By Sharon Chirwa:
Insurance firms have been challenged to embrace technology and digital marketing in a bid to improve the penetration rate.
Malawi Revenue Authority (MRA) Commissioner General, Tom Malata, made the call in Blantyre on Saturday at the 2019 Insurance Charter Dinner.
The dinner was held under the theme ‘Digital Insurance: Innovate and Evolve’.
“The world is changing and we need to move in the same direction. The old ways of doing things manually are gone.
“People have no option and thus insurance has to join the digital world. I urge insurers to share information electronically as the industry needs to move as one and not as competitors, share data,” Malata said.Advertisement
He also urged the Insurance Institute of Malawi (IIM) to conduct research and develop arms that would help improve the penetration rate.
Insurance penetration rate is at 1.4 percent.
IIM president, Maclonex Mwase, said the institute is engaging stakeholders on best approaches.
“We have embarked on a campaign, whereby we will be disseminating information to the public, through media, and visit schools to educate the masses on what insurance is. What we know is that a lot of people do not understand insurance,” Mwase said.
He also urged insurance students to keep working hard.