To try to boost the sector, Wafa Assurance Vie Côte d'Ivoire offers new solutions, addressing companies, concerned about the protection of their employees and their families.

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One of the goals of life insurance companies is to collect savings, grow them and give them back to policyholders when they need them. ». This was recalled by Guy LAWSON BODY, Managing Director of Wafa Assurance Vie Côte d'Ivoire, during the launch evening of "Solutions corpo", new offers addressed to professionals, on June 7, 2023 at the Pullman Hotel, in the commune of Plateau in Abidjan.

Guy Lawsson Body, Managing Director of Wafa Assurance Vie Côte d'Ivoire © Wafa Assurance

In most French-speaking countries today, only car insurance is mandatory. In the absence of regulation with regard to other sectors, insurers are therefore trying to offer new attractive products, in order to develop uses. To do this, some insurance companies also rely on collective solutions, to play on a collaborative dynamic. "Some decisions are more likely to be accepted when they are made collectively. There is a group effect, a mutual aid effect. If the internal company takes the initiative to set up an insurance contract, it triggers a virtuous circle, which can then be completed individually according to the situation and needs of each, "explained Guy LAWSON BODY during the presentation of the new range.

Thus, to offer a better experience to companies and enable them to improve the well-being of their employees, the Ivorian insurance company, a subsidiary of the Moroccan leader Wafa Assurance, which has recorded very strong growth since its creation in 2016, has announced the launch of a "Corpo Solutions" range consisting of three* new solutions in Côte d'Ivoire, the first market in the CIMA (Inter-African Conference of Insurance Markets) zone, which includes 14 countries.

According to the group, these new solutions show a determination to "provide tailor-made solutions, adapted to the changing needs of the market, while guaranteeing security, serenity for our business leaders and relieving them of the worries of cash, investment and profitability of funds". To convince the private sector and reassure companies, the company, which recalls that the sector is governed by strict regulations that protect savers, undertakes to propose reasonable deadlines for releasing funds in accordance with the insurance code. "We are convinced that these offers will contribute to strengthening confidence and satisfaction," the group said.

A sector with immense potential!

While in most French-speaking African countries the system of public protection of populations, social security and retirement in particular, is only at an embryonic stage, the private sector is supposed to play a palliative role. However, the insurance sector is still a grey one. This is evidenced by the figures, provided by the Inter-African Conference on Insurance Markets (CIMA), which brings together 14 French-speaking African countries. As for the penetration rate, it is only 1.01% in 2021 for the market of the area. Even more strikingly, from 1995 to 2020, this indicator almost stagnated, from 0.94% to 1.02%. This rate is far from the world average of 7.4% and even that of the continent carried by South Africa of 2.3%.

If the activities of Wafa Assurance Côte d'Ivoire are booming, it is because the country, with its young population and sustained growth, is seeing a rapid emergence of its middle class. As in other French-speaking states in full development, the growth potential of the insurance industry is enormous. If the new solutions of insurance companies are effective, they will boost the penetration rate, generating new revenues on the one hand, and better protection for populations on the other hand. Enough to (r)assure the most recalcitrant!

* Wafa Assurance Vie's "Corpo Solution" range is a complete coverage solution for employees, consisting of 3 products:

- the end-of-career indemnity which optimizes the management of social assets

- the Group Pension Plan, which covers the financial consequences of death and disability

- the Collective Supplementary Pension, to provide additional resources to maintain one's standard of living in retirement

For more information: https://www.wafaassurance.ma/fr

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