During multiple networking sessions the participants discusses transformation of the industry, financial inclusion, management of FX risks, social and environmental impact investment, agro-finance and agro-insurance, client protection tools and strategies, challenges in corporate governance of MFIs, developments in Islamic microfinance products, and many other microfinance issues.
Digital transformation within the insurance distribution sector provides companies with many opportunities as well as challenges.
How can insurers exploit the new era of technology and data to create more distribution channels? How can businesses implement analytics to automate and optimize insurance? How do companies integrate new technologies and modern IT systems into existing policy management and distribution systems in a seamless manner?
Digital technology emerges as an important driver of innovation, competitiveness and growth in microfinance. By leveraging the nearly ubiquitous growth of mobile phones, digitization can reduce cost, increase efficiency and allow financial service providers to reach new clients. By developing an inclusive and sustainable digital financial ecosystem through substantial investment, skilled resources, adequate infrastructure, agile processes, and a conducive regulatory environment, it can foster more widespread adoption and usage.
A report by Deloitte released last month looked at the various opportunities and challenges that the insurance industry will be facing over the next 12 months.
‘2020 insurance outlook’ had six key findings including that insurers should be upgrading not only their technology systems and operating models, but talent capabilities and workplace policies and that the global insurance industry is scrambling to grow and maintain profitability amid maturing markets and volatile economic conditions.
The report says as insurance companies adapt to maturing markets and economic turbulence the ability to integrate technology, talent, and business-model innovation could be vital to their success.
The most important finding in the last two decades in the world of finance did not come from the world of the rich or the relatively well-off. More important than the hedge fund or the liquid-yield option note was the finding that how the poor can save, can borrow or can even decide to give loans to fellow poor and how can they certainly repay loans. This is the world of microfinance.
Businesses all around the world are involving themselves in corporate social responsibilities expecting these activities to help them in bolstering their profit. The motives may be rational and maybe they are aligned with schemes of betterment of poor, but the poor is still far away from reaping these benefits.
It is with these introductory factors of the study about Microfinance in Tanzania like any part of the world is bound to adopt the digital transformative measure by applying to the systems that are developed to safeguard the operations of the Microfinance institutions in Tanzania. Amala App Suite servers even better than the expected purpose of digital transformations. For years now it is an outstanding solution towards FinTech issues in the Microfinance sector in Tanzania. Its reliability comes not only in its development but also a team of professionals and experts’ team that is 24 hours available to support the customers with the best service experience. Amala App Suite helps a Microfinance Institution to comply to the laws, rules and regulations that are the backbone of the sector.