The conference also experienced some latest technology where gadgets for every participant were provided that enabled them ask questions by sending messages and could also be used to vote as well as rate speakers electronically which eliminated wastage of time.
Such innovations facilitated by Reverend Walters Musambazi is what everyone who organizes such a function need to apply.
Speakers at the function included Barclays Bank manging director Saviour Chibiya, Abayomi Oluremi-Judah from Continental Re, Rodney Manzanga from QED amon others.
These are tested professionals with vast experience in many areas.
This column in the next few weeks will share some of the lessons from the conference which each and every industry player need to know.
I believe if some of these lessons are implemented the insurance sector is posed for rapid growth with excellence in underwriting.
The event also created a platform where all industry players came together in the name of brotherhood as opposed to the view that we are ‘enemies’.
Seeing ourselves as partners is one of the fundamental issues that will help develop our industry.
Look out for next week’s column where I will be sharing more of the lessons from the IAZ 2015 conference.
Thumbs up to IAZ and other stakeholders.
Comments: webster@picz.co.zm or webster_tj@hotmail.com or on face book search for Insurance Talk-Zambia page or call/text 0977 857 055
(The Author is a Chartered Insurer with more than 10 years industry experience)