• The Authority has always bemoaned low penetration levels that is in the Zambian Insurance Market.
• Treat all clients fairly at all times especially in the Covid era.
• Digital Innovation has been made an indispensable part of doing business in this day and age.

Pensions and Insurance Authority (PIA) has urged Insurance companies to make insurance relevant to an average consumer through innovative and interactive platforms.

Speaking at the official launch of Professional Insurance first ever digital branch in the insurance market in Zambia at Manda Hill, Lusaka, PIA Acting Deputy Registrar Namakau Ntini noted that the Authority has always bemoaned low penetration levels that is in the Zambian Insurance Market and together with stakeholders have embarked on a journey to stimulate growth in the industry.

Ms. Ntini further pointed out on the concern of continued complaints arising in the insurance industry relating to delayed or non-settlement of claims coupled with the Covid-19 Pandemic challenge on the economy that has not spared the Insurance Industry.

She appealed to players in the industry to treat all clients fairly at all times especially in the Covid era.
“The Covid-19 pandemic has presented us with an unprecedented challenges and the insurance industry should be seen to provide the necessary solutions,” Mrs Ntini stated.

“Let us take this opportunity to reinforce our relevance in communities, businesses and the economy at large,” she added.

Speaking at the same event, Professional Insurance Managing Director Moses Siame said Digital Innovation has been made an indispensable part of doing business in this day and age.

“Research points to the fact that changing customer behavior and the emergence of new technologies will not necessarily spell the end of the branch system as we know it, but rather the advent of the smart branch,” he stated.

Mr. Siame explained that smart branches use technology to boost sales and improve customer experience significantly.

He pointed out that in digitally advanced western countries, between 30 and 60 percent of customers prefer doing at least some of their financial transaction at branches including insurance.