ASSURANCE INCLUSIVE

In the dynamic landscape of inclusive insurance in Africa, the role of young professionals is increasingly vital. With a growing recognition of the importance of inclusive insurance in addressing the needs of unserved and underserved populations, especially the vulnerable, young professionals are at the forefront of driving change. They bring fresh perspectives and innovative approaches to the table, fueled by a desire to promote financial inclusion and resilience starting at the grassroots level.

However, navigating this evolving landscape comes with its own set of challenges and opportunities. While there’s a surge in awareness and emerging opportunities for young professionals to engage with various stakeholders, including insurance companies, InsurTech/FinTechs, and government agencies, there are still significant barriers to overcome. Limited access to relevant training, mentorship, market, structural, regulatory and supervisory hurdles within insurance industry can impede their progress.

To effectively promote inclusive insurance in Africa, young professionals need to cultivate key skills and competencies; amongst the hard skills, STEM including actuarial sciences and then very importantly the soft skills. Cultural competency, empathy, communication, innovation, and collaboration are essential for tailoring inclusive insurance services and products to diverse communities and driving meaningful impact. Moreover, leaders within inclusive financial services providers play a crucial role in fostering environments that support the growth and success of Young Inclusive Professionals (YIPs).

The leaders with those stakeholders can facilitate this by offering mentorship and professional development programs, creating inclusive workplace cultures that value diverse perspectives, providing resources and support networks, and encouraging innovation and creativity. Increased advocacy is also necessary to ensure the active participation of YIPs and to address systemic challenges within the industry.

In essence, while the journey towards inclusive insurance in Africa may be challenging, it’s also brimming with opportunities for young professionals to make a lasting difference. By equipping them with the right skills, support, and advocacy, we can foster environments where they thrive, driving positive change and advancing financial inclusion across the continent.

Renata De Leers

Associate lecturer IFAGE

CEO Actuaires du Monde