Allianz SE CEO Oliver Bäte recently opened the 44th annual Insurance Conference in Sun City, South Africa with a keynote address on the conference theme, "Disrupt, Debate, Deliver."
In his speech, Bäte touched on the digitalization occurring throughout the insurance industry.
"In today's fast changing world, it's critical to innovate quickly and to change course rapidly if necessary. The insurance industry, like other customer service industries, is transforming because of the all-encompassing impact of digitalization on our lives," said Bäte. "While traditional markets, such as Europe, are struggling with their digital transformation process, Africa is digital by nature. Mobile is the fastest growing sector and innovation enabler on the continent with an expected 1.2 billion African subscribers by 2018."
Related: Allianz seeks Asia business where growing middle-class driving demand for insurance
To transform Allianz into a truly customer-centric, 'digital by default' company, the Group established a Single Digital Agenda which plans to spend over $800 million annually on revamping the 127-year-old business. Through the Single Digital Agenda, Allianz will conduct changes through initiatives built on five pillars.
C, where insurance penetration is still low, and efficiency in markets with higher penetration.
"Insurance companies have much to offer to the African economy. Digitalization allows us to gain considerably better insights into our individual and institutional customers and thereby to better serve their needs. We believe deeply in Africa's huge long-term growth potential and we will leverage our global footprint and extensive expertise to strengthen our market position and to attract African talent," Bäte said in closing.
Related: Top 100 P&C insurance groups in 2016, ranked by net premiums written
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