Saving the World

Two years ago, I met a Nigerian insurance executive who unfortunately lost his father at the age of eight. This is where his remarkable story begins because, unlike the vast majority of Africans, his father actually had a life insurance policy, which provided his family with financial benefits paid quarterly for the next 15 years. Today, he is leading the digital transformation of a Nigerian insurance company. His father left something very powerful behind, some may call it an insurance policy - I call it a legacy, and he ran with it to become a leading insurance professional and innovator.

As the world ages, Africa erupts—youthful, vibrant, unstoppable. In 20 years, one in four humans will be African - her true natural resource.?

You can hear it in Afrobeats and Amapiano with musicians like Rema, Tems, Burnaboy, Diamond Platnumz, Davido, Arya Star and Wizkid topping the music charts and bringing financial and cultural value worldwide.

You can experience it in film and especially Nollywood, the 2nd largest movie industry in the world, driving movie studios to produce movies like Black Panther and Woman King but also billions of dollars of investments by Netflix and Amazon Prime into the African movie market.

You can see it through culture, with some of the world-renowned writers like Chimamanda Ngozi Adichie, fashion designers like Mowalola Ogunlesi and artists like John Boyega, Damson Idris, and Arsema Thomas providing a new way of seeing the world through art, fashion and literature.

You are celebrating with our sports stars like Francis Ngannou, who recently showed the world the power of an African boxer, Victor Osimhen, The Napoli football king, record-breaking Kenyan Marathoner, Eliud Kipchoge and Nigerian Hurdles Women Runner - Oluwatobiloba Ayomide Amusan.

Most profoundly, you can be astounded by our enterprise with over 300 million micro and small business owners and especially the rise of the African tech entrepreneurs pulling in over $5 billion in startup funding in 2021 and a market capitalization of over $100B from less than $1B a decade ago.

The advent of social media, technology and especially fintech has democratised innovation in Africa.?

However, imagine a continent of over 1.47 billion people achieving all this with less than 5% insured. That is changing with a projected record 30% YOY growth in gross written insurance premiums in Nigeria alone. We will now have over 5 million Nigerians insured. Even though that’s a record, 5 million in a country with a population of 250 million is a massive opportunity. Imagine what Africa will be like in 10 years when millions of folks like our insurance executive are provided a new beginning with Insurance. Insurance will give the finest of Africa the bedrock to dream, aspire and thrive.?

Insurance, previously ignored, driven by Insurtech, is set to fuel prosperity on this fertile ground called Africa, and Casava, Nigeria’s 1st Digital Insurance Company and a licensed microinsurance carrier providing health, life and income protection, is primed to seed its growth by digitally powering a community of agents and partners to provide Nigerians and eventually all of Africa, young and old with affordable, accessible, valuable and delightful insurance protection so that these fine Africans can thrive and prosper.

Africa's rebirth as a community doesn't threaten or hinder the world. Instead, it's an opportunity to share knowledge, culture, and innovation, and to grow together through investment, collaboration, and fair trade. It's a chance to bring the best of the world to Africa and the best of Africa to the world, and the insurance technology industry, borderless, open and connected, can be the catalyst.

Some may look at Africa and see a continent that needs saving. No. This is further from the reality. Today, Africans are moving from consumers and dependents to producers and benefactors. Tomorrow, Africans will become innovators and world changemakers.?

The world isn't saving Africa; Africa will help save the world.

Bode Pedro