{"id":51455,"date":"2024-09-18T16:14:15","date_gmt":"2024-09-18T16:14:15","guid":{"rendered":"https:\/\/new.igihe.com\/riba-pledges-to-enhance-data-security-in-insurance-sector-through-technology\/"},"modified":"2024-09-22T09:12:17","modified_gmt":"2024-09-22T09:12:17","slug":"riba-pledges-to-enhance-data-security-in-insurance-sector-through-technology","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/riba-pledges-to-enhance-data-security-in-insurance-sector-through-technology\/","title":{"rendered":"RIBA pledges to enhance data security in insurance sector through technology"},"content":{"rendered":"<p>She brought this point to light during the 3rd ANNUAL RIBA CONFERENCE held from September 11 to 14, 2024 in Musanze district.<\/p>\n<p>This association brings together insurance professionals in the region to assess challenges in the insurance sector, explore solutions, identify opportunities, and discuss how to contribute to the industry&#8217;s growth in various ways.<\/p>\n<p>Mhiribidi said, &#8220;We also discussed artificial intelligence (AI), considering how we can collaborate with tech-savvy youth to create advanced solutions that will improve service delivery.&#8221;<\/p>\n<p>&#8220;We urged companies to invest in technology, better understand their customers, and enhance their services to meet clients&#8217; needs,&#8221; she added.<\/p>\n<figure class=\"spip-document spip-document-75067 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic5-2.jpg\" alt=\"The Chairperson of Rwanda Insurance Brokers Association (RIBA) is Mendies Mhiribidi.\" \/><\/figure>\n<p>The Director of Policy and Legal Affairs in the Financial Sector Department at the National Bank of Rwanda, Bernard Nsengiyumva, pointed out the need for technology that connects insurance brokers, insurance companies, and service users to improve the efficiency of the sector and expand its reach.<\/p>\n<p>He also noted that for the insurance sector to grow, efforts must be made to raise public awareness about the benefits of insurance, as many people are still hesitant to adopt it.<\/p>\n<p>\u201cHow can today\u2019s technological tools like phones help us? What is needed is for insurance brokers and companies to partner with young tech experts to develop technology tailored to their operations. We haven\u2019t yet seen a strong connection between the tech industry and the insurance sector,\u201d said Nsengiyumva<\/p>\n<p>He urged insurance brokers to play a significant role in educating the public on the importance of insurance to ensure the sector continues to grow.<\/p>\n<p>Data from the National Bank of Rwanda (BNR) shows that the percentage of the population in Rwanda with insurance cover is 1.6%. Across Africa, less than 1% of people have various types of insurance.<\/p>\n<p>During the assembly, it was also discussed that for the insurance sector to grow, companies offering these services must adapt their operations to current trends, especially in a world facing climate change challenges and sectors such as agriculture, which is vital to Africa\u2019s economy.<\/p>\n<figure class=\"spip-document spip-document-75064 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_5-8.jpg\" alt=\"The 3rd ANNUAL RIBA CONFERENCE was held from September 11 to 14, 2024 in Musanze district\" \/><\/figure>\n<p>Ngoga Alain, Head of Sales at SanlamAllianz General Insurance, highlighted that insurance brokers are essential as they help extend services and impact company profits.<\/p>\n<p>\u201cThe key is to strengthen technology because most operations are now done through it. We are planning to boost efforts to enhance more positive results,\u201d he said.<\/p>\n<p>Currently, SanlamAllianz General Insurance works with over 14 brokers and more than 345 agents in their market, contributing to 60% of the company\u2019s revenue.<\/p>\n<p>One of the initiatives encouraged by the National Bank of Rwanda for the insurance sector is innovating with technology (insurtech).<\/p>\n<p>This requires using technology and innovations to drive the growth of the insurance sector and keep pace with current times, including modernizing different insurance practices such as selling insurance, resolving insurance-related issues, managing insurance companies, delivering quality customer service, and assessing potential risks.<\/p>\n<p>They are also encouraged to establish programs that support the national fintech policy and foster collaboration between public and private sectors.<\/p>\n<figure class=\"spip-document spip-document-75066 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_8-5.jpg\" alt=\"\" \/><\/figure>\n<figure class=\"spip-document spip-document-75065 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_6-5.jpg\" alt=\"MUA Insurance Rwanda sponsored the closing ceremony\" \/><\/figure>\n<figure class=\"spip-document spip-document-75068 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pi7.jpg\" alt=\"\" \/><\/figure>\n<figure class=\"spip-document spip-document-75063 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_4-10.jpg\" alt=\"\" \/><\/figure>\n<figure class=\"spip-document spip-document-75062 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_3-15.jpg\" alt=\"The Director of Policy and Legal Affairs in the Financial Sector Department at the National Bank of Rwanda, Bernard Nsengiyumva speaking at the function\" \/><\/figure>\n<figure class=\"spip-document spip-document-75061 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/pic_1-20.jpg\" alt=\"\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Chairperson of Rwanda Insurance Brokers Association (RIBA), Mendies Mhiribidi has pledged efforts in building resilient technology to ensure the security of clients seeking insurance services given the rampant cyberattacks as a result of the world\u2019s advances in technology.<\/p>\n","protected":false},"author":135,"featured_media":2000075060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-51455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default 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