Why the BEAC promotes the digitalization of insurance companies in the CIMA zone

  • Posted on: 6 December 2021
  • Updated on: 6 December 2021
  • By: radmin

The Bank of Central African States (BEAC) supports the promotion of transparency in the insurance sector through the launch of a process of recruiting a consultant for the establishment of a base data for the Inter-African Conference on Insurance Markets (CIMA). The missions assigned to the consultant are mainly to develop a digital platform to facilitate data collection by monitoring control and scoring reports (a risk coverage and pricing decision tool) from insurance companies.

The said project supports an experimental version developed internally by CIMA, a complementary module to the digital platform for collecting market data (PFN) intended for monitoring, control and scoring of dedicated companies. With regard to the development prospects of the market and the objectives of modernizing the activity, the regulator of the insurance sector in Central and West Africa intends to consolidate the achievements of the pilot phase to optimize the said technological solution with a view to the digitalization of the insurance company control process.

Based on the specifications, the consultant’s mission will consist essentially in finalizing the development of this module, the expected functionalities of which are geolocation and planning of controls, management of control reports and consultations and alerts. In connection with the promotion of good governance and the supervision of activity in the CIMA area, the Regional Insurance Control Commission (CRCA) adopted in December 2018 the guide to control procedures allowing a classification of companies according to their risk profile.

Source: Kapital Afrik 

TOP