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The Pensions and Insurance Authority (PIA) has called on industry players to invest in the latest technology and develop customer-centric products to increase insurance penetration in Zambia, which currently stands at a modest 1.2 percent.
PIA Chief Executive Officer, Namakau Ntini, emphasized the need for the industry to embrace technology to better meet customer needs and ensure seamless business operations in an increasingly data-driven environment.
Speaking in an interview in Lusaka, Ntini urged the industry to devise strategies and create products that promote stability in the financial ecosystem and enhance financial resilience through effective risk mitigation solutions.
“This will enable you to better meet customer needs and provide seamless business solutions. The authority also urges the industry to design appropriate products that promote stability in the financial ecosystem and offer risk mitigation solutions, particularly in these volatile times,” Ntini said.
Ntini highlighted the importance of developing inclusive insurance products to address the current risks faced by underserved communities and businesses, such as small and medium enterprises.
She also encouraged the industry to actively participate in combating the impacts of climate change by offering affordable and appropriate products for the public.
“Climate change has introduced new challenges in risk mitigation, and broking firms play a crucial role in the value chain as they work closely with grassroots communities,” Ntini added.
The PIA’s call for innovation and inclusivity aims to strengthen the insurance sector’s role in supporting financial resilience and broadening coverage across Zambia.
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