AFRICA

— Tendayi Chirokote , Chief Digital Officer

247 and so that has presented a challenge where our penetration rate in insurance is down to less than 5 %. “ But we ’ re sticking to that challenge and coming up with products which speak to the wallet of all the potential customers . Millennials have a different way of thinking , even as far as insurance is concerned , so from an insurance business perspective , the insurance space has to be ready , not to sell insurance necessarily , but to sell a product that ’ s relevant to a young person , while using insurance as protector of that purchase . Millennials don ’ t feel that they are ever going to die ! I think they are more risk-savvy however and take a lot of chances . I can see a situation where insurance would make sense if you combined it to a saving or investment scheme , or to a product that helps someone acquire an asset . “ So , insurance has to be more relevant to the lives of these people rather than waiting for the risk of death , or a company accident or whatever . I think that ’ s the direction our products need to take going into the future .”

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